[Federal Register Volume 63, Number 121 (Wednesday, June 24, 1998)]
[Notices]
[Pages 34493-34494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16791]


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DEPARTMENT OF LABOR

Office of the Secretary

DEPARTMENT OF THE TREASURY


Pension Benefit Guaranty Corporation; Submission for OMB Review; 
Comment Request

    The Department of Labor (DOL), the Department of the Treasury, and 
the Pension Benefit Guaranty Corporation (PBGC) have submitted the 
following public information collection request (ICR) to the Office of 
Management and Budget (OMB) for review and approval in accordance with 
the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 
35). A copy of the ICR, with applicable supporting documentation, may 
be obtained by contacting the Department of Labor, Departmental 
Clearance Officer, Todd R. Owen at (202)219-5096, ext. 143 or by E-Mail 
at Owen-T<a href="/cdn-cgi/l/email-protection#610e050521050e0d4f060e17"><span class="__cf_email__" data-cfemail="f09f9494b0949f9cde979f86">[email protected]</span></a>. Individuals who use a telecommunication device 
for the deaf (TTY/TDD) may call (202)219-4720 between 1:00 p.m. and 
4:00 p.m. Eastern Time, Monday-Friday.
    Comments should be sent to the Office of Information and Regulatory 
Affairs, Attn: Desk Officer for Pension and Welfare Benefits 
Administration, Office of Management and Budget, Room 10235, 
Washington, DC 20503 ((202)395-7316) within 30 days of the date of this 
publication in the Federal Register.
    OMB is particularly interested in comments that:
    <bullet> Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
    <bullet> Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
    <bullet> Enhance the quality, utility, and clarity of the 
information to be collected;
    <bullet> Comment on estimates of capital or startup costs and costs 
of operation, maintenance, and purchase of services to provide 
information; and
    <bullet> Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submission of responses.

[[Page 34494]]

    Description: Under part 1 of Title I of the Employee Retirement 
Income Security Act of 1974 (ERISA), Title IV of ERISA, and the 
Internal Revenue Code of 1986, as amended, administrators of pension 
and welfare benefit plans (collectively employee benefit plans) subject 
to those provisions, and employers sponsoring certain fringe benefit 
plans and other plans of deferred compensation, are required to file 
returns/reports annually concerning the financial condition and 
operations of the plans. These reporting requirements are satisfied 
generally by filing the Form 5500 Series in accordance with its 
instructions and the related regulations. This ICR is for the revised 
Form 5500 Series as proposed by the Department of Labor, Pension and 
Welfare Benefits Administration (PWBA), Department of the Treasury, 
Internal Revenue Service (IRS), and PBGC (collectively the Agencies) in 
a Notice of Proposed Forms Revision on September 3, 1997 (62 FR 46556) 
and as subsequently revised in response to public comment. The Agencies 
anticipate that the revised Form 5500 Series will be finalized and 
available for use for plan years which begin in 1999.
    Also published in today's Federal Register is the Agencies' notice 
concerning the proposed extension/reinstatement of the ICR for the 1998 
Form 5500 Series. The ICR for the existing Form 5500 Series is approved 
under OMB Numbers 1210-0016 (PWBA) and 1545-0710 (IRS). PBGC's ICR for 
the Form 5500 Series was previously approved under OMB Number 1212-
0026.
    Agencies: Department of Labor, Pension and Welfare Benefits 
Administration; Department of the Treasury, Internal Revenue Service; 
Pension Benefit Guaranty Corporation.
    Title: Form 5500 Series.
    Form Number: Form 5500 and Schedules.
    OMB Numbers: 1210-NEW; 1545-NEW; 1212-NEW.
    Frequency: Annually.
    Affected Public: Individuals or households; business or other for-
profit; Not-for-profit institutions.
    Total Respondents: 801,934 for PWBA and PBGC; 901,400 for IRS.
    Total Responses: 801,934 for PWBA and PBGC; 901,400 for IRS.
    Estimated Burden Hours, Total Annual Burden: 1.7 million burden 
hours (using the PWBA methodology) to 48.7 million burden hours (using 
the IRS methodology) for preparing the revised Form 5500 Series and 
filing it with the government. This total burden is shared among the 
Agencies. See the September 3 Notice for detailed information on the 
burden estimation methodologies. In the September 3 Notice, the 
Agencies requested comments on the burden hour estimates and the 
methodologies used to estimate burden for preparing and filing the Form 
5500, and received comments generally indicating that the estimates 
were too low. In an effort to respond to those comments, the Agencies 
have undertaken an evaluation of the burden estimation methodologies 
for the purpose of developing a revised and uniform methodology. The 
Agencies will modify these burden estimates based on a revised 
methodology prior to the date the revised Form 5500 Series comes into 
use.
    A computerized processing system (the ERISA Filing and Acceptance 
System, or EFAST) is being developed to simplify and expedite the 
processing of the revised Form 5500 Series by relying on computer 
scannable forms and electronic filing technologies. The Agencies intend 
to publish a Federal Register notice announcing the opportunity to 
comment on the electronic filing options and computer scannable version 
of the revised Form 5500 Series, which will be designed as part of the 
EFAST project. The EFAST project is described in detail in the Request 
for Proposal issued in final form on January 6, 1998. The final 
computer scannable version of the forms, which will be required to be 
used for 1999 plan years, will be published in the Federal Register 
following the Agencies' evaluation of public comments.
    Total annualized capital/start-up costs: $1,266,905 (PWBA 
estimate).
    Total annual cost (operating and maintenance): $20,843,860 (PWBA's 
estimate of its allocated share); $2,600,000 (PBGC's estimate of its 
allocated share).

    Dated: June 18, 1998.
Todd R. Owen,
Departmental Clearance Officer, Department of Labor.

    Dated: June 18, 1998.
Lois K. Holland,
Departmental Reports Management Officer, Department of the Treasury.

    Dated: June 18, 1998.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 98-16791 Filed 6-23-98; 8:45 am]
BILLING CODE 4510-29-P


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