32982 Federal Register / Vol. 86, No. 118 / Wednesday, June 23, 2021 / Notices 

1Under section 4041A(f)(2) of ERISA, PBGC may 

prescribe reporting requirements for terminated 

multiemployer pension plans, which PBGC 

considers appropriate to protect the interests of 

plan participants and beneficiaries or to prevent 

unreasonable loss to the corporation. 

2Under section 4261(b)(1) of ERISA, PBGC 

provides financial assistance under such conditions 

as the corporation determines are equitable and are 

appropriate to prevent unreasonable loss to the 

corporation with respect to the plan. 

3Section 4008 of ERISA requires the corporation, 

as soon as practicable after the close of each fiscal 

year, to transmit a report to the President and the 

Congress, including financial statements setting 

forth the finances of the corporation at the end of 

the fiscal year and the result of its operations 

(including the source and application of its funds) 

for the fiscal year. 

PENSION BENEFIT GUARANTY 

CORPORATION 

Proposed Submission of Information 

Collection for OMB Review; Comment 

Request; Survey of Multiemployer 

Pension Plan Withdrawal Liability 

Information 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of intent to request 

extension of OMB approval of 

information collection. 

SUMMARY: The Pension Benefit Guaranty 

Corporation (PBGC) intends to request 

that the Office of Management and 

Budget (OMB) extend approval under 

the Paperwork Reduction Act, of a 

survey of terminated and insolvent 

multiemployer pension plans to obtain 

withdrawal liability information. PBGC 

needs the withdrawal liability 

information to estimate its 

multiemployer program liabilities for 

purposes of its financial statements. 

This notice informs the public of 

PBGC’s intent and solicits public 

comment on the collection of 

information. 

DATES: Comments must be submitted on 

or before August 23, 2021. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: paperwork.comments@

pbgc.gov. Refer to withdrawal liability 

survey in the subject line. 

• Mail or Hand Delivery: Regulatory 

Affairs Division, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 1200 K Street NW, 

Washington, DC 20005–4026. 

Commenters are strongly encouraged 

to submit public comments 

electronically. PBGC expects to have 

limited personnel available to process 

public comments that are submitted on 

paper through mail. Until further notice, 

any comments submitted on paper will 

be considered to the extent practicable. 

All submissions received must 

include the agency’s name (Pension 

Benefit Guaranty Corporation, or PBGC) 

and refer to withdrawal liability survey 

All comments received will be posted 

without change to PBGC’s website, 

http://www.pbgc.gov, including any 

personal information provided. 

Copies of the collection of 

information may be obtained by writing 

to Disclosure Division, Office of the 

General Counsel, Pension Benefit 

Guaranty Corporation, 1200 K Street 

NW, Washington, DC 20005–4026, or 

calling 202–326–4040 during normal 

business hours. TTY users may call the 

Federal Relay Service toll-free at 800– 

877–8339 and ask to be connected to 

202–326–4040. 

FOR FURTHER INFORMATION CONTACT: 

Hilary Duke (duke.hilary@pbgc.gov), 

Assistant General Counsel for 

Regulatory Affairs, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 1200 K Street NW, 

Washington, DC 20005–4026, 202–326– 

4400, extension 3839. (TTY users may 

call the Federal relay service toll-free at 

1–800–877–8339 and ask to be 

connected to 202–326–4400, extension 

3839.) 

SUPPLEMENTARY INFORMATION: When a 

contributing employer withdraws from 

an underfunded multiemployer pension 

plan, the plan sponsor assesses 

withdrawal liability against the 

employer. The plan sponsor is required 

to determine and collect withdrawal 

liability in accordance with section 

4219 of the Employee Retirement 

Income Security Act of 1974 (ERISA). 

The plan sponsor assesses withdrawal 

liability by issuing a notice to an 

employer, including the amount of the 

employer’s liability and a schedule of 

payments. PBGC’s regulation on Notice, 

Collection, and Redetermination of 

Withdrawal Liability (29 CFR part 4219) 

requires the plan sponsor to file with 

PBGC a certification that notices have 

been provided to employers. 

PBGC collects information about 

withdrawal liability that is owed by 

withdrawn employers of terminated 1

and insolvent 2 multiemployer pension 

plans. PBGC distributes annual surveys 

that newly insolvent plans receiving 

financial assistance and newly 

terminated plans not yet receiving 

financial assistance are required to 

complete and return to PBGC. Smaller 

plans with less than 500 participants are 

not required to complete the survey. 

PBGC needs the information from the 

survey about withdrawal liability 

payments and settlements, and whether 

employers have withdrawn from the 

plan but have not yet been assessed 

withdrawal liability, to estimate with 

more precision PBGC’s multiemployer 

program liabilities for purposes of its 

financial statements.3 PBGC also uses 

the information for its Multiemployer 

Pension Insurance Modelling System 

assumptions on collection of 

withdrawal liability. Information 

provided to PBGC is confidential to the 

extent provided in the Freedom of 

Information Act and the Privacy Act. 

PBGC estimates that the survey will 

be sent to about 6 newly terminated and 

insolvent plans per year. PBGC 

estimates that each survey would 

require approximately 20 hours to 

complete by a combination of pension 

fund office staff (50%) and outside 

professionals (attorneys and actuaries) 

(50%). PBGC estimates a total hour 

burden of 60 hours (based on 10 hours 

of pension fund office time per plan). 

The estimated dollar equivalent of this 

hour burden, based on an assumed 

hourly rate of $75 for administrative, 

clerical, and supervisory time is $4,500. 

PBGC estimates a total cost burden for 

the withdrawal liability survey of 

$24,000 (based on a 60 attorney and 

actuary hours (10 hours x 6 plans) 

assuming an average hourly rate of 

$400). 

The existing collection of information 

was approved under OMB control 

number 1212–0071 (expires November 

30, 2021). PBGC intends to request that 

OMB approve PBGC’s use of this survey 

for 3 years. An agency may not conduct 

or sponsor, and a person is not required 

to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

PBGC is soliciting public comments 

to— 

• 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; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the 

methodologies and assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• 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 


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Federal Register / Vol. 86, No. 118 / Wednesday, June 23, 2021 / Notices 32983 

other forms of information technology, 

e.g., permitting electronic submission of 

responses. 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2021–13134 Filed 6–22–21; 8:45 am] 

BILLING CODE 7709–02–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Announcement of OMB Approvals of 

Information Collections 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of OMB approval. 

SUMMARY: The Office of Management 

and Budget (OMB) has approved a 

Pension Benefit Guaranty Corporation 

(PBGC) information collection under the 

Paperwork Reduction Act. This notice 

lists the approved information 

collection and provides its OMB control 

number and current expiration date. 

FOR FURTHER INFORMATION CONTACT: 

Melissa Rifkin (rifkin.melissa@

pbgc.gov), Attorney, Regulatory Affairs 

Division, Office of the General Counsel, 

Pension Benefit Guaranty Corporation, 

1200 K Street NW, Washington, DC 

20005–4026; 202–229–6563. TTY users 

may call the Federal Relay Service tollfree at 800–877–8339 and ask to be 

connected to 202–229–6563. 

SUPPLEMENTARY INFORMATION: The 

Paperwork Reduction Act of 1995 (PRA) 

(44 U.S.C. 3501 et seq.) and its 

implementing regulations require 

Federal agencies, after receiving OMB 

approval of information collections, to 

display OMB control numbers and 

inform respondents of their legal 

significance. In accordance with those 

requirements, PBGC hereby notifies the 

public that the following information 

collection, that is contained in PBGC’s 

regulations and does not have a 

corresponding form, has been approved 

by OMB. 

• OMB Control Number 1212–0065 

Disclosure of Information in Distress 

and PBGC-Initiated Terminations. The 

expiration date for this information 

collection contained in 29 CFR parts 

4041 and 4042 is April 30, 2024. 

The PRA provides that an agency may 

not conduct or sponsor, and a person is 

not required to respond to, a collection 

of information unless it displays a 

currently valid OMB control number. 

Publication of this notice satisfies this 

requirement with respect to the abovelisted information collections, as 

provided in 5 CFR 1320.5(b)(2)(ii). 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2021–13135 Filed 6–22–21; 8:45 am] 

BILLING CODE 7709–02–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Proposed Submission of Information 

Collection for OMB Review; Comment 

Request; Mergers and Transfers 

Between Multiemployer Plans 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of intent to request 

extension of OMB approval of 

information collection. 

SUMMARY: The Pension Benefit Guaranty 

Corporation (PBGC) intends to request 

that the Office of Management and 

Budget (OMB) extend approval, under 

the Paperwork Reduction Act, of a 

collection of information contained in 

PBGC’s regulation on Mergers and 

Transfers Between Multiemployer 

Plans. This notice informs the public of 

PBGC’s intent and solicits public 

comment on the collection of 

information. 

DATES: Comments must be submitted on 

or before August 23, 2021. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: paperwork.comments@

pbgc.gov. Refer to OMB control number 

1212–0022 in the subject line. 

• Mail or Hand Delivery: Regulatory 

Affairs Division, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 1200 K Street NW, 

Washington, DC 20005–4026. 

Commenters are strongly encouraged 

to submit public comments 

electronically. PBGC expects to have 

limited personnel available to process 

public comments that are submitted on 

paper through mail. Until further notice, 

any comments submitted on paper will 

be considered to the extent practicable. 

All submissions received must 

include the agency’s name (Pension 

Benefit Guaranty Corporation, or PBGC) 

and refer to OMB control number 1212– 

0022. All comments received will be 

posted without change to PBGC’s 

website, http://www.pbgc.gov, including 

any personal information provided. 

Copies of the collection of 

information may be obtained by writing 

to Disclosure Division, Office of the 

General Counsel, Pension Benefit 

Guaranty Corporation, 1200 K Street 

NW, Washington, DC 20005–4026, or 

calling 202–326–4040 during normal 

business hours. TTY users may call the 

Federal Relay Service toll-free at 800– 

877–8339 and ask to be connected to 

202–326–4040. 

FOR FURTHER INFORMATION CONTACT: 

Hilary Duke (duke.hilary@pbgc.gov), 

Assistant General Counsel for 

Regulatory Affairs, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 1200 K Street NW, 

Washington, DC 20005–4026; 202–326– 

4400, extension 3839. (TTY and TDD 

users may call the Federal relay service 

toll-free at 800–877–8339 and ask to be 

connected to 202–326–4400, extension 

3839.) 

SUPPLEMENTARY INFORMATION: Section 

4231(a) and (b) of the Employee 

Retirement Income Security Act of 1974 

(ERISA) requires plans that are involved 

in a merger or transfer to give PBGC 120 

days notice of the transaction and 

provides that if PBGC determines that 

specified requirements are satisfied, the 

transaction will be deemed not to be in 

violation of ERISA section 406(a) or 

(b)(2) (dealing with prohibited 

transactions). 

PBGC’s regulation on Mergers and 

Transfers Between Multiemployer Plans 

(29 CFR part 4231) sets forth the 

procedures for giving notice of a merger 

or transfer under section 4231 and for 

requesting a compliance determination. 

The regulations specify the information 

that must be included in a merger or 

transfer notice. A request for a 

compliance determination must provide 

additional information to enable PBGC 

to make an explicit finding that the 

merger/transfer requirements have been 

satisfied. 

Section 4231(e) of ERISA clarifies 

PBGC’s authority to facilitate a merger (a 

‘‘facilitated merger’’) of two or more 

multiemployer plans if certain statutory 

requirements are met. For purposes of 

section 4231(e), ‘‘facilitation’’ may 

include training, technical assistance, 

mediation, communication with 

stakeholders, and support with related 

requests to other government agencies. 

In addition, subject to the requirements 

of section 4231(e)(2), PBGC may provide 

financial assistance (within the meaning 

of section 4261 of ERISA) to facilitate a 

merger (a ‘‘financial assistance merger’’) 

it determines is necessary to enable one 

or more of the plans involved to avoid 

or postpone insolvency. PBGC’s 

regulations specify the information 


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