[Federal Register Volume 79, Number 202 (Monday, October 20, 2014)]
[Notices]
[Page 62682]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-24819]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Termination of Single-Employer Plans, Missing Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval, with 
modifications.

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SUMMARY: PBGC is requesting that OMB extend approval (with 
modifications) under the Paperwork Reduction Act of a collection of 
information in PBGC's regulations on Termination of Single Employer 
Plans and Missing Participants, and implementing forms and instructions 
(OMB control number 1212-0036: Expires February 28, 2017). This notice 
informs the public of PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments should be submitted by November 19, 2014.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at <a href="/cdn-cgi/l/email-protection#76393f2437293239353d332236191b145813190658111900"><span class="__cf_email__" data-cfemail="c7888e9586988388848c829387a8aaa5e9a2a8b7e9a0a8b1">[email protected]</span></a> or by fax to (202) 395-6974.
    A copy of the request (including the collection of information) is 
posted at http://www.pbgc.gov/res/laws-andregulations/information-collectionsunder-omb-review.html. It may also be obtained without 
charge by writing to the Disclosure Division of the Office of the 
General Counsel of PBGC at the above address, visiting the Disclosure 
Division, faxing a request to 202-326-4042, or calling 202-326-4040 
during normal business hours. (TTY and TDD users may call the Federal 
relay service toll-free at 1-800-877-8339 and ask to be connected to 
202-326-4040.) The Disclosure Division will email, fax, or mail the 
request to you, as you request.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney (326-4400, 
ext. 3072) or Catherine B. Klion, Assistant General Counsel (326-4400, 
ext. 3041), Office of the General Counsel, Pension Benefit Guaranty 
Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4400 (TTY 
and TDD users may call the Federal relay service toll-free at 1-800-
877-8339 and ask to be connected to 202-326-4400.)

SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee 
Retirement Income Security Act of 1974, as amended (ERISA), a single-
employer pension plan may terminate voluntarily only if it satisfies 
the requirements for either a standard or a distress termination. 
Pursuant to ERISA section 4041(b), for standard terminations, and 
section 4041(c), for distress terminations, and PBGC's termination 
regulation (29 CFR part 4041), a plan administrator wishing to 
terminate a plan is required to submit specified information to PBGC in 
support of the proposed termination and to provide specified 
information regarding the proposed termination to third parties 
(participants, beneficiaries, alternate payees, and employee 
organizations). In the case of a plan with participants or 
beneficiaries who cannot be located when their benefits are to be 
distributed, the plan administrator is subject to the requirements of 
ERISA section 4050 and PBGC's missing participants regulation (29 CFR 
part 4050). These regulations may be found on PBGC's Web site at http://www.pbgc.gov/res/laws-and-regulations/code-of-federal-regulations.html.
    The collection of information under these regulations and the 
implementing forms and instructions has been approved by OMB under 
control number 1212-0036 (expires February 28, 2017). PBGC is 
requesting that OMB extend its approval for three years, with 
modifications. An agency may not conduct or sponsor, and a person is 
not required to respond to, a collection of information unless it 
displays a current OMB control number.
    PBGC is proposing to require that a plan administrator of a plan 
terminating in a standard termination (or a distress termination that 
closes out in the private sector) must submit with the post-
distribution certification the following information:
    <bullet> The most recent plan document.
    <bullet> Proof of benefit distributions for lump sums paid and 
annuities purchased, including an accurate list of annuity providers, 
with the group contract numbers and contact information for each 
annuity provider, and a list of participants entitled to an annuity 
from each annuity provider.
    These new information requirements will help PBGC address inquiries 
from individuals who claim they are owed benefits from terminated plans 
and, where appropriate, pay benefits to individuals entitled to them or 
to direct them to insurers that are holding annuities for them.
    PBGC received one comment on its proposal, from the Pension Rights 
Center.\1\ PBGC's response to PRC's comment is included in the OMB 
submission.
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    \1\ http://www.pbgc.gov/documents/PRC-comments-on-PBGC-termination-of-single-employer-plans.pdf.
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    PBGC estimates that 1,430 plan administrators will be subject to 
the collection of information requirements in PBGC's regulations on 
termination and missing participants and implementing forms and 
instructions each year, and that the total annual burden of complying 
with these requirements is about 1,700 hours and $1,721,000.

     Issued in Washington, DC, this 10th day of October 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-24819 Filed 10-17-14; 8:45 am]
BILLING CODE 7708-01-P


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