Source: https://www.federalregister.gov/documents/2010/11/16/2010-28692/proposed-submission-of-information-collections-for-omb-review-comment-request-multiemployer-plan
Timestamp: 2017-11-24 09:25:55
Document Index: 326794113

Matched Legal Cases: ['art 4041', 'art 4203', 'art 4204', 'art 4207', 'art 4208', 'art 4211', 'art 4219', 'art 4220', 'art 4231', 'art 4245', 'art 4281']

A Notice by the Pension Benefit Guaranty Corporation on 11/16/2010
Comments must be submitted by January 18, 2011.
75 FR 70045
70045-70047 (3 pages)
2010-28692
1. Termination of Multiemployer Plans (29 CFR Part 4041A) (OMB control number 1212-0020) (expires April 30, 2011)
2. Extension of Special Withdrawal Liability Rules (29 CFR Part 4203) (OMB control number 1212-0023) (expires April 30, 2011)
3. Variances for Sale of Assets (29 CFR Part 4204) (OMB control number 1212-0021) (expires April 30, 2011)
4. Reduction or Waiver of Complete Withdrawal Liability (29 CFR Part 4207) (OMB control number 1212-0044) (expires March 31, 2011)
5. Reduction or Waiver of Partial Withdrawal Liability (29 CFR Part 4208) (OMB control number 1212-0039) (expires April 30, 2011)
6. Allocating Unfunded Vested Benefits to Withdrawing Employers (29 CFR Part 4211) (OMB control number 1212-0035) (expires April 30, 2011)
7. Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR Part 4219) (OMB control number 1212-0034) (expires April 30, 2011)
8. Procedures for PBGC Approval of Plan Amendments (29 CFR Part 4220) (OMB control number 1212-0031) (expires April 30, 2011)
9. Mergers and Transfers Between Multiemployer Plans (29 CFR Part 4231) (OMB control number 1212-0022) (expires April 30, 2011)
10. Notice of Insolvency (29 CFR Part 4245) (OMB Control Number 1212-0033) (Expires April 30, 2011)
11. Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281) (OMB Control Number 1212-0032) (Expires April 30, 2011)
https://www.federalregister.gov/d/2010-28692 https://www.federalregister.gov/d/2010-28692
Comments may be submitted by any of the following methods: Federal eRulemaking Portal: http://www.regulations.gov. Follow the Web site instructions for submitting comments. E-mail: paperwork.comments@pbgc.gov. Fax: 202-326-4224. Mail or Hand Delivery: Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026.
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. OMB has approved and issued control numbers for the collections of information, described below, in PBGC's regulations relating to multiemployer plans (OMB approvals expire March 31, 2011 and April 30, 2011, as specified below). PBGC intends to request that OMB extend its approval of these collections of information for three years. PBGC is soliciting public comments to—
The regulation requires the plan sponsor of a terminated plan to submit Start Printed Page 70046a notice of termination to PBGC. It also requires the plan sponsor of a mass-withdrawal-terminated plan that is closing out to give notices to participants regarding the election of alternative forms of benefit distribution and, if the plan is not closing out, to obtain PBGC approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits.
PBGC estimates that each year, 11 employers submit, and 11 plans respond to, variance requests under the regulation, and 1 employer submits a variance request to PBGC. The estimated annual burden of the collection of information is 2.75 hours and $5,513.
PBGC estimates that 10 plan sponsors submit approval requests each year under this regulation. The estimated annual burden of the collection of information is 20 hours.
Section 4219(c)(1)(D) of ERISA requires that PBGC prescribe regulations for the allocation of a plan's total unfunded vested benefits in the event of a “mass withdrawal.” ERISA section 4209(c) deals with an employer's liability for de minimis amounts if the Start Printed Page 70047employer withdraws in a “substantial withdrawal.”
PBGC estimates that there are 3 mass withdrawals and 3 substantial withdrawals per year. The plan sponsor of a plan subject to a withdrawal covered by the regulation provides notices of the withdrawal to PBGC and to employers covered by the plan, liability assessments to the employers, and a certification to PBGC that assessments have been made. (For a mass withdrawal, there are 2 assessments and 2 certifications that deal with 2 different types of liability. For a substantial withdrawal, there is 1 assessment and 1 certification (combined with the withdrawal notice to PBGC).) The estimated annual burden of the collection of information is 12 hours and $27,284.
PBGC estimates that at most 1 plan sponsor submits an approval request per year under this regulation. The estimated annual burden of the collection of information is 0.5 hours.
PBGC estimates that there are 20 transactions each year for which plan sponsors submit notices and approval requests under this regulation. The estimated annual burden of the collection of information is 5 hours and $6,700.
PBGC estimates that at most 1 plan sponsor of an ongoing plan gives notices each year under this regulation. The estimated annual burden of the collection of information is 1 hour and $2,693.
PBGC estimates that plan sponsors of terminated plans each year give benefit reduction notices for 3 plans and give notices of insolvency benefit level and annual updates, and submit requests for financial assistance, for 54 plans. Of those 54 plans, PBGC estimates that plan sponsors each year will submit 255 requests (ranging from monthly to annual) for financial assistance. PBGC estimates that plan sponsors each year give notices of insolvency for 7 plans. The estimated annual burden of the collection of information is 1 hour and $681,100.
Issued in Washington, DC, November 8, 2010.
[FR Doc. 2010-28692 Filed 11-15-10; 8:45 am]