Federal Register: December 23, 2004 (Volume 69, Number 246)
DOCID: FR Doc 04-28115
PENSION BENEFIT GUARANTY CORPORATION
Pension Benefit Guaranty Corporation
DOCUMENT ACTION: Notice of request for extension of OMB approval.
Submission of Information Collection for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans
DATES: Comments should be submitted by January 24, 2005.
The Pension Benefit Guaranty Corporation (``PBGC'') is requesting that the Office of Management and Budget (``OMB'') extend approval, under the Paperwork Reduction Act, of a collection of information in its regulation on Liability for Termination of Single Employer Plans, 29 CFR Part 4062 (OMB control number 12120017; expires January 31, 2005). This notice informs the public of the PBGC's request and solicits public comment on the collection of information.
Agency information collection activities; proposals, submissions, and approvals,
Section 4062 of the Employee Retirement Income Security Act of 1974 provides that the contributing sponsor of a singleemployer pension plan and members of the sponsor's controlled group (``the employer'') incur liability (``employer liability'') if the plan terminates with assets insufficient to pay benefit liabilities under the plan. The PBGC's statutory lien for employer liability and the payment terms for employer liability are affected by whether and to what extent employer liability exceeds 30 percent of the employer's net worth.
Section 4062.6 of the PBGC's employer liability regulation (29 CFR 4062.6) requires a contributing sponsor or member of the contributing sponsor's controlled group who believes employer liability upon plan termination exceeds 30 percent of the employer's net worth to so notify the PBGC and to submit net worth information. This information is necessary to enable the PBGC to determine whether and to what extent employer liability exceeds 30 percent of the employer's net worth.
The collection of information under the regulation has been approved by OMB under control number 12120017 (expires January 31, 2005). The PBGC is requesting that OMB extend its approval for three 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.
The PBGC estimates that an average of 5 contributing sponsors or controlled group members per year will respond to this collection of information. The PBGC further estimates that the average annual burden of this collection of information will be 12 hours and $3,300 per respondent, with an average total annual burden of 60 hours and $16,500.
Issued in Washington, DC, this 20th day of December, 2004. Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit Guaranty Corporation.
[FR Doc. 0428115 Filed 122204; 8:45 am]
BILLING CODE 770801P
FOR FURTHER INFORMATION CONTACT
Thomas H. Gabriel, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 200054026, (202) 3264024. (For TTY and TDD, call (800) 8778339 and request connection to (202) 3264024).