[Federal Register Volume 59, Number 72 (Thursday, April 14, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-8885]


[[Page Unknown]]

[Federal Register: April 14, 1994]


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PENSION BENEFIT GUARANTY CORPORATION

 

Request for Extension of Approval of Collection of Information 
Under the Paperwork Reduction Act; Requests for PBGC Approval of 
Multiemployer Plan Amendments

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') has 
requested that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act, of a collection of 
information in its regulation on Procedures for PBGC Approval of Plan 
Amendments (29 CFR part 2677) (OMB control number 1212-0031; expires 
May 31, 1994). The effect of this notice is to advise the public of the 
PBGC's request and solicit public comment on this collection of 
information.

ADDRESSES: All written comments (at least three copies) should be 
addressed to Office of Management and Budget, Paperwork Reduction 
Project (1212-0040), Washington, DC 20503. The PBGC's request for 
extension will be available for inspection at the PBGC's Communications 
and Public Affairs Department, suite 240, 1200 K Street NW., 
Washington, DC 20005-4026, between 9 a.m. and 4 p.m., Monday through 
Friday.

FOR FURTHER INFORMATION CONTACT:
Judith Neibrief, Attorney, Office of the General Counsel, Pension 
Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-
4026, 202-326-4024 (202-326-4179 for TTY and TDD). (These are not toll-
free numbers.)

SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation 
(``PBGC'') administers the pension plan termination insurance programs 
under Title IV of the Employee Retirement Income Security Act of 1974, 
as amended (``ERISA'') (29 U.S.C. 1001 et seq.). Section 4220 of ERISA 
(29 U.S.C. 1400) requires the plan sponsor of a multiemployer pension 
plan covered by Title IV of ERISA to submit for PBGC review certain 
plan amendments authorized by ERISA sections 4201 through 4219 (29 
U.S.C. 1381-1399). These amendments deal with modification of the 
statutory provisions regarding when a withdrawal from a multiemployer 
plan occurs and how the withdrawing employer's withdrawal liability is 
determined. Any such amendment is effective only if the PBGC approves 
it or, within 90 days after receiving notice and a copy of the 
amendment, fails to disapprove it. The PBGC may disapprove an amendment 
only if it determines that the amendment creates an unreasonable risk 
of loss to plan participants and beneficiaries or to the PBGC.

    Part 2677 of the PBGC's regulations (29 CFR part 2677), Procedures 
for PBGC Approval of Plan Amendments, includes, in Sec. 2677.2, rules 
for plan sponsor requests for agency approval of multiemployer plan 
amendments. Paragraph (d) of Sec. 2677.2 requires the submission of 
information that the PBGC needs to identify a plan and evaluate the 
risk of loss, if any, posed by the amendment (and, hence, determine 
whether it should disapprove the amendment). The regulation also 
permits submission of other information the plan sponsor believes to be 
pertinent to its requests.
    The PBGC is requesting that the Office of Management and Budget 
(``OMB'') extend approval of this collection of information (OMB 
control number 1212-0031; expires May 31, 1994) for another three 
years. The agency estimates that it will receive three requests 
annually and that each request will take two hours to prepare, for a 
total annual burden of six hours.

    Issued in Washington, DC this 8th day of April, 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-8885 Filed 4-13-94; 8:45 am]
BILLING CODE 7708-01-M