[Federal Register Volume 59, Number 171 (Tuesday, September 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21892]


[[Page Unknown]]

[Federal Register: September 6, 1994]


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PENSION BENEFIT GUARANTY CORPORATION

 

Request for Extension of Approval of Collection of Information 
Under the Paperwork Reduction Act; Form 5500 Series--Annual Report of 
Employee Benefit Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB extension of approval.

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SUMMARY: The Pension Benefit Guaranty Corporation has requested that 
the Office of Management and Budget approve an extension of the 
expiration date of a currently approved information collection (1212-
0026) without any change in the substance or in the method of 
collection. Current approval expires on October 31, 1994. The 
information collection is contained in the IRS/DOL/PBGC Form 5500 
series. These forms are used by pension plan administrators to fulfill 
the requirements under section 4065 of ERISA and 29 CFR Part 2611 that 
an annual report be filed with the PBGC. The effect of this notice is 
to advise the public of the PBGC's request for OMB approval of this 
extension.

ADDRESSES: All written comments (at least three copies) should be 
addressed to: Office of Management and Budget, Paperwork Reduction 
Project (1212-0026), Washington, DC 20503. The request for extension 
will be available for public inspection at the PBGC Communications and 
Public Affairs Department, Suite 240, 1200 K Street NW., Washington, DC 
20005-4026 between the hours of 9:00 a.m. and 4:00 p.m.

FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, Office of the General 
Counsel, Suite 240, 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 Paperwork Reduction Act of 1980 (44 
U.S.C. Chapter 35) establishes policies and procedures for controlling 
the paperwork burdens imposed by Federal agencies on the public. The 
Act vests the Office of Management and Budget (OMB) with regulatory 
responsibility over these burdens, and OMB has promulgated rules on the 
clearance of collections of information by Federal agencies (5 CFR Part 
1320).
    Section 4065 of the Employee Retirement Income Security Act of 1974 
(ERISA) (29 U.S.C. 1365) and 29 CFR Part 2611 require the administrator 
of a defined benefit pension plan to file an annual report with the 
Pension Benefit Guaranty Corporation (PBGC) in order that PBGC may 
monitor the plan's yearly operations insofar as they relate to the 
termination insurance program under Title IV of ERISA. Other provisions 
in ERISA and the Internal Revenue Code (29 U.S.C. 1021(b) (4) and 26 
U.S.C. 6058) require that annual reports be filed by administrators of 
employee benefit plans (including defined benefit pension plans) with 
the Department of Labor (DOL) and the Internal Revenue Service (IRS) 
for similar monitoring with respect to the ERISA requirements within 
their respective jurisdictions. DOL, IRS, and PBGC have established 
joint forms (the Form 5500 series) to be used for those annual reports.
    When the appropriate form in the 5500 series is filed with the IRS, 
the filing requirement for each of the three agencies is satisfied; 
each agency utilizes the information applicable to it. In addition to 
general identifying information, the PBGC uses the coverage information 
reported on Form 5500 or Form 5500-C/R, and the actuarial information 
on Schedule B attached to the form, to fulfill its monitoring role.
    OMB has previously approved the PBGC's collection of information 
contained in the Form 5500 series; PBGC is requesting an extension of 
that approval without any change in the substance or method of 
collection. The PBGC estimates that it will receive 106,407 reports 
annually, that the response to the portion of the forms allocated to 
the PBGC will take an average of .21 hours, and that the annual burden 
imposed by this information collection is 25,379 hours.

    Issued at Washington, DC, this 26th day of August, 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-21892 Filed 9-2-94; 8:45 am]
BILLING CODE 7708-01-M