[Federal Register Volume 60, Number 93 (Monday, May 15, 1995)]
[Notices]
[Pages 25933-25934]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-11841]



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PENSION BENEFIT GUARANTY CORPORATION


Request for Approval of a Modification in an Approved Collection 
of Information; PBGC Form 10-SP, Optional Reportable Event Form for 
Small Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of Request for OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation has requested that 
the Office of Management and Budget approve, under the Paperwork 
Reduction Act, a modification in its currently approved collection of 
information for the reporting requirements under section 4043 of the 
Employee Retirement Income Security Act of 1974 (OMB control number 
1212-0013; expires February 28, 1996). This modification would simplify 
compliance for small plans by providing the plan administrator and 
contributing [[Page 25934]] sponsor of a single-employer plan with 
fewer than 500 participants with the option of using PBGC Form 10-SP 
when notifying the PBGC that a reportable event has occurred. The 
effect of this notice is to advise the public of the PBGC's request for 
OMB approval of and to solicit public comment on the modification.

ADDRESSES: All written comments (at least three copies) should be 
addressed to Office of Management and Budget, Paperwork Reduction 
Project (1212-0013), Washington, DC 20503. The PBGC's request for 
approval 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: Harold J. Ashner, Assistant General 
Counsel, 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).

SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation 
administers the pension plan termination insurance program under Title 
IV of the Employee Retirement Income Security Act of 1974, as amended 
(29 U.S.C. 1301 et seq.). Part 2615, Subpart A, of the PBGC's 
regulations (29 CFR part 2615, subpart A) implements the requirements 
of ERISA section 4043 (29 U.S.C. 1343). In particular, the regulations 
prescribe rules for the notice that, except where expressly waived, 
must be provided to the PBGC no later than 30 days after a single-
employer plan administrator knows or has reason to know a reportable 
has occurred. These reporting requirements currently are approved by 
the Office of Management and Budget (``OMB'') (control number 1212-
0013; expires February 28, 1996).
    The PBGC has now developed an information collection instrument--
PBGC Form 10-SP, Optional Reportable Event Form for Small Plans--that 
it believes will facilitate and simplify compliance with regulatory 
requirements. In particular, Form 10-SP (including its instructions) 
will help contributing sponsors and plan administrators of small plans 
(fewer than 500 participants) understand what events must be reported. 
In addition, it will provide a simple reporting mechanism. The form 
takes into account certain recent amendments to section 4043 made by 
the Retirement Protection Act of 1994 (Title VII, Subtitle F of Pub. L. 
103-465).
    To provide plan administrators and contributing sponsors of such 
plans with the option of using Form 10-SP when notifying the PBGC that 
a reportable event has occurred, the PBGC has asked OMB to approve this 
information collection instrument as a modification in its currently 
approved collection of information. The PBGC believes that Form 10-SP 
would increase the likelihood that it will receive initial critical 
information within the prescribed time period, and it anticipates that 
in most cases the plan administrators and contributing sponsors of 
small plans would not provide any further information to the PBGC. 
However, the PBGC is not at this time predicting a reduction in the 
total burden hours under its reportable events regulation (40 hours per 
year, based on 80 filings at \1/2\ hour per filing). The PBGC is in the 
process of determining whether and to what extent to revise its burden 
hour estimate to reflect the new RPA reportable events, and plans to 
note any decrease resulting from Form 10 when it requests OMB paperwork 
approval for its proposed amendments to its reportable events 
regulation to implement RPA.

    Issued in Washington, DC this 9th day of May, 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-11841 Filed 5-12-95; 8:45 am]
BILLING CODE 7708-01-M