[Federal Register Volume 62, Number 88 (Wednesday, May 7, 1997)]
[Notices]
[Pages 24998-24999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11898]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Procedures for PBGC Approval of Multiemployer Plan 
Amendments

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request extension of OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to 
request 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 4220) (OMB control number 1212-0031; expires 
July 31, 1997). This notice informs the public of the PBGC's intent and 
solicits public comment on the collection of information.

DATES: Comments should be submitted by July 7, 1997.

ADDRESSES: Comments may be mailed to the Office of the General Counsel, 
suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, NW., 
Washington, DC 20005-4026, or delivered to that address between 9 a.m. 
and 4 p.m. on business days. Written comments will be available for 
public inspection at the PBGC's Communications and Public Affairs 
Department, suite 240 at the same address, between 9 a.m. and 4 p.m. on 
business days.

FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, 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).

SUPPLEMENTARY INFORMATION: Sections 4201 through 4225 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), specify 
rules for when a withdrawal from a multiemployer plan occurs and how to 
calculate a withdrawing employer's withdrawal liability. Section 4220 
of ERISA requires plans to seek PBGC approval if they adopt certain 
alternative rules authorized by sections 4201 through 4219. Any such 
alternative rule is effective only if the PBGC approves the plan 
amendment adopting the rule 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.
    The PBGC's regulation on Procedures for PBGC Approval of Plan 
Amendments (29 CFR Part 4220) includes, in Sec. 4220.3, rules for 
requesting the PBGC's approval of an amendment. Section 4220.3(d) 
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 that the plan 
sponsor may consider pertinent to the request.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0031 through July 31, 1997. 
The PBGC intends to request that OMB extend its approval for another 
three years. The PBGC estimates that it receives three submissions 
annually under the regulation and that each submission costs the 
submitting plan about $165 to have prepared by an outside consultant, 
for a total annual cost burden of $495.
    The PBGC is soliciting public comments to--
     evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;

[[Page 24999]]

     evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     enhance the quality, utility, and clarity of the 
information to be collected; and
     minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submission of responses.

    Issued in Washington, DC, this 2nd day of May, 1997.
John Seal,
Acting Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-11898 Filed 5-6-97; 8:45 am]
BILLING CODE 7708-01-P