[Federal Register Volume 62, Number 216 (Friday, November 7, 1997)]
[Notices]
[Page 60287]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29499]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Termination of Single Employer Plans; Missing Participants; 
PBGC Forms 500-501, 600-602

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is 
requesting that the Office of Management and Budget (``OMB'') extend 
its approval, under the Paperwork Reduction Act, of a collection of 
information in its regulations on Termination of Single Employer Plans 
and Missing Participants (29 CFR Parts 4041 and 4050) and implementing 
forms and instructions (PBGC Forms 500-501 and 600-602). This notice 
informs the public of the PBGC's request and solicits public comment on 
the collection of information.

DATES: Comments should be submitted by December 8, 1997.

ADDRESSES: Comments should be mailed to the Office of Information and 
Regulatory Affairs of the Office of Management and Budget, Attention: 
Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC 
20503. The request for extension will be available for public 
inspection at the Communications and Public Affairs Department of the 
Pension Benefit Guaranty Corporation, suite 240, 1200 K Street, NW., 
Washington, DC, 20005-4026, between 9 a.m. and 4 p.m. on business days.

FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General 
Counsel, or Catherine B. Klion, Attorney, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., 
Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, call 800-
877-8339 and request connection to 202-326-4024).

SUPPLEMENTARY INFORMATION: The PBGC administers the pension plan 
termination insurance programs under Title IV of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''). Under 
section 4041 of ERISA, a single-employer pension plan may terminate 
voluntarily only if it satisfies the requirements for either a standard 
or a distress termination. Pursuant to ERISA section 4041(b), for 
standard terminations, and section 4041(c), for distress terminations, 
and the PBGC's termination regulation (29 CFR part 4041), a plan 
administrator wishing to terminate a plan is required to submit 
specified information to the PBGC in support of the proposed 
termination and to provide specified information regarding the proposed 
termination to third parties (participants, beneficiaries, alternate 
payees, and employee organizations). In the case of a plan with 
participants or beneficiaries who cannot be located when their benefits 
are to be distributed, the plan administrator is subject to the 
requirements of ERISA section 4050 and the PBGC's missing participants 
regulation (29 CFR part 4050).
    Elsewhere in today's Federal Register, the PBGC published a final 
rule that extends standard termination deadlines and otherwise 
simplifies the standard termination process, requires that plan 
administrators provide participants with information on state guaranty 
association coverage of annuities, and makes conforming changes to the 
distress termination process. The final rule also makes conforming and 
simplifying changes to the missing participants regulation. In 
addition, the PBGC made clarifying and other changes (related to the 
final rule) to its implementing forms and instructions under the 
termination and missing participants regulations.
    Terminations initiated before the effective date of the final rule 
generally will be subject to the existing collection of information 
requirements. (The PBGC specified in the final rule certain portions of 
the final rule that plan administrators may apply to terminations in 
process at the time the final rule becomes effective.) Thus, even after 
the effective date of the final rule, there will be a period of time 
during which the existing collection of information requirements will 
apply for some terminations.
    The PBGC is asking OMB to (1) approve for three years the revised 
collection of information requirements contained in the new final 
termination and missing participants regulations and implementing forms 
and instructions; and (2) extend its approval for three years of the 
collection of information requirements in the existing termination and 
missing participants regulations and implementing forms and 
instructions. To facilitate OMB's consideration of these requests, the 
PBGC is combining the final rule and rollover submissions.
    Much of the work associated with terminating a plan is performed 
for purposes other than meeting the collection of information 
requirements in the PBGC's termination and missing participants 
regulations. The PBGC estimates that 3,750 plan administrators will be 
subject to the collection of information requirements each year, and 
that the total annual burden of complying with these requirements is 
5,231 hours and $2,761,672.

    Issued in Washington, DC, this 3rd day of November, 1997.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-29499 Filed 11-6-97; 8:45 am]
BILLING CODE 7708-01-P