[Federal Register Volume 62, Number 219 (Thursday, November 13, 1997)]
[Notices]
[Page 60929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29880]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Allocating Unfunded Vested Benefits

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 Allocating Unfunded Vested Benefits 
(29 CFR Part 4211) (OMB control number 1212-0035; expires February 28, 
1998). 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 January 12, 1998.

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. (For TTY and TDD, 
call 800-877-8339 and request connection to 202-326-4024).

SUPPLEMENTARY INFORMATION: Section 4211(c)(5)(A) of the Employee 
Retirement Income Security Act of 1974 (``ERISA'') requires the PBGC to 
prescribe by regulation a procedure whereby multiemployer pension plans 
can change the way they allocate unfunded vested benefits to 
withdrawing employers, subject to PBGC approval. Approval of a change 
is to be based on a determination that the change will not 
significantly increase the risk of loss to plan participants or the 
PBGC.
    The PBGC's regulation on Allocating Unfunded Vested Benefits (29 
CFR Part 4211) includes, in Sec. 4211.22, rules for requesting the 
PBGC's approval of an amendment to a plan's allocation method. Section 
4211.22(d) prescribes information that the PBGC needs to identify the 
plan and evaluate the risk of loss, if any, posed by the amendment 
(and, hence, determine whether it should approve the amendment). 
Section 4211.22(e) requires the submission of other information that 
the PBGC may need to review the amendment. (The regulation may be 
accessed on the PBGC's home page at http://www.pbgc.gov.)
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0035 through February 28, 
1998. The PBGC intends to request that OMB extend its approval for 
another three years. The PBGC estimates that it receives five 
submissions from plan sponsors annually under the regulation; that 
virtually all submissions are prepared by outside consultants; that the 
total annual hour burden of engaging the services of such consultants 
is one hour; and that the total annual cost burden of having the 
submissions prepared is $1,575.
    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;
     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 7th day of November, 1997.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-29880 Filed 11-12-97; 8:45 am]
BILLING CODE 7708-01-P