[Federal Register Volume 63, Number 85 (Monday, May 4, 1998)]
[Notices]
[Page 24577]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-11710]



[[Page 24577]]

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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Liability for Termination of Single-Employer Plans

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 contained in its regulation on Liability for Termination of 
Single-Employer Plans, 29 CFR Part 4062 (OMB control number 1212-0017; 
expires September 30, 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 July 6, 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.
    Copies of the collection of information may be obtained without 
charge by writing to the PBGC's Communications and Public Affairs 
Department at the address given above or calling 202-326-4040. (For TTY 
and TDD, call 800-877-8339 and request connection to 202-326-4040). The 
regulation on Liability for Termination of Single-employer Plans can be 
accessed on the PBGC's home page at http://www.pbgc.gov.

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: Section 4062 of the Employee Retirement 
Income Security Act of 1974 provides that the contributing sponsor of a 
single-employer pension plan and members of the sponsor's controlled 
group (``the employer'') incur liability (``employer liability'') if 
the plan terminates with assets insufficient to pay benefit liabilities 
under the plan. The PBGC's statutory lien for employer liability and 
the payment terms for employer liability are affected by whether and to 
what extent employer liability exceeds 30 percent of the employer's net 
worth.
    Section 4062.6 of the PBGC's employer liability regulation (29 CFR 
4062.6) requires a contributing sponsor or member of the contributing 
sponsor's controlled group who believes employer liability upon plan 
termination exceeds 30 percent of the employer's net worth to so notify 
the PBGC and to submit net worth information. This information is 
necessary to enable the PBGC to determine whether and to what extent 
employer liability exceeds 30 percent of the employer's net worth.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 through September 30, 
1998. The PBGC intends to request that OMB extend its approval for 
another three years. An agency may not conduct or sponsor, and a person 
is not required to respond to, a collection of information unless it 
displays a currently valid OMB control number.
    The PBGC estimates that an average of 13 contributing sponsors or 
controlled group members per year will respond to this collection of 
information. The PBGC further estimates that the average annual burden 
of this collection of information will be 12 hours and $1800 per 
respondent, with an average total annual burden of 156 hours and 
$23,400.
    The PBGC is soliciting public comments to--
     evaluate whether the 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 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 27th day of April, 1998.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 98-11710 Filed 5-1-98; 8:45 am]
BILLING CODE 7708-01-P