[Federal Register Volume 63, Number 154 (Tuesday, August 11, 1998)]
[Notices]
[Pages 42888-42889]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-21504]


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PENSION BENEFIT GUARANTY CORPORATION


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

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 
approval, under the Paperwork Reduction Act, of a collection of 
information in its regulation on Employer Liability (29 CFR Part 4062) 
(OMB control number 1212-0017). 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 September 10, 1998.

ADDRESSES: Comments should be mailed to the Office of Information and 
Regulatory Affairs of the Office of

[[Page 42889]]

Management and Budget, Attention: Desk Officer for Pension Benefit 
Guaranty Corporation, Washington, DC 20503. Copies of the request for 
extension (including the collection of information) are available from 
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: 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/TDD 
users, call the Federal relay service toll-free at 1-800-877-8339 and 
ask to be connected 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. The PBGC is requesting 
that OMB extend its approval for three years.
    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 $1,800 per 
respondent, with an average total annual burden of 156 hours and 
$23,400.

    Issued in Washington, DC, this 5th day of August, 1998.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 98-21504 Filed 8-10-98; 8:45 am]
BILLING CODE 7708-01-P