[Federal Register Volume 64, Number 126 (Thursday, July 1, 1999)]
[Notices]
[Page 35703]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16796]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Notice of Failure To Make Required Contributions

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 the collection of 
information under Part 4043 of its regulations relating to Notice of 
Failure to Make Required Contributions (OMB control number 1212-0041; 
expires September 30, 1999). 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 August 30, 1999.

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 users, call the Federal relay service toll-free at 1-800-877-
8339 and ask to be connected to 202-326-4040.) The regulations, forms, 
and instructions relating to the notice of failure to make required 
contributions may be accessed on the PBGC's web site at http://
www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: James L. Beller, 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 
users, call the Federal relay service toll-free at 1-800-877-8339 and 
ask to be connected to 202-326-4040.)

SUPPLEMENTARY INFORMATION: Section 302(f) of the Employee Retirement 
Income Security Act of 1974 (``ERISA'') and section 412(n) of the 
Internal Revenue Code of 1986 (``Code'') impose a lien in favor of an 
underfunded single-employer plan that is covered by the termination 
insurance program if (1) any person fails to make a required payment 
when due, and (2) the unpaid balance of that payment (including 
interest), when added to the aggregate unpaid balance of all preceding 
payments for which payment was not made when due (including interest), 
exceeds $1 million. (For this purpose, a plan is underfunded if its 
funded current liability percentage is less than 100 percent.) The lien 
is upon all property and rights to property belonging to the person or 
persons who are liable for required contributions (i.e., a contributing 
sponsor and each member of the controlled group of which that 
contributing sponsor is a member).
    Only the PBGC (or, at its direction, the plan's contributing 
sponsor or a member of the same controlled group) may perfect and 
enforce this lien. Therefore, ERISA and the Code require persons 
committing payment failures to notify the PBGC within 10 days of the 
due date whenever there is a failure to make a required payment and the 
total of the unpaid balances (including interest) exceeds $1 million.
    PBGC Form 200, Notice of Failure to Make Required Contributions, 
and related filing instructions, implement the statutory notification 
requirement. Submission of Form 200 is required by 29 CFR 4043.81.
    The collection of information under the regulation has been 
approved through September 30, 1999, by OMB under control number 1212-
0041. The PBGC intends to request that OMB extend 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 it will receive 10 Form 200 filings per 
year under this collection of information. The PBGC further estimates 
that the average burden of this collection of information is 42.5 hours 
and $6,375.
    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, D.C., this 28th day of June, 1999.
Stuart Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 99-16796 Filed 6-30-99; 8:45 am]
BILLING CODE 7708-01-P