[Federal Register Volume 65, Number 189 (Thursday, September 28, 2000)]
[Notices]
[Pages 58299-58300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-24923]


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PENSION BENEFIT GUARANTY CORPORATION


Agency Information Collection Activities: Notice of Intention To 
Request Extension of OMB Approval of Collection; Comment Request--
Termination of Single Employer Plans; Missing Participants; PBGC Forms 
500-501, 600-602

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 intends to request 
that the Office of Management and Budget (``OMB'') extend approval, 
under the Paperwork Reduction Act of 1995, of a collection of 
information in its regulations on Termination of Single Employer Plans 
and Missing Participants, and implementing forms and instructions (OMB 
control number 1212-0036; expires March 31, 2001). 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 November 27, 2000.

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 forms and instructions may be obtained 
free of charge from the PBGC's Communications and Public Affairs 
Department.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Office 
of the General Counsel, PBGC, 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.)

[[Page 58300]]


SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee 
Retirement Income Security Act of 1974, as amended, 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).
    The PBGC estimates that 1,564 plan administrators will be subject 
to the collection of information requirements in the PBGC's termination 
and missing participants regulations each year, and that the total 
annual burden of complying with these requirements is 2,246 hours and 
$1,864,600. (Much of the work associated with terminating a plan is 
performed for purposes other than meeting these requirements.)
    Comments on these collection of information requirements may 
address (among other things)--
     Whether the collection of information is necessary for the 
proper performance of the functions of the PBGC, including whether the 
information will have practical utility;
     The accuracy of the PBGC's estimate of the burden of the 
proposed collection of information, including the validity of the 
methodology and assumptions used;
     Enhancing the quality, utility, and clarity of the 
information to be collected; and
     Minimizing 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 22nd day of September, 2000.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 00-24923 Filed 9-27-00; 8:45 am]
BILLING CODE 7708-01-P