[Federal Register Volume 68, Number 138 (Friday, July 18, 2003)]
[Notices]
[Pages 42787-42788]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18331]


-----------------------------------------------------------------------

PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Locating and Paying Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request extension of OMB approval.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to 
request that the Office of Management and Budget (``OMB'') extend its 
approval (with modifications) of a collection of information under the 
Paperwork Reduction Act. The purpose of the information collection is 
to enable the PBGC to pay benefits to participants and beneficiaries in 
plans covered by the PBGC insurance program. The PBGC intends to create 
an electronic facility, My Pension Benefit Account (``My PBA''), on its 
Web site at www.pbgc.gov, through which plan participants will be able 
to conduct electronic transactions with the PBGC. 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 September 16, 2003.

ADDRESSES: Comments may be mailed to the Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, 
DC 20005-4026, or delivered to Suite 340 at that address during normal 
business hours. Comments also may be submitted electronically through 
the PBGC's Web site at www.pbgc.gov/paperwork, or by fax to 202-326-
4112. The PBGC will make all comments available on its Web site at 
www.pbgc.gov.
    Copies of the collection of information may be obtained without 
charge by writing to the PBGC's Communications and Public Affairs 
Department at Suite 240 at the above address or by visiting that office 
or calling 202-326-4040 during normal business hours. (TTY and TDD 
users may call the Federal relay service toll-free at 1-800-877-8339 
and ask to be connected to 202-326-4040.)

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. (TTY/TDD users 
may call the Federal relay service toll-free at 1-800-877-8339 and ask 
to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: The PBGC intends to request that OMB extend 
its approval (with modifications) of a collection of information needed 
to pay participants and beneficiaries who may be entitled to pension 
benefits under a defined benefit plan that has terminated. The 
collection consists of information participants and beneficiaries are 
asked to provide in connection with an application for benefits. In 
addition, in some instances, as part of a search for participants and 
beneficiaries who may be entitled to benefits, the PBGC requests 
individuals to provide identifying information that the individual 
would provide as part of an initial contact with the PBGC. All

[[Page 42788]]

requested information is needed to enable the PBGC to determine benefit 
entitlements and to make appropriate payments. The collection also 
includes pages on the PBGC's Web site at www.pbgc.gov, that, for 
certain large plans, provide respondents with specific information 
about their pension plan and enable them to obtain a rough estimate of 
their benefit, either by using an online benefit estimate calculator or 
by completing an online form and submitting it to the PBGC to compute 
an estimate.
    As part of the PBGC's ongoing implementation of the Government 
Paperwork Elimination Act (GPEA), the PBGC is creating an application, 
My PBA, on its Web site at www.pbgc.gov, through which plan 
participants will be able to conduct electronic transactions with the 
PBGC. My PBA will feature a variety of transactions, including applying 
for pension benefits, designating a beneficiary, granting a power of 
attorney, electing monthly payments, electing to withhold income tax 
from periodic payments, changing contact information, and applying for 
electronic direct deposit. Initially, My PBA will be available for a 
limited number of trusteed plans. As the PBGC gains experience, it 
intends to make My PBA available for all trusteed plans.
    The existing collection of information under the regulation was 
approved under control number 1212-0055 (expires April 30, 2006). The 
PBGC intends to request that OMB extend its approval (with 
modifications) for three years from the date of approval. 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 134,950 benefit application or information 
forms will be filed annually by individuals entitled to benefits from 
the PBGC and that the associated burden is 76,200 hours (an average of 
about one-half hour per response) and $49,931.50 (an average of $.37 
per response). The PBGC further estimates that 5,500 individuals 
annually will provide the PBGC with identifying information as part of 
an initial contact and that the associated burden is 1,500 hours (an 
average of about one-quarter hour per response) and $1,100 (an average 
of $.20 per response). Thus, the total estimated annual burden 
associated with this collection of information is 77,700 hours and 
$51,041.50. (These estimates include paper and electronic filings.)
    The PBGC is soliciting public comments to--
    [sbull] 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;
    [sbull] 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;
    [sbull] Enhance the quality, utility, and clarity of the 
information to be collected; and
    [sbull] 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 at Washington, DC, this 15th day of July, 2003.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 03-18331 Filed 7-17-03; 8:45 am]
BILLING CODE 7708-01-P