[Federal Register Volume 69, Number 81 (Tuesday, April 27, 2004)]
[Notices]
[Page 22890]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-9529]


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PENSION BENEFIT GUARANTY CORPORATION


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

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 
(with modifications), 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 August 31, 2004). 
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 June 28, 2004.

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, 
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.) The regulations and forms 
and instructions relating to this collection of information may be 
accessed on the PBGC's Web site at www.pbgc.gov.

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

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 is making clarifying, simplifying, editorial, 
and other changes to the existing forms and instructions.
    The PBGC estimates that 1,175 plan administrators will be subject 
to the collection of information requirements in the PBGC's termination 
and missing participants regulations and implementing forms and 
instructions each year, and that the total annual burden of complying 
with these requirements is 1,743 hours and $1,973,075. (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 21st day of April, 2004.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 04-9529 Filed 4-26-04; 8:45 am]
BILLING CODE 7708-01-P