[Federal Register Volume 70, Number 247 (Tuesday, December 27, 2005)]
[Notices]
[Pages 76471-76472]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-7826]


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PENSION BENEFIT GUARANTY CORPORATION


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

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 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 January 
31, 2006). 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 January 26, 2006.

ADDRESSES: Comments may be mailed to the Office of Information and 
Regulatory Affairs of the Office of Management and Budget, Attn: Desk 
Officer for Pension Benefit Guaranty Corporation, Washington, DC 20503.
    Copies of the request for extension may be obtained without charge 
by writing to the PBGC's Communications and Public Affairs Department 
at Suite 11102 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, 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, Jr., Attorney, 
Legislative and Regulatory Department, 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 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.

[[Page 76472]]

    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 January 31, 2006, by OMB under control number 1212-
0041. The PBGC is requesting 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 78 Form 200 filings per 
year under this collection of information. The PBGC further estimates 
that the average annual burden of this collection of information is 
160.5 hours and $44,132.

    Issued in Washington, DC, this 19th day of December, 2005.
Rick Hartt,
Chief Technology Officer, Pension Benefit Guaranty Corporation.
 [FR Doc. E5-7826 Filed 12-23-05; 8:45 am]
BILLING CODE 7708-01-P