[Federal Register Volume 72, Number 94 (Wednesday, May 16, 2007)]
[Notices]
[Page 27596]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-9397]


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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: 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 September 30, 
2007). This notice informs the public of PBGC's intent and solicits 
public comment on the collection of information.

DATES: Comments should be submitted by July 16, 2007.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
     Follow the Web site instructions for submitting comments.
     E-mail: [email protected].
     Fax: 202-326-4224.
     Mail or Hand Delivery: Legislative and Regulatory 
Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., 
Washington, DC 20005-4026

Comments received will be posted to http://www.pbgc.gov.
    Copies of the collection of information may be obtained without 
charge by writing to 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 PBGC's Web site at http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, or Catherine 
B. Klion, Manager, Regulatory and Policy Division, Legislative and 
Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K 
Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, 
call 800-877-8339 and request connection 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 PBGC's termination regulation 
(29 CFR part 4041), a plan administrator wishing to terminate a plan is 
required to submit specified information to 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 PBGC's regulation on missing 
participants (29 CFR part 4050). PBGC is making clarifying, 
simplifying, editorial, and other changes to the existing forms and 
instructions.
    PBGC estimates that 1,175 plan administrators will be subject to 
the collection of information requirements in PBGC's regulations on 
termination and missing participants and implementing forms and 
instructions each year, and that the total annual burden of complying 
with these requirements is 2,175 hours and $2,886,003. (Much of the 
work associated with terminating a plan is performed for purposes other 
than meeting these requirements.)
    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 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 10th day of May, 2007.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. E7-9397 Filed 5-15-07; 8:45 am]
BILLING CODE 7709-01-P