[Federal Register Volume 72, Number 224 (Wednesday, November 21, 2007)]
[Notices]
[Pages 65629-65630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-22791]


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PENSION BENEFIT GUARANTY CORPORATION


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

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 (``PBGC'') intends to 
request that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act, of a collection of 
information contained in its regulation on Liability for Termination of 
Single-Employer Plans, 29 CFR Part 4062 (OMB Control Number 1212-0017; 
expires February 29, 2008). This notice informs the public of PBGC's 
intent and solicits public comment on the collection of information.

DATES: Comments should be submitted by January 22, 2008.

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 regulation on Liability 
for Termination of Single-Employer Plans can be accessed on PBGC's Web 
site at http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, 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: Section 4062 of the Employee Retirement 
Income Security Act of 1974, as amended, provides that the contributing 
sponsor of a single-employer pension plan and members of the sponsor's 
controlled group (``the employer'') incur liability (``employer 
liability'') if the plan terminates with assets insufficient to pay 
benefit liabilities under the plan. PBGC's statutory lien for employer 
liability and the payment terms for employer liability are affected by 
whether and to what extent employer liability exceeds 30 percent of the 
employer's net worth.
    Section 4062.6 of PBGC's employer liability regulation (29 CFR 
4062.6) requires a contributing sponsor or member of the contributing 
sponsor's controlled group who believes employer liability upon plan 
termination exceeds 30 percent of the employer's net worth to so notify 
PBGC and to submit net worth information. This information is necessary 
to enable PBGC to determine whether and to what extent employer 
liability exceeds 30 percent of the employer's net worth.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 through February 29, 
2008. PBGC intends to request that OMB extend its 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.
    PBGC estimates that an average of five contributing sponsors or 
controlled group members per year will respond to this collection of 
information. PBGC further estimates that the average annual burden of 
this collection of information will be 12 hours and $3,636 per 
respondent, with an average total annual burden of 60 hours and 
$18,120.
    PBGC is soliciting public comments to--

[[Page 65630]]

     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 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 16th day of November, 2007.
John H. Hanley,
Director, Legislative and Regulatory Department Pension Benefit 
Guaranty Corporation.
[FR Doc. E7-22791 Filed 11-20-07; 8:45 am]
BILLING CODE 7709-01-P