[Federal Register Volume 73, Number 147 (Wednesday, July 30, 2008)]
[Notices]
[Pages 44295-44296]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-17470]


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PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

[[Page 44296]]


ACTION: Notice of request for extension of OMB approval, with 
modifications.

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SUMMARY: Pension Benefit Guaranty Corporation (PBGC) is requesting that 
the Office of Management and Budget (OMB) extend its approval, with 
modifications, of a collection of information under the Paperwork 
Reduction Act (OMB control number 1212-0055, expires August 31, 2008). 
The purpose of the information collection is to enable PBGC to locate 
and pay benefits to participants and beneficiaries in plans covered by 
the PBGC insurance program, as well as other pension plans that will be 
covered by PBGC's expanded Missing Participant program under the 
Pension Protection Act of 2006. This notice informs the public of 
PBGC's request and solicits public comment on the collection of 
information.

DATES: Comments should be submitted by August 29, 2008.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at [email protected] or by fax to (202) 395-6974.
    Copies of the collection of information may also be obtained 
without charge by writing to the Disclosure Division of the Office of 
the General Counsel of PBGC at the above address or by visiting the 
Disclosure Division 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 
Disclosure Division will e-mail, fax, or mail the requested information 
to you, as you request.

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/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: PBGC is requesting 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 applications for benefits. In 
addition, in some instances, as part of a search for participants and 
beneficiaries who may be entitled to benefits, PBGC requests 
individuals to provide identifying information that the individual 
would provide as part of an initial contact with PBGC. The information 
collection also includes My Pension Benefit Account (My PBA), an 
application on PBGC's Web site, http://www.pbgc.gov, through which plan 
participants and beneficiaries may conduct electronic transactions with 
PBGC, including applying for pension benefits, designating a 
beneficiary, granting a power of attorney, changing contact 
information, and applying for electronic direct deposit. All requested 
information is needed to enable PBGC to determine benefit entitlements 
and to make appropriate payments, or to provide respondents with 
specific information about their pension plan to enable them to obtain 
a rough estimate of their benefit.
    This collection of information has been approved by OMB under 
control number 1212-0055 (expires August 31, 2008). PBGC is requesting 
that OMB extend its approval for 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.
    For plans covered by the PBGC insurance program, PBGC estimates 
that 84,800 benefit application or information forms will be filed 
annually by individuals entitled to benefits from PBGC and that the 
associated burden is 63,550 hours and $3,100. PBGC further estimates 
that 12,000 individuals annually will provide PBGC with identifying 
information as part of an initial contact and that the associated 
burden is 3,500 hours. Thus, for plans covered by the PBGC insurance 
program, the total estimated annual burden associated with this 
collection of information is 67,050 hours and $3,100.
    Section 410 of the Pension Protection Act of 2006 allows certain 
terminating plans not covered by the existing Missing Participants 
program to participate in that program. Once final regulations are 
issued, the program will cover multiemployer plans, small professional 
service employer plans (25 or fewer active participants), and 
individual account plans. PBGC anticipates issuing final regulations in 
2009.
    PBGC estimates that 6,400 benefit application or information forms 
will be filed annually by missing participants in plans that are not 
covered by the existing Missing Participant program, and that the 
associated burden is 6,400 hours. PBGC further estimates that 12,000 
individuals annually will provide the PBGC with identifying information 
as part of an initial contact and that the associated burden is 3,000 
hours.
    Thus, over the next three years, the total estimated annual burden 
associated with this collection of information is 73,300 hours and 
$3,100.

    Issued in Washington, DC, this 25th day of July, 2008.
Catherine B. Klion,
Manager, Regulatory and Policy Division, Legislative and Regulatory 
Department, Pension Benefit Guaranty Corporation.
[FR Doc. E8-17470 Filed 7-29-08; 8:45 am]
BILLING CODE 7709-01-P