[Federal Register Volume 73, Number 226 (Friday, November 21, 2008)]
[Notices]
[Pages 70680-70681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-27767]


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PENSION BENEFIT GUARANTY CORPORATION


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

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 
(with modifications), 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 February 28, 2009). This notice informs the public 
of the PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments must be submitted by January 20, 2009.

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, including personal information provided, will be 
posted to http://www.pbgc.gov.
    Copies of the collection of information and comments may be 
obtained without charge by writing to the Disclosure Division, Office 
of General Counsel, 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 reportable events 
regulations, forms, and instructions may be accessed on the PBGC's Web 
site at http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: James Bloch, Program Analyst, 
Legislative and Policy Division, 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: Section 303(k) of the Employee Retirement 
Income Security Act of 1974 (``ERISA'') and section 430(k) 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 contribution 
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 
funding target attainment 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. 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.
    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 
form and instructions have been revised to remove information that is 
no longer applicable in light of changes made by the Pension Protection 
Act of 2006 and to refer to interim guidance issued by PBGC.
    The collection of information under the regulation has been 
approved through February 28, 2009, by OMB under control number 1212-
0041. The PBGC intends to request that OMB extend approval (with 
modifications) 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 185 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 873 
hours and $305,550.
    The PBGC is soliciting public comments to--
     Evaluate whether the proposed 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 proposed collection of information, including the 
validity of the methodologies 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

[[Page 70681]]

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 18th day of November, 2008.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. E8-27767 Filed 11-20-08; 8:45 am]
BILLING CODE 7709-01-P