[Federal Register Volume 74, Number 16 (Tuesday, January 27, 2009)]
[Notices]
[Pages 4785-4786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1783]


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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.

[[Page 4786]]


ACTION: Notice of request for extension of OMB approval of a currently 
approved collection (with modifications).

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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 (with 
modifications) under subparts A and D of Part 4043 of its regulations 
on Reportable Events and Certain Other Notification Requirements (OMB 
control number 1212-0041; expires February 28, 2009). This notice 
informs the public of PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments must be submitted by February 26, 2009.

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 and comments may be 
obtained without charge by writing to the Disclosure Division, Office 
of General Counsel, 1200 K St., NW., Washington, DC 20005-4026, 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 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 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 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.
    These statutory requirements are implemented by subparts A and D of 
PBGC's regulation on Reportable Events and Certain Other Notification 
Requirements (29 CFR part 4043). Section 4043.81 of the regulation 
provides that required reports must be made using PBGC Form 200, Notice 
of Failure to Make Required Contributions, in accordance with the 
related filing instructions. 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.
    The collection of information under the regulation has been 
approved through February 28, 2009, by OMB under control number 1212-
0041. PBGC is requesting that OMB extend approval of the collection 
(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.
    PBGC estimates that it will receive 185 Form 200 filings per year 
under this collection of information. PBGC further estimates that the 
average annual burden of this collection of information is 873 hours 
and $305,550.

    Issued in Washington, DC, this 21st day of January, 2009.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
 [FR Doc. E9-1783 Filed 1-26-09; 8:45 am]
BILLING CODE 7709-01-P