[Federal Register Volume 75, Number 167 (Monday, August 30, 2010)]
[Notices]
[Pages 53000-53001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-21463]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Termination of Single-Employer Plans, Missing Participants

AGENCY: Pension Benefit Guaranty Corporation.

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

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is 
requesting that the Office of Management and Budget (``OMB''), under 
the Paperwork Reduction Act, extend approval, with modifications, 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, 
2010). This notice informs the public of PBGC's request and solicits 
public comment on the collection of information.

DATES: Comments should be submitted by September 29, 2010.

[[Page 53001]]


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 request for extension (including the collection of 
information) may be obtained without charge by writing to the 
Disclosure Division of the Office of the General Counsel of PBGC at the 
above address, visiting the Disclosure Division, faxing a request to 
202-326-4042, 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 request to you, as you request. 
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, Legislative and Regulatory Department, Pension 
Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 
202-326-4024 (TTY and TDD users may call the Federal relay service 
toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee 
Retirement Income Security Act of 1974, as amended (ERISA), 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 missing participants regulation (29 CFR 
part 4050). As noted above, these regulations may be accessed on PBGC's 
Web site at http://www.pbgc.gov. PBGC is making clarifying, 
simplifying, editorial, and other changes to the existing forms and 
instructions (including changes prompted by changes in ERISA and the 
Internal Revenue Code). The collection of information under these 
regulations and the implementing forms and instructions has been 
approved by OMB under control number 1212-0036 (expires September 30, 
2010). 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.
    PBGC estimates that 1,381 plan administrators will be subject to 
the collection of information requirements in PBGC's termination and 
missing participants regulations and implementing forms and 
instructions each year, and that the total annual burden of complying 
with these requirements is 2,325 hours and $3,327,341. Much of the work 
associated with terminating a plan is performed for purposes other than 
meeting these requirements.

    Issued in Washington, DC, this 24th day of August, 2010.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2010-21463 Filed 8-27-10; 8:45 am]
BILLING CODE 7709-01-P