[Federal Register Volume 75, Number 223 (Friday, November 19, 2010)]
[Notices]
[Pages 70955-70956]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29154]


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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 
March 31, 2011). 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 18, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:
    Federal eRulemaking Portal: http:[sol][sol]www.regulations.gov. 
Follow the Web site instructions for submitting comments.

[[Page 70956]]

    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:[sol][sol]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/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:[sol][sol]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 March 31, 2011. 
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 $3,996 per 
respondent, with an average total annual burden of 60 hours and 
$19,980.
    PBGC is soliciting public comments to:
    [cir] 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;
    [cir] 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;
    [cir] Enhance the quality, utility, and clarity of the information 
to be collected; and
    [cir] 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, November 15, 2010.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2010-29154 Filed 11-18-10; 8:45 am]
BILLING CODE 7709-01-P