[Federal Register Volume 76, Number 17 (Wednesday, January 26, 2011)]
[Notices]
[Pages 4741-4742]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-1596]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Liability for Termination of Single-Employer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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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 a collection of 
information 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 request and 
solicits public comment on the collection of information.

DATES: Comments should be submitted by February 25, 2011.

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.) PBGC's regulation on Liability for 
Termination of Single-employer Plans may be accessed on PBGC's Web site 
at http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, or 
Catherine B. Klion, Manager, Regulatory and Policy Division, 
Legislative and

[[Page 4742]]

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 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. PBGC needs this information 
to determine whether and to what extent employer liability exceeds 30 
percent of the employer's net worth.
    OMB approved this collection of information under the regulation 
(OMB control number 1212-0017, expires March 31, 2011). 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) an average of five contributing sponsors or 
controlled group members per year will respond to this collection of 
information; and (2) 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.

    Issued in Washington, DC, this 20th day of January 2011.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2011-1596 Filed 1-25-11; 8:45 am]
BILLING CODE 7709-01-P