[Federal Register Volume 76, Number 67 (Thursday, April 7, 2011)]
[Notices]
[Pages 19510-19511]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8355]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Disclosure of Termination Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval.

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SUMMARY: Pension Benefit Guaranty Corporation (``PBGC'') intends to 
request that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act of 1995, of a collection of 
information on the disclosure of termination information under its 
regulations for distress terminations, 29 CFR part 4041, Subpart C, and 
for PBGC-initiated terminations under 29 CFR part 4042 (OMB control 
number 1212-0065; expires October 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 June 6, 2011.

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.


[[Page 19511]]


PBGC will make all comments available on its Web site at http://www.pbgc.gov.
    Copies of 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 regulations and instructions relating to this 
collection of information are available 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. (For TTY and TDD, call 800-877-8339 and ask to be 
connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), 29 
U.S.C. 1301-1461, govern the termination of single-employer defined 
benefit pension plans that are subject to Title IV of ERISA. A plan 
administrator may initiate a distress termination pursuant to section 
4041(c), and PBGC may itself initiate proceedings to terminate a 
pension plan under section 4042 if PBGC determines that certain 
conditions are present. Section 506 of the Pension Protection Act of 
2006 (Pub. L. 109-280) amended sections 4041 and 4042 of ERISA. These 
amendments require that, upon a request by an affected party, a plan 
administrator must disclose information it has submitted to PBGC in 
connection with a distress termination filing, and that a plan 
administrator or plan sponsor must disclose information it has 
submitted to PBGC in connection with a PBGC-initiated termination. The 
provisions also require PBGC to disclose the administrative record 
relating to a PBGC-initiated termination upon request by an affected 
party. The new provisions are applicable to terminations initiated on 
or after August 17, 2006. On November 18, 2008 (at 73 FR 68333, PBGC 
amended its regulations to implement the PPA 2006 provisions.
    A description of the current disclosure provisions for distress 
terminations can be found on PBGC's Web site at http://www.pbgc.gov/Documents/Disclosure_of_Distress_Termination_Information.pdf. A 
description of the disclosure provisions for PBGC-initiated 
terminations is attached to each notice of determination that PBGC 
issues that a plan should be terminated under section 4042 of ERISA.
    Based on its experience and information from practitioners, PBGC 
estimates that three participants or other affected parties will 
annually make requests for termination information. PBGC estimates that 
the total annual burden for the collection of information will be about 
45 hours and $900 (15 hours and $300 per request).
    PBGC is soliciting public comments to--
     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;
     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;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including 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 1st day of April, 2011.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2011-8355 Filed 4-6-11; 8:45 am]
BILLING CODE 7709-01-P