[Federal Register Volume 76, Number 124 (Tuesday, June 28, 2011)]
[Notices]
[Pages 37856-37857]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-16157]


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PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB approval.

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SUMMARY: Pension Benefit Guaranty Corporation (PBGC) is requesting that 
the Office of Management and Budget (OMB) approve, under the Paperwork 
Reduction Act, 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 
request and solicits public comment on the collection of information 
that must be provided by plan administrators and plan sponsors to 
affected parties upon request.

DATES: Comments should be submitted by July 28, 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 request (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 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. (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

[[Page 37857]]

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. Sections 4041 and 4042 of ERISA were amended by 
Section 506 of the Pension Protection Act of 2006 (Pub. L. 109-280) to 
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
     A plan administrator or plan sponsor must disclose 
information it has submitted to PBGC in connection with a PBGC-
initiated termination.
    PBGC is also required to disclose the administrative record 
relating to a PBGC-initiated termination upon request by an affected 
party. The above provisions are applicable to terminations initiated on 
or after August 17, 2006. The applicable regulatory provisions can be 
found at 29 CFR 4041.51 and 4042.5.
    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.
    This collection of information has been approved by OMB under 
control number 1212-0065 (expires October 31, 2011). PBGC is requesting 
that OMB extend its approval for three years, without change. 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.
    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).

    Issued in Washington, DC, this 22nd day of June 2011.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2011-16157 Filed 6-27-11; 8:45 am]
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