[Federal Register Volume 78, Number 242 (Tuesday, December 17, 2013)]
[Notices]
[Page 76332]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29855]



[[Page 76332]]

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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, 2014). This notice informs the public of PBGC's intent and 
solicits public comment on the collection of information.

DATES: Comments should be submitted by February 18, 2014.

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.
     Email: [email protected].
     Fax: 202-326-4224.
     Mail or Hand Delivery: Regulatory Affairs Group, Office of 
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026.

Comments received will be posted to www.pbgc.gov.
    The collection of information 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 found on PBGC's Web site at http://
www.pbgc.gov/res/laws-and-regulations/code-of-federal-regulations/part-
4062_-liability-for-termination-of-single-employer-plans.html.

FOR FURTHER INFORMATION CONTACT: Dan Liebman, Regulatory Affairs Group, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW., Washington, DC 20005-4026, [email protected] 
or 202-326-4400, ext. 6510. (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, 2014. 
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 thirty 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 $4,200 per 
respondent, with an average total annual burden of 360 hours and 
$126,000.
    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 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, this 11 day of December 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-29855 Filed 12-16-13; 8:45 am]
BILLING CODE 7709-02-P