[Federal Register Volume 79, Number 59 (Thursday, March 27, 2014)]
[Notices]
[Pages 17197-17198]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-06727]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collections for OMB Review; Comment 
Request; Multiemployer Plan Regulations

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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[[Page 17198]]

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 certain collections of information 
under its regulations on multiemployer plans under the Employee 
Retirement Income Security Act of 1974 (ERISA). This notice informs the 
public of PBGC's request and solicits public comment on the collections 
of information.

DATES: Comments should be submitted by April 28, 2014.

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. A copy of PBGC's 
request may be obtained without charge by writing to the Disclosure 
Division of the Office of the General Counsel, 1200 K St. NW., 
Washington, DC 20005-4026, or by visiting that office 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 request is also available at http://www.reginfo.gov.

FOR FURTHER INFORMATION CONTACT: Donald F. McCabe, Attorney, Regulatory 
Affairs Group, Office of the General Counsel, or Catherine B. Klion, 
Assistant General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, 
call 1-800-877-8339 and request connection to 202-326-4024.)

SUPPLEMENTARY INFORMATION: 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. OMB has 
approved and issued control numbers for the collections of information, 
described below, in PBGC's regulations relating to multiemployer plans. 
OMB approval expires March 31, 2014, or May 31, 2014, as specified 
below.\1\
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    \1\ These two information collections would be affected by 
PBGC's recent proposed rule on Multiemployer Plans; Valuation and 
Notice Requirements, 79 FR 4642 (Jan. 29, 2104). OMB has concluded 
review of the proposed rule changes to the information collections, 
leaving the terms of its current approval in effect.
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    The collections of information for which PBGC is requesting 
extension of OMB approval are as follows:

1. Mergers and Transfers Between Multiemployer Plans (29 CFR Part 4231) 
(OMB Control Number 1212-0022) (expires March 31, 2014)

    Section 4231(a) and (b) of ERISA requires plans that are involved 
in a merger or transfer to give PBGC 120 days' notice of the 
transaction and provides that if PBGC determines that specified 
requirements are satisfied, the transaction will be deemed not to be in 
violation of ERISA section 406(a) or (b)(2) (dealing with prohibited 
transactions).
    This regulation sets forth the procedures for giving notice of a 
merger or transfer under section 4231 and for requesting a 
determination that a transaction complies with section 4231.
    PBGC uses information submitted by plan sponsors under the 
regulation to determine whether mergers and transfers conform to the 
requirements of ERISA section 4231 and the regulation.
    PBGC estimates that there are 21 transactions each year for which 
plan sponsors submit notices and approval requests under this 
regulation. The estimated annual burden of the collection of 
information is 5.25 hours and $6,903.75.

2. Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281) 
(OMB Control Number 1212-0032) (expires May 31, 2014)

    Section 4281 of ERISA provides rules for plans that have terminated 
by mass withdrawal. Under section 4281, if nonforfeitable benefits 
exceed plan assets, the plan sponsor must amend the plan to reduce 
benefits. If the plan nevertheless becomes insolvent, the plan sponsor 
must suspend certain benefits that cannot be paid. If available 
resources are inadequate to pay guaranteed benefits, the plan sponsor 
must request financial assistance from PBGC.
    The regulation requires a plan sponsor to give notices of benefit 
reduction, notices of insolvency and annual updates, and notices of 
insolvency benefit level to PBGC and to participants and beneficiaries 
and, if necessary, to apply to PBGC for financial assistance.
    PBGC uses the information it receives to make determinations 
required by ERISA, to identify and estimate the cash needed for 
financial assistance to terminated plans, and to verify the 
appropriateness of financial assistance payments. Plan participants and 
beneficiaries use the information to make personal financial decisions.
    PBGC estimates that plan sponsors of terminated plans each year 
give benefit reduction notices for three plans and give notices of 
insolvency benefit level and annual updates, and submit requests for 
financial assistance, for 54 plans. Of those 54 plans, PBGC estimates 
that plan sponsors each year will submit 255 requests (ranging from 
monthly to annual) for financial assistance. PBGC estimates that plan 
sponsors each year give notices of insolvency for seven plans. The 
estimated annual burden of the collection of information is one hour 
and $694,089.

    Issued in Washington, DC, this 21st day of March, 2014.
Judith R. Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-06727 Filed 3-26-14; 8:45 am]
BILLING CODE 7709-02-P