[Federal Register Volume 79, Number 166 (Wednesday, August 27, 2014)]
[Notices]
[Page 51204]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-20388]


=======================================================================
-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

SUMMARY: PBGC is requesting that OMB approve, under the Paperwork 
Reduction Act, a collection of information under its regulations on the 
disclosure of termination information 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 September 30, 2014). 
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 September 26, 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.
    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 email, fax, or 
mail the request to you, as you request.
    The regulations relating to this collection of information may be 
found on PBGC's Web site at http://www.pbgc.gov/res/laws-andregulations/code-of-federalregulations.html.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, or Catherine 
B. Klion, Assistant General Counsel (326-4400, ext. 3041), Office of 
the General Counsel, 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 under 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.
    This collection of information has been approved by OMB under 
control number 1212-0065 (expires September 30, 2014). 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 two 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 30 
hours and $600 (15 hours and $300 per request).

    Issued in Washington, DC, this 21st day of August 2014.
Philip R. Hertz,
Deputy General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-20388 Filed 8-26-14; 8:45 am]
BILLING CODE 7709-02-P