[Federal Register Volume 82, Number 60 (Thursday, March 30, 2017)]
[Notices]
[Page 15724]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06283]


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

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 intent to request extension of OMB approval of 
collection of information.

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

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 (OMB control number 1212-0017; expires May 31, 2017). 
This notice informs the public of PBGC's intent and solicits public 
comment on the collection of information.

DATES: Comments should be submitted by May 30, 2017.

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.
    PBGC will make all comments, including personal information 
provided, available on its Web site at 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 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.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns 
[email protected]), Regulatory Affairs Group, Office of the 
General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street 
NW., Washington, DC 20005-4026, 202-326-4400, ext. 3072, or Deborah C. 
Murphy ([email protected]), Assistant General Counsel, same 
address and phone number, ext. 3451. TTY and TDD users may call the 
Federal relay service toll-free at 800-877-8339 and ask to be connected 
to 202-326-4400.

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, that believes employer liability exceeds 30 
percent of the collective net worth of persons subject to liability in 
connection with a plan termination to so notify PBGC upon plan 
termination 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 collective net worth of 
the employer (which includes the contributing sponsor and all and 
members of the sponsor's controlled group).
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 (expires May 31, 2017). 
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 $4,400 per 
respondent, with an average total annual burden of 360 hours and 
$133,200.
    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.

Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2017-06283 Filed 3-29-17; 8:45 am]
 BILLING CODE 7709-02-P