[Federal Register Volume 83, Number 16 (Wednesday, January 24, 2018)]
[Notices]
[Pages 3369-3370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01265]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Payment of Premiums

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request OMB approval of collection of 
information.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) extend for three 
years its approval under the Paperwork Reduction Act of the collection 
of information under PBGC's regulation on Payment of Premiums (OMB 
control number 1212-0009; expires March 31, 2018) without modification. 
This notice informs the public of PBGC's intent and solicits public 
comment on the collection of information.

DATES: Comments must be submitted by March 26, 2018.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the website instructions for submitting comments.
     Email: [email protected].
     Mail or Hand Delivery: Regulatory Affairs Division, 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.
    Copies of the collection of information and comments may be 
obtained without charge by writing to the Disclosure Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW, Washington, DC 20005-4026; faxing a request to 202-326-4042; 
or calling 202-326-4040 during normal business hours. (TTY/ASCII users 
may call the Federal relay service toll-free at 1-800-877-8339 and ask 
to be connected to 202-326-4040.) The premium payment regulation and 
the premium instructions (including illustrative forms) are available 
at www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Stephanie Cibinic, Deputy Assistant 
General Counsel for Regulatory Affairs, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street, NW, Washington, DC 
20005-4026; 202-326-4400 ext. 6352. (TTY/ASCII users may call the 
Federal relay service toll-free at 1-800-877-8339 and ask to be 
connected to 202-326-4400 ext. 6352.)

SUPPLEMENTARY INFORMATION: 
    Section 4007 of Title IV of the Employee Retirement Income Security 
Act of 1974 (ERISA) requires pension plans covered under Title IV 
pension insurance programs to pay premiums to PBGC. All plans covered 
by Title IV pay a flat-rate per-participant premium. An underfunded 
single-employer plan also pays a variable-rate premium based on the 
value of the plan's unfunded vested benefits.
    Pursuant to section 4007, PBGC has issued its regulation on Payment 
of Premiums (29 CFR part 4007). Under Sec.  4007.3 of the premium 
payment regulation, the plan administrator of each pension plan covered 
by Title IV of ERISA is required to file a premium payment and 
information prescribed by PBGC for each premium payment year. Premium 
information is filed electronically using ``My Plan Administration 
Account'' (``My PAA'') through PBGC's website. Under Sec.  4007.10 of 
the premium payment regulation, plan administrators are required to 
retain records about premiums and information submitted in premium 
filings.
    Premium filings report (i) the flat-rate premium and related data 
(all plans), (ii) the variable-rate premium and related data (single-
employer plans), and (iii) additional data such as identifying 
information and miscellaneous plan-related or filing-related data (all 
plans). PBGC needs this information to identify the plans for which 
premiums are paid, to verify whether the amounts paid are correct, to 
help PBGC determine the magnitude of its exposure in the event of plan 
termination, to help track the creation of new plans and transfer of 
participants and plan assets and liabilities among plans, and to keep 
PBGC's insured-plan inventory up to date. That information and the 
retained records are also needed for audit purposes.
    The collection of information under the regulation has been 
approved through March 31, 2018, by OMB under control number 1212-0009. 
PBGC intends to request that OMB approve the

[[Page 3370]]

revised collection of information 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.
    PBGC estimates that it will receive 23,700 premium filings per year 
from 23,700 plan administrators under this collection of information. 
PBGC further estimates that the annual burden of this collection of 
information is 10,439 hours and $16,392,500.
    PBGC is soliciting public comments to--
     Evaluate whether the proposed 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 proposed collection of information, including the 
validity of the methodologies 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.

Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2018-01265 Filed 1-23-18; 8:45 am]
 BILLING CODE 7709-02-P