[Federal Register Volume 83, Number 120 (Thursday, June 21, 2018)]
[Notices]
[Pages 28871-28872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13330]


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

PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Survey of Multiemployer Pension Plan Withdrawal 
Liability Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request OMB approval.

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

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that OMB approve, under the Paperwork Reduction Act, a survey 
of terminated and insolvent multiemployer pension plans to obtain 
withdrawal liability information. PBGC needs the withdrawal liability 
information to estimate its multiemployer program liabilities for 
purposes of its financial statements. This notice informs the public of 
PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments should be submitted by August 20, 2018.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the online instructions for submitting comments.

[[Page 28872]]

     Email: [email protected]. Refer to Withdrawal 
Liability Survey in the subject line.
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW, Washington, DC 20005-4026.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to the Withdrawal 
Liability Survey. All comments received will be posted without change 
to PBGC's website, www.pbgc.gov, including any personal information 
provided. Copies of the collection of information may be obtained by 
writing to Disclosure Division, Office of the General Counsel, Pension 
Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-
4026, or calling 202-326-4040 during normal business hours. TTY users 
may call the Federal relay service toll-free at 800-877-8339 and ask to 
be connected to 202-326-4040.

FOR FURTHER INFORMATION CONTACT: Hilary Duke, 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, extension 3839. TTY users may call the Federal relay service 
toll-free at 1-800-877-8339 and ask to be connected to 202-326-4400, 
extension 3839.

SUPPLEMENTARY INFORMATION: When a contributing employer withdraws from 
an underfunded multiemployer pension plan, the plan sponsor assesses 
withdrawal liability against the employer. The plan sponsor is required 
to determine and collect withdrawal liability in accordance with 
section 4219 of the Employee Retirement Income Security Act of 1974 
(ERISA). The plan sponsor assesses withdrawal liability by issuing a 
notice to an employer, including the amount of the employer's liability 
and a schedule of payments. PBGC's regulation on Notice, Collection, 
and Redetermination of Withdrawal Liability (29 CFR part 4219) requires 
the plan sponsor to file with PBGC a certification that notices have 
been provided to employers.
    PBGC is proposing to collect information about withdrawal liability 
that is owed by withdrawn employers of terminated \1\ and insolvent \2\ 
multiemployer pension plans. PBGC would distribute a survey that 
insolvent plans receiving financial assistance and terminated plans not 
yet receiving financial assistance would be required to complete and 
return to PBGC. Smaller plans with less than 500 participants would not 
be required to complete the survey. PBGC needs the information from the 
survey about withdrawal liability payments and settlements, and whether 
employers have withdrawn from the plan but have not yet been assessed 
withdrawal liability, to estimate with more precision PBGC's 
multiemployer liabilities for purposes of its financial statements.\3\ 
PBGC would also use the information for its Multiemployer Pension 
Insurance Modelling System assumptions on collection of withdrawal 
liability. Information provided to PBGC would be confidential to the 
extent provided in the Freedom of Information Act and the Privacy Act.
---------------------------------------------------------------------------

    \1\ Under section 4041A(f)(2) of ERISA, PBGC may prescribe 
reporting requirements for terminated multiemployer pension plans, 
which PBGC considers appropriate to protect the interests of plan 
participants and beneficiaries or to prevent unreasonable loss to 
the corporation.
    \2\ Under section 4261(b)(1) of ERISA, PBGC provides financial 
assistance under such conditions as the corporation determines are 
equitable and are appropriate to prevent unreasonable loss to the 
corporation with respect to the plan.
    \3\ Section 4008 of ERISA requires the corporation, as soon as 
practicable after the close of each fiscal year, to transmit a 
report to the President and the Congress, including financial 
statements setting forth the finances of the corporation at the end 
of the fiscal year and the result of its operations (including the 
source and application of its funds) for the fiscal year.
---------------------------------------------------------------------------

    The survey would be sent to approximately 65 plans.\4\ PBGC 
estimates that each survey would require approximately 4 hours to 
complete by a combination of pension fund office staff (50%) and 
outside attorneys (50%). PBGC estimates an hour burden of 130 hours 
(based on pension fund office time). The estimated dollar equivalent of 
this hour burden, based on an assumed hourly rate of $75 for 
administrative, clerical, and supervisory time is $9,750. PBGC 
estimates a cost burden for the withdrawal liability survey of $52,000 
(based on 130 attorney hours assuming an average hourly rate of $400). 
PBGC further estimates that the average burden will be 2 hours of 
pension fund office staff time and $800 per plan.
---------------------------------------------------------------------------

    \4\ As of September 30, 2017, there were 68 terminated plans not 
yet receiving financial assistance and 72 insolvent plans that 
received financial assistance from PBGC. See PBGC FY 2017 Annual 
Report, page 94 at https://www.pbgc.gov/sites/default/files/pbgc-annual-report-2017.pdf. Approximately 65 of the plans have 500 or 
more participants.
---------------------------------------------------------------------------

    PBGC intends to request that OMB approve PBGC's use of this survey 
for 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 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
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2018-13330 Filed 6-20-18; 8:45 am]
 BILLING CODE 7709-02-P