[Federal Register Volume 83, Number 154 (Thursday, August 9, 2018)]
[Notices]
[Page 39479]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17019]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Locating and Paying Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) extend approval, with 
modifications, to a collection of information under the Paperwork 
Reduction Act. The purpose of the information collection is to enable 
PBGC to pay benefits to participants and beneficiaries. This notice 
informs the public of PBGC's request and solicits public comment on the 
collection.

DATES: Comments must be submitted by September 10, 2018.

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 the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review. It may also be obtained without charge by writing to the 
Disclosure Division of the Office of the General Counsel, 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 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 information to you, as you request.

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

SUPPLEMENTARY INFORMATION: This information collection is needed to pay 
participants and beneficiaries who may be entitled to pension benefits 
from plans that have terminated. It consists of information 
participants and beneficiaries are asked to provide in connection with 
an application for benefits. In addition, in some instances, PBGC 
requests individuals to provide identifying information so that it may 
determine whether the individuals may be entitled to benefits. All 
requested information is needed so that PBGC may determine benefit 
entitlements and make appropriate payments.
    This information collection includes My Pension Benefit Account 
(MyPBA), an application on PBGC's website, http://www.pbgc.gov, through 
which plan participants and beneficiaries may conduct electronic 
transactions with PBGC, including applying for pension benefits, 
designating a beneficiary, electing monthly payments, electing to 
withhold income tax from periodic payments, changing contact 
information, and applying for electronic direct deposit.
    PBGC is proposing to revise one form in this collection, the Power 
of Attorney Form (Form 715). The proposed revision would include:
     Features previously unavailable--granting a durable power 
of attorney (DPOA) in addition to a nondurable power of attorney 
(NDPOA), and allowing a principal to name up to three agents to act on 
her behalf with PBGC (and to designate whether the agents have 
independent or joint authority), whereas the current form only has room 
for one agent to be named;
     Features that would protect the principal--heightened 
requirements for granting authority and for executing the document 
(i.e., the principal's signature must be witnessed and notarized, and 
witnesses must meet certain criteria); and
     A ``Notice to the Principal,'' to alert the principal 
about what powers she is granting to a designated agent, and an 
``Agent's Acknowledgement'' to inform the agent about her duties and 
liabilities with respect to handling the principal's affairs.
    PBGC believes these revisions provide greater flexibility and 
greater protections against fraud for customers using the Form 715. 
Customers are not required to use this form and can use other DPOAs or 
NDPOAs that comply with applicable state laws.
    The existing collection of information was approved under OMB 
control number 1212-0055 (expires March 31, 2019). On May 16, 2018, 
PBGC published in the Federal Register (at 83 FR 22715) a notice 
informing the public of its intent to request an extension of this 
collection of information, as modified. No comments were received. PBGC 
is requesting that OMB extend approval of the collection (with 
modifications to the Form 715) 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 estimates that it will receive 175,397 benefit applications 
and information forms annually. The total annual burden associated with 
this collection of information is estimated to be 108,440 hours 
(approximately one hour for benefit applications and 30 minutes for 
information forms) and an estimated $56,711, which is the total average 
maximum cost of notary services for spousal consents on benefit 
applications and for the Form 715. PBGC estimates that 710 out of the 
175,397 applications and forms submitted annually are Form 715, and 
that the total annual burden to complete the Form 715 would be 
approximately 355 hours and $2,485.

    Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2018-17019 Filed 8-8-18; 8:45 am]
 BILLING CODE 7709-02-P