[Federal Register Volume 84, Number 89 (Wednesday, May 8, 2019)]
[Notices]
[Pages 20168-20169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09394]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Request for Coverage Determination

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) approve, under the 
Paperwork Reduction Act, a collection of information necessary for PBGC 
to determine whether a plan is covered under title IV of the Employee 
Retirement Security Income Act of 1974. This notice informs the public 
of PBGC's request and solicits public comment on the collection.

DATES: Comments must be submitted by June 7, 2019.

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: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW, Washington, DC 20005-4026; 202-326-4400, extension 
6563. 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 6563.

SUPPLEMENTARY INFORMATION: PBGC insures defined benefit pension plans 
covered under title IV of the Employee Retirement Income Security Act 
of 1974 (ERISA). A plan is covered if it is described in section 
4021(a) of ERISA and does not meet one of the exemptions from coverage 
listed in section 4021(b)(1)-(13). If a question arises about whether a 
plan is covered under title IV, PBGC may make a coverage determination.
    The proposed form and instructions would be used by a plan sponsor 
or plan administrator to request a coverage determination and would be 
suitable for all types of requests. The proposed form would highlight 
the four plan types for which coverage determinations are most 
frequently requested: (1) Church plans as listed in section 4021(b)(3) 
of ERISA; (2) plans that are established and maintained exclusively for 
the benefit of plan sponsors' substantial owners as listed in section 
4021(b)(9); (3) plans covering, since September 2, 1974, no more than 
25 active participants that are

[[Page 20169]]

established and maintained by professional services employers as listed 
in section 4021(b)(13); and (4) Puerto Rico-based plans within the 
meaning of section 1022(i)(1) of ERISA.
    PBGC needs this information collection to determine whether a plan 
is covered or not covered under title IV. Information provided to PBGC 
would be confidential to the extent provided in the Freedom of 
Information Act and the Privacy Act.
    On December 4, 2018, PBGC published in the Federal Register (at 83 
FR 62629) a notice informing the public of its intent to request an 
approval of this collection of information. PBGC received comments from 
three commenters about this collection of information. One commenter 
expressed approval for the creation of the form for its intended 
purpose. The other two commenters recommended some changes. After 
consideration of these recommendations, PBGC made some changes to the 
form and instructions. Among the changes, in response to a suggestion 
to allow a plan not yet in existence to request a coverage 
determination, PBGC modified the form and instructions to enable 
certain plans not yet established to use the form to request an opinion 
from PBGC. The instructions now explain that, under a pilot program, a 
plan that is proposed but not yet established may request an opinion 
from PBGC as to whether the sponsoring employer is a professional 
service employer under section 4021(b)(13) of ERISA or whether all 
participants are substantial owners under section 4021(b)(9). The 
comments and PBGC's rationale for its decisions are discussed in the 
supporting statement submitted to OMB for this information collection.
    PBGC is requesting that OMB approve of the collection 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 425 forms would be submitted each year. PBGC 
estimates that each form would require approximately 20 hours to 
complete by a combination of plan office staff (50%) and outside 
professionals (attorneys and actuaries) (50%). PBGC estimates an annual 
hour burden of 4,250 hours (based on plan 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 $318,750. 
PBGC estimates an annual cost burden of $1,487,500 (based on 4,250 
professional hours assuming an average hourly rate of $350).

Issued in Washington, DC.

Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2019-09394 Filed 5-7-19; 8:45 am]
BILLING CODE 7709-02-P