[Federal Register Volume 84, Number 148 (Thursday, August 1, 2019)]
[Notices]
[Pages 37694-37695]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-16351]


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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 revised collection 
of information.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is modifying 
the collection of information under its regulation on Payment of 
Premiums (OMB control number 1212-0009; expiring June 30, 2021) and 
intends to request that the Office of Management and Budget (OMB) 
approve the revised collection of information under the Paperwork 
Reduction Act for three years. This notice informs the public of PBGC's 
intent and solicits public comment on the collection of information.

DATES: Comments must be submitted on or before September 30, 2019.

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.
     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.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to Payment of 
Premiums. All comments received will be posted without change to PBGC's 
website, http://www.pbgc.gov, including any personal information 
provided.
    Copies of the revisions to the collection of information may also 
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: 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 800-
877-8339 and ask to be connected to 202-326-4400, extension 6563.)

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.
    PBGC intends to modify the 2020 filing and instructions to require 
that plans offering a lump sum window \1\ separately report the number 
of participants in pay status who were offered and elected a lump sum 
in addition to the related current requirement with respect to 
participants not in pay status. This change reflects recent guidance 
issued by the Internal Revenue Service.\2\ In addition, PBGC intends to 
change the reporting period for risk transfer activity (lump sum 
windows and annuity purchases). Rather than the period falling between 
60 days before the prior filing and 60 days before the current filing, 
the reporting period will be the prior premium payment year.
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    \1\ PBGC's premium filing instructions define a lump sum window 
as a temporary opportunity to elect a lump sum in lieu of future 
annuity payments that is offered to individuals meeting specified 
criteria who would not otherwise be eligible to elect a lump sum.
    \2\ See Notice 2019-18, 2019-13 I.R.B. 915.
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    PBGC also intends to modify the filing instructions for a plan that 
reports that a premium filing will be the last for the plan and checks 
the ``cessation of covered status'' box as the reason. Currently, such 
a plan must provide an explanation as to why they believe coverage has 
ceased and then PBGC typically contacts the plan to verify that 
coverage has ceased. PBGC is proposing to add to the instructions that 
a plan that claims cessation of coverage status should complete a 
coverage determination request.
    PBGC intends to update the premium rates and make conforming, 
clarifying, and editorial changes to the premium filing instructions.
    The collection of information under the regulation has been 
approved through June 30, 2021, by OMB under control number 1212-0009. 
PBGC intends to request that OMB approve the revised collection of 
information 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 31,245 premium filings per year 
from

[[Page 37695]]

31,245 plan administrators under this collection of information. PBGC 
further estimates that the annual burden of this collection of 
information is 13,540 hours and $21,621,540.
    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, e.g., permitting 
electronic submission of responses.

    Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2019-16351 Filed 7-31-19; 8:45 am]
 BILLING CODE 7709-02-P