[Federal Register Volume 85, Number 112 (Wednesday, June 10, 2020)]
[Notices]
[Page 35445]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12510]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collections for OMB Review; Comment 
Request; Liability for Termination of Single-Employer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval of collection 
of information.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) extend approval, under 
the Paperwork Reduction Act, of a collection of information contained 
in its regulation on Liability for Termination of Single-Employer Plans 
(OMB control number 1212-0017; expires August 31, 2020). This notice 
informs the public of PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments must be submitted by July 10, 2020.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    A copy of the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment. It 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; 202-229-6563. (TTY users 
may call the Federal Relay Service toll-free at 800-877-8339 and ask to 
be connected to 202-229-6563.)

SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement 
Income Security Act of 1974, as amended, provides that the contributing 
sponsor of a single-employer pension plan and members of the sponsor's 
controlled group (``the employer'') incur liability (``employer 
liability'') if the plan terminates with assets insufficient to pay 
benefit liabilities under the plan. PBGC's statutory lien for employer 
liability and the payment terms for employer liability are affected by 
whether and to what extent employer liability exceeds 30 percent of the 
employer's net worth. Section 4062.6 of PBGC's employer liability 
regulation (29 CFR part 4062) requires a contributing sponsor or member 
of the contributing sponsor's controlled group that believes employer 
liability upon plan termination exceeds 30 percent of the employer's 
net worth to so notify PBGC and submit net worth information to PBGC. 
This information is necessary to enable PBGC to determine whether and 
to what extent employer liability exceeds 30 percent of the employer's 
net worth.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 (expires August 31, 
2020). On March 10, 2020, PBGC published in the Federal Register (at 85 
FR 13953) a notice informing the public of its intent to request an 
extension of this collection of information without modification. PBGC 
received a comment from one member of the public. The commenter 
suggested that PBGC require additional net worth information. After 
consideration of this comment, PBGC determined that the regulation 
already requires the submission of the information that the commenter 
suggested and that no change is needed. The comment and PBGC's 
rationale for its decision are discussed in the supporting statement 
submitted to OMB for this information collection.
    PBGC is requesting that OMB extend its approval for another 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 an average of 29 contributing sponsors or 
controlled group members per year will respond to this collection of 
information. PBGC further estimates that the average annual burden of 
this collection of information will be 12 hours and $5,400 per 
respondent, with an average total annual burden of 348 hours and 
$156,600.

    Issued in Washington, DC, by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2020-12510 Filed 6-9-20; 8:45 am]
 BILLING CODE 7709-02-P