[Federal Register Volume 85, Number 221 (Monday, November 16, 2020)]
[Notices]
[Pages 73090-73091]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25213]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Disclosure of Termination Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval.

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SUMMARY: Pension Benefit Guaranty Corporation (``PBGC'') intends to 
request that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act, of a collection of 
information on the disclosure of termination information under its 
regulations for distress terminations, and for PBGC-initiated

[[Page 73091]]

terminations. 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 January 15, 2021.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the website instructions for submitting comments.
     Email: [email protected]. Refer to Disclosure of 
Termination Information or OMB control number 1212-0065 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 Disclosure of 
Termination Information. All comments received will be posted without 
change to PBGC's website, http://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: 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: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), 29 
U.S.C Sec.  1301-1461, govern the termination of single-employer 
defined benefit pension plans that are subject to Title IV of ERISA. A 
plan administrator may initiate a distress termination pursuant to 
section 4041(c), and PBGC may itself initiate proceedings to terminate 
a pension plan under section 4042 if PBGC determines that certain 
conditions are present. Section 506 of the Pension Protection Act of 
2006 amended sections 4041 and 4042 of ERISA. These amendments require 
that, upon a request by an affected party, a plan administrator must 
disclose information it has submitted to PBGC in connection with a 
distress termination filing, and that a plan administrator or plan 
sponsor must disclose information it has submitted to PBGC in 
connection with a PBGC-initiated termination. The provisions also 
require PBGC to disclose the administrative record relating to a PBGC-
initiated termination upon request by an affected party.
    PBGC estimates that approximately 70 plans will terminate as 
distress or PBGC-initiated terminations each year. PBGC further 
estimates that two participants or other affected parties of every nine 
distress terminations or PBGC-initiated terminations filed will 
annually make requests for termination information, or 2/9 of 70 
(approximately 16 plans per year). PBGC estimates that the hour burden 
for each request will be about 20 hours. The total annual hour burden 
is estimated to be 320 hours (16 plans x 20 hours). PBGC expects that 
the staff of plan administrators and sponsors will perform the work in-
house and that no work will be contracted to third parties. Therefore, 
the annual cost burden is estimated to be $0.
    The existing collection of information was approved under OMB 
control number 1212-0065 (expires March 31, 2021). PBGC intends to 
request that OMB extend its approval of this collection of information 
for 3 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 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. 2020-25213 Filed 11-13-20; 8:45 am]
BILLING CODE 7709-02-P