[Federal Register Volume 86, Number 16 (Wednesday, January 27, 2021)]
[Notices]
[Pages 7316-7317]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01741]


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PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: 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 on 
the disclosure of termination information under its regulations for 
distress terminations and for PBGC-initiated 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 February 26, 2021.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to https://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: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), 29 
U.S.C. 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.
    The collection of information has been approved by OMB under 
control number 1212-0065 (expires March 31, 2021). On November 16, 
2020, PBGC published in the Federal Register (at 85 FR 73090) a notice 
informing the public of its intent to request an extension of this 
collection of information without modification. PBGC did not receive 
any comments in response. PBGC is

[[Page 7317]]

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 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.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2021-01741 Filed 1-26-21; 8:45 am]
BILLING CODE 7709-02-P