[Federal Register Volume 86, Number 44 (Tuesday, March 9, 2021)]
[Notices]
[Pages 13590-13592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04831]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Locating and Paying Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval, with 
modifications.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) extend approval, 
with modifications, to a collection of information (OMB Control Number 
1212-0055; expires October 31, 2021) under the Paperwork Reduction Act. 
The purpose of the information collection is to enable PBGC to pay 
benefits to participants and beneficiaries. This notice informs the 
public of PBGC's intent and solicits

[[Page 13591]]

public comment on the collection of information, as modified.

DATES: Comments must be received on or before May 10, 2021 to be 
assured of consideration.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Refer to Locating and 
Paying Participants information collection 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 Locating and Paying 
Participants information collection. All comments received will be 
posted without change to PBGC's website, http://www.pbgc.gov, including 
any personal information provided.
    A copy of the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-andregulation/federal-register-notices-openfor-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: This information collection is needed to pay 
participants and beneficiaries who may be entitled to pension benefits 
from plans that have terminated. Participants and beneficiaries are 
asked to provide information in connection with an application for 
benefits. This includes requests to individuals to provide identifying 
information so that PBGC may determine whether the individuals are 
entitled to benefits. All requested information is needed so that PBGC 
may determine benefit entitlements and make appropriate payments.
    This information collection includes My Pension Benefit Account 
(MyPBA), an application on PBGC's website, http://www.pbgc.gov, through 
which plan participants and beneficiaries may conduct electronic 
transactions with PBGC, including applying for pension benefits, 
designating a beneficiary, electing or changing federal income tax 
withholding from periodic payments, changing contact information, and 
applying for or changing electronic direct deposit.
    PBGC is proposing to eliminate one form (the Form 709), add four 
forms (form 700RN, form 700RSC, form 703RBD and form 703RBD-MP) and 
revise several other forms in this collection, specifically Forms: 700, 
701, 702, 705, 706, 707, 708, 710, 711, 715 and 717. The proposed 
revisions include the following.
     PBGC is proposing the addition of four new forms: Form 
700RN, Form 700RSC, Form 703RBD and Form 703RBD-MP. Each is intended to 
improve customer service.
    (1) Form 700RN and Form 700RSC will be used in rare situations when 
participants who are already receiving benefits choose to elect a 
retroactive annuity starting state. Form 700RN will be used by 
participants where spousal consent is not required, and Form 700RSC 
will be used by participants where spousal consent is required. PBGC 
will use this information to provide eligible participants an option to 
change their annuity starting date and receive reduced monthly 
benefits.
    (2) Form 703RBD and Form 703RBD-MP will be used in rare situations 
by participants who have reached their required beginning date (RBD) 
and are eligible to elect a lump sum payment in lieu of an annuity. 
Form 703RBD will be used for trusteed plan participants. Form 703RBD-MP 
will be used for participants claiming benefits under the Missing 
Participants Program and requires notarization of the participant's 
signature as a fraud prevention measure. PBGC is separating 
participants who have reached their RBD from other participants able to 
elect a lump sum payment to ensure that appropriate information is 
communicated to participants who have reached their RBD.
     To Form 700, PBGC is proposing to remove the question that 
asks participants to designate beneficiaries for amounts owed at death 
and collect this information only on Form 707. This change is intended 
to reduce errors with customers completing Form 700.
     To Form 701, PBGC is proposing to add a question asking 
for the gender of the participant's spouse. PBGC will use this 
information for actuarial calculations required to operate the single-
employer insurance program.
     To Forms 701, 702, 705, 706, 707, and 708, PBGC is 
proposing to clarify the requested information about beneficiaries owed 
benefits upon the participant's death.
     To Forms 701, 705, 706 and 710, PBGC is proposing to 
eliminate a question and information about Electronic Transfer Accounts 
(ETA), as this Department of the Treasury sponsored program ended.
     To Form 711, PBGC is proposing to add a question for 
notarized spousal consent to the change in a beneficiary for a certain 
and continuous annuity. This change is intended to comply with 
applicable requirements under the Internal Revenue Code.
     To Form 715, PBGC is proposing to clarify the instructions 
to improve customer service.
     To Form 717, PBGC is proposing to eliminate questions 
asking for gender, the branch or division where the employee worked, 
lump sum amount and date paid, whether the lump sum was rolled over to 
an individual retirement account (IRA), and whether the employee is 
currently receiving retirement benefits. PBGC is proposing to add 
requests for the last dates of employment, information on the type of 
retirement plan, and information appearing on SSA Form L-99-C1. This 
addition will decrease the need for PBGC to follow up with customers 
for additional, required information and increase processing 
efficiency.
    PBGC is making editorial and formatting changes as well, including 
changing the design and appearance of MyPBA. PBGC believes these 
revisions will provide greater clarity to customers and improve their 
experience with the online system.
    The existing collection of information was approved under OMB 
control number 1212-0055 (expires October 31, 2021). PBGC intends to 
request that OMB extend its approval (with modifications) 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 170,521 benefit application or 
information forms annually. The total annual burden associated with 
this collection of information is estimated to be 58,376 hours and an 
estimated $58,682, which is the total average maximum cost of notary 
services for participants' or participants' spouses' signatures on 
applicable forms.

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    PBGC is soliciting public comments to--
     Evaluate whether the 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 collection of information, including the validity of the 
methodology 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 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, by
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2021-04831 Filed 3-8-21; 8:45 am]
BILLING CODE 7709-02-P