[Federal Register Volume 86, Number 118 (Wednesday, June 23, 2021)]
[Notices]
[Pages 32982-32983]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13134]



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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Survey of Multiemployer Pension Plan Withdrawal 
Liability Information

AGENCY: Pension Benefit Guaranty Corporation.

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

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SUMMARY: The 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 survey of terminated and 
insolvent multiemployer pension plans to obtain withdrawal liability 
information. PBGC needs the withdrawal liability information to 
estimate its multiemployer program liabilities for purposes of its 
financial statements. 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 August 23, 2021.

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 withdrawal 
liability survey 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.
    Commenters are strongly encouraged to submit public comments 
electronically. PBGC expects to have limited personnel available to 
process public comments that are submitted on paper through mail. Until 
further notice, any comments submitted on paper will be considered to 
the extent practicable.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to withdrawal 
liability survey 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: Hilary Duke ([email protected]), 
Assistant General Counsel for Regulatory Affairs, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, 
Washington, DC 20005-4026, 202-326-4400, extension 3839. (TTY users may 
call the Federal relay service toll-free at 1-800-877-8339 and ask to 
be connected to 202-326-4400, extension 3839.)

SUPPLEMENTARY INFORMATION: When a contributing employer withdraws from 
an underfunded multiemployer pension plan, the plan sponsor assesses 
withdrawal liability against the employer. The plan sponsor is required 
to determine and collect withdrawal liability in accordance with 
section 4219 of the Employee Retirement Income Security Act of 1974 
(ERISA). The plan sponsor assesses withdrawal liability by issuing a 
notice to an employer, including the amount of the employer's liability 
and a schedule of payments. PBGC's regulation on Notice, Collection, 
and Redetermination of Withdrawal Liability (29 CFR part 4219) requires 
the plan sponsor to file with PBGC a certification that notices have 
been provided to employers.
    PBGC collects information about withdrawal liability that is owed 
by withdrawn employers of terminated \1\ and insolvent \2\ 
multiemployer pension plans. PBGC distributes annual surveys that newly 
insolvent plans receiving financial assistance and newly terminated 
plans not yet receiving financial assistance are required to complete 
and return to PBGC. Smaller plans with less than 500 participants are 
not required to complete the survey. PBGC needs the information from 
the survey about withdrawal liability payments and settlements, and 
whether employers have withdrawn from the plan but have not yet been 
assessed withdrawal liability, to estimate with more precision PBGC's 
multiemployer program liabilities for purposes of its financial 
statements.\3\ PBGC also uses the information for its Multiemployer 
Pension Insurance Modelling System assumptions on collection of 
withdrawal liability. Information provided to PBGC is confidential to 
the extent provided in the Freedom of Information Act and the Privacy 
Act.
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    \1\ Under section 4041A(f)(2) of ERISA, PBGC may prescribe 
reporting requirements for terminated multiemployer pension plans, 
which PBGC considers appropriate to protect the interests of plan 
participants and beneficiaries or to prevent unreasonable loss to 
the corporation.
    \2\ Under section 4261(b)(1) of ERISA, PBGC provides financial 
assistance under such conditions as the corporation determines are 
equitable and are appropriate to prevent unreasonable loss to the 
corporation with respect to the plan.
    \3\ Section 4008 of ERISA requires the corporation, as soon as 
practicable after the close of each fiscal year, to transmit a 
report to the President and the Congress, including financial 
statements setting forth the finances of the corporation at the end 
of the fiscal year and the result of its operations (including the 
source and application of its funds) for the fiscal year.
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    PBGC estimates that the survey will be sent to about 6 newly 
terminated and insolvent plans per year. PBGC estimates that each 
survey would require approximately 20 hours to complete by a 
combination of pension fund office staff (50%) and outside 
professionals (attorneys and actuaries) (50%). PBGC estimates a total 
hour burden of 60 hours (based on 10 hours of pension fund office time 
per plan). The estimated dollar equivalent of this hour burden, based 
on an assumed hourly rate of $75 for administrative, clerical, and 
supervisory time is $4,500. PBGC estimates a total cost burden for the 
withdrawal liability survey of $24,000 (based on a 60 attorney and 
actuary hours (10 hours x 6 plans) assuming an average hourly rate of 
$400).
    The existing collection of information was approved under OMB 
control number 1212-0071 (expires November 30, 2021). PBGC intends to 
request that OMB approve PBGC's use of this survey 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

[[Page 32983]]

other forms of information technology, e.g., permitting electronic 
submission of responses.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2021-13134 Filed 6-22-21; 8:45 am]
BILLING CODE 7709-02-P