[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Pages 51685-51686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-19981]


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PENSION BENEFIT GUARANTY CORPORATION


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 request for extension of OMB approval of information 
collection.

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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 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 request and 
solicits public comment on the collection of information.

DATES: Comments must be submitted on or before October 18, 2021.

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 
www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment. It may also be obtained without charge by writing to the 
Disclosure Division of the Office of the General Counsel of PBGC, 1200 
K Street NW, Washington, DC 20005-4026; or, calling 202-229-4040 during 
normal business hours (TTY users may call the Federal Relay Service 
toll-free at 800-877-8339 and ask to be connected to 202-229-4040).

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, 202-229-3839. (TTY users may call the 
Federal relay service toll-free at 1-800-877-8339 and ask to be 
connected to 202-229-3839.)

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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    The existing collection of information was approved under OMB 
control number 1212-0071 (expires November 30, 2021). On June 23, 2021, 
PBGC published in the Federal Register (at 86

[[Page 51686]]

FR 32982) a notice informing the public of its intent to request an 
extension of this collection of information. No comments were received. 
PBGC is requesting that OMB extend approval of the collection 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 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).

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2021-19981 Filed 9-15-21; 8:45 am]
BILLING CODE 7709-02-P