[Federal Register Volume 86, Number 231 (Monday, December 6, 2021)]
[Notices]
[Pages 69105-69106]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26349]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Special Financial Assistance 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, without 
change, under the Paperwork Reduction Act, of a collection of 
information contained in PBGC's regulation on special financial 
assistance. This notice informs the public of PBGC's request and 
solicits public comment on the collection of information.

DATES: Comments must be submitted by January 5, 2022.

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 https://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: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW, Washington, D.C., 20005-4026; 202-229-6563. (TTY and 
TDD users may call the Federal relay service toll-free at 800-877-8339 
and ask to be connected to 202-229-6563.)

SUPPLEMENTARY INFORMATION: Section 4262 of the Employee Retirement 
Income Security Act of 1974 (ERISA) requires PBGC to provide special 
financial assistance (SFA) to certain financially troubled 
multiemployer plans upon application for assistance. To implement 
section 4262 of ERISA, PBGC added part 4262 to its regulations, 
``Special Financial Assistance by PBGC.'' Part 4262 provides guidance 
to multiemployer pension plan sponsors on eligibility, determining the 
amount of SFA, content of an application for SFA, the process of 
applying, PBGC's review of applications, restrictions and conditions, 
and reporting and notice requirements.
    To apply for SFA, a plan sponsor must file an application with PBGC 
and include information about the plan, plan documentation, and 
actuarial information, as specified in Sec. Sec.  4262.6 through 
4262.9. PBGC needs this information to review a plan's eligibility for 
SFA, priority group status (if applicable), and amount of requested 
SFA. PBGC estimates that an annual average of 60 plan sponsors will 
file applications for SFA with an average annual hour burden of 600 
hours and an average annual cost burden of $1,800,000.
    Under Sec.  4262.16(i), a plan sponsor of a plan that has received 
SFA must file an Annual Statement of Compliance with the restrictions 
and conditions under section 4262 of ERISA and part 4262 once every 
year through 2051. PBGC needs the information in the Annual Statement 
of Compliance to ensure that a plan is compliant with the imposed 
restrictions and conditions. PBGC estimates that an annual average of 
49 plan sponsors will file Annual Statements of Compliance with an 
average annual hour burden of 98 hours and an average annual cost 
burden of $117,600.
    Under Sec.  4262.15(c), a plan sponsor of a plan with benefits that 
were suspended under sections 305(e)(9) or 4245(a) of ERISA must issue 
notices of reinstatement to participants and beneficiaries whose 
benefits were suspended and are being reinstated. Participants and 
beneficiaries need the notice of reinstatement to better understand the 
calculation and timing of their reinstated benefits and, if applicable, 
make-up payments. PBGC estimates that an average of 11 plans per year 
will be required to send notices to participants with suspended 
benefits. PBGC estimates that these notices will impose an average 
annual hour burden of 22 hours and average annual cost burden of 
$22,667.
    Finally, under Sec.  4262.16(d), (f), and (h) a plan sponsor must 
file a request for a determination from PBGC for approval for an 
exception under certain circumstances for SFA conditions under Sec.  
4262.16 relating to reductions in contributions, transfers or mergers, 
and settlement of withdrawal liability. PBGC needs the information 
required for a request for determination to determine whether to 
approve an exception from

[[Page 69106]]

the specified condition of receiving SFA. PBGC estimates that beginning 
in 2023, PBGC will receive an average of 2.2 requests per year for 
determinations. PBGC estimates an average annual hour burden of 2.53 
hours and average annual cost burden of $6,333.
    The existing collection of information was approved under OMB 
control number 1212-0074 (expires January 31, 2022). On September 27, 
2021, PBGC published in the Federal Register (at 86 FR 53354) a notice 
informing the public of its intent to request an extension of this 
collection of information, as modified. No comments were received. PBGC 
is requesting that OMB extend approval of the collection 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.
    The estimated aggregate average annual hour burden for the 
information collection in part 4262 is 723 hours for employer and fund 
office administrative, clerical, and supervisory time. The estimated 
aggregate average annual cost burden for the information collection 
request in part 4262 is $1,946,600, for approximately 4,867 contract 
hours assuming an average hourly rate of $400 for work done by outside 
actuaries and attorneys. The actual hour burden and cost burden per 
plan will vary depending on plan size and other factors.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2021-26349 Filed 12-3-21; 8:45 am]
BILLING CODE 7709-02-P