[Federal Register Volume 87, Number 219 (Tuesday, November 15, 2022)]
[Notices]
[Pages 68524-68525]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24825]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Termination of Single-Employer Plans, Missing 
Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval of 
information collection 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, under the Paperwork Reduction Act, of a collection 
of information under PBGC's regulations on Termination of Single-
Employer Plans and Missing Participants. 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 January 17, 2023.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the online instructions for submitting comments.
     Email: [email protected]. Refer to OMB control 
number 1212-0036 in the subject line.
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th 
Street SW, Washington, DC 20024-2101.
    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 OMB control number 
1212-0036. All comments received will be posted without change to 
PBGC's website, http://www.pbgc.gov, including any personal information 
provided. Do not submit comments that include any personally 
identifiable information or confidential business information.
    Copies of the collection of information may be obtained by writing 
to Disclosure Division, Office of the General Counsel, Pension Benefit 
Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101, or 
calling 202-229-4040 during normal business hours. If you are deaf or 
hard of hearing, or have a speech disability, please dial 7-1-1 to 
access telecommunications relay services.

FOR FURTHER INFORMATION CONTACT: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington, DC 20024-2101; 202-229-6563. (If you 
are deaf or hard of hearing, or have a speech disability, please dial 
7-1-1 to access telecommunications relay services.)

SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee 
Retirement Income Security Act of 1974 (ERISA), a single-employer 
pension plan may terminate voluntarily only if it satisfies the 
requirements for either a standard or a distress termination. Pursuant 
to section 4041(b) of ERISA (for standard terminations), section 
4041(c) of ERISA (for distress terminations), and PBGC's termination 
regulation (29 CFR part 4041), a plan administrator wishing to 
terminate a plan is required to submit specified information to PBGC in 
support of the proposed termination and to provide specified 
information regarding the proposed termination to third parties 
(participants, beneficiaries, alternate payees, and employee 
organizations). In the case of a plan with participants or 
beneficiaries who cannot be located when their benefits are to be 
distributed, the plan administrator is subject to the requirements of 
section 4050 of ERISA and PBGC's regulation on missing participants (29 
CFR part 4050), including requirements to submit information to PBGC.
    The collection of information has been approved under OMB control 
number 1212-0036 (expires March 31, 2023). PBGC intends to request that 
OMB extend its approval, with modifications, for another 3 years. PBGC 
is modifying the Standard Termination Filing Instructions to make clear 
that certain documents, already mentioned in the instructions, must be 
included with the submission of these forms. In addition, PBGC is 
making other editorial and clarifying changes to the instructions. 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 annually 1,654 plan administrators will be 
subject to the collection of information requirements in PBGC's 
regulations on termination and missing participants and the 
implementing forms and instructions, and that the total estimated 
annual burdens of complying with these requirements are 41,735 hours 
and $8,509,740.
    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 other forms of information technology,

[[Page 68525]]

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. 2022-24825 Filed 11-14-22; 8:45 am]
BILLING CODE 7709-02-P