[Federal Register Volume 88, Number 23 (Friday, February 3, 2023)]
[Notices]
[Pages 7482-7483]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02305]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Termination of Single-Employer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval of information 
collection with modifications.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
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 regulation on Termination of Single-Employer 
Plans and its Missing Participants regulation in effect before 2018. 
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 March 6, 2023.

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. 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.
    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, 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

[[Page 7483]]

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).
    The collection of information has been approved under OMB control 
number 1212-0036 (expires March 31, 2023). On November 15, 2022, PBGC 
published in the Federal Register a notice at 87 FR 68524 informing the 
public of its intent to request an extension of this collection of 
information and solicited public comment. No comments were received. 
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 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.

    Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2023-02305 Filed 2-2-23; 8:45 am]
BILLING CODE 7709-02-P