[Federal Register Volume 88, Number 31 (Wednesday, February 15, 2023)]
[Notices]
[Pages 9914-9915]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03159]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Special Financial Assistance 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 collection of information 
contained in PBGC's regulation on special financial assistance. The 
purpose of the information collection is to gather information 
necessary for PBGC to operate this special financial assistance 
programs. 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 April 17, 2023.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Refer to OMB control 
number 1212-0074 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 
1212-0074. 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:  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. Part 4262 of 
PBGC's regulations, ``Special Financial Assistance by PBGC,'' 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 sections 4262.6 through 4262.9. 
Also, if the plan is changing certain assumptions for purposes of 
demonstrating its eligibility for SFA or its requested amount of SFA, 
then the plan sponsor may use PBGC's SFA assumptions guidance. PBGC 
needs the application information to review a plan's eligibility for 
SFA and amount of requested SFA. PBGC estimates that over the next 3 
years an annual average of 59 plan sponsors will file applications for 
SFA with an average annual hour burden of 590 hours and an average 
annual cost burden of $1,770,000.
    Under section 4262.10(g), a plan sponsor may, but is not required 
to, file a lock-in application as a plan's initial application. The 
lock-in application contains basic information about the plan and a 
statement of intent to lock-in base data. PBGC needs the information in 
the lock-in application to ensure that a plan sponsor intends to lock-
in the plan's data. PBGC estimates that over the next 3 years an annual 
average of 23 plan sponsors will file lock-in applications for SFA with 
an average annual hour burden of 23 hours and an average annual cost 
burden of $18,400.
    Under section 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 over the next 
3 years an annual average of 120 plan sponsors will file Annual 
Statements of Compliance with an average annual hour burden of 240 
hours and an average annual cost burden of $288,000.
    Under section 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 over the next 3 years an average 
of 5 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 10 hours and average annual cost 
burden of $10,000.
    Finally, under section 4262.16(d), (f), (g), 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 
section 4262.16 relating to reductions in contributions, transfers or 
mergers, and withdrawal liability. PBGC needs the information required 
for a request for determination to determine whether to approve an 
exception from the specified condition of receiving SFA. PBGC estimates 
that over the next 3 years, PBGC will receive an average of 3.2 
requests per year for determinations. PBGC estimates an average annual 
hour burden of 15.6 hours and average annual cost burden of $44,000.
    The estimated aggregate average annual hour burden for the next 3 
years for the information collection in part 4262 is 878.6 hours for 
employer and

[[Page 9915]]

fund office administrative, clerical, and supervisory time. The 
estimated aggregate average annual cost burden for the next 3 years for 
the information collection request in part 4262 is $2,130,400, for 
approximately 5,326 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.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0074 (expires July 31, 2023). 
PBGC intends to request that OMB extend its approval 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 
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. 2023-03159 Filed 2-14-23; 8:45 am]
BILLING CODE 7709-02-P