[Federal Register Volume 88, Number 33 (Friday, February 17, 2023)]
[Notices]
[Pages 10389-10390]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03350]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Payment of Premiums; Termination Premium

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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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 for the termination premium under its regulation on Payment 
of Premiums. 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 March 20, 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.
    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.

[[Page 10390]]


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: The Pension Benefit Guaranty Corporation 
(PBGC) administers the pension plan termination insurance program under 
title IV of the Employee Retirement Income Security Act of 1974 
(ERISA). Section 4006(a)(7) of ERISA provides for a ``termination 
premium'' (in addition to the flat-rate and variable-rate premiums 
under sections 4006(a)(3)(A) and (E)) that is payable for 3 years 
following certain distress and involuntary plan terminations. PBGC's 
regulations on Premium Rates (29 CFR part 4006) and Payment of Premiums 
(29 CFR part 4007) implement the termination premium. Sections 4007.3 
and 4007.13(b) of the premium payment regulation require the filing of 
termination premium information and payments with PBGC. PBGC has issued 
Form T and its corresponding instructions for paying the termination 
premium. In this renewal, PBGC is updating the email address listed in 
the filing instructions for Form T and making a clarifying edit.
    In general, the termination premium applies where a single-employer 
plan terminates in a distress termination under section 4041(c) of 
ERISA (unless contributing sponsors and controlled group members meet 
the bankruptcy liquidation requirements of section 4041(c)(2)(B)(i)) or 
in an involuntary termination under section 4042 of ERISA, and the 
termination date under section 4048 of ERISA is after 2005.
    The termination premium is payable for 3 years. The same amount is 
payable each year. The termination premium is due on the 30th day of 
each of 3 consecutive 12-month periods. The first 12-month period 
generally begins shortly after the termination date or after the 
conclusion of bankruptcy proceedings in certain cases. The termination 
premium and related information must be filed by a person liable for 
the termination premium. The persons liable for the termination premium 
are contributing sponsors and members of their controlled groups, 
determined on the day before the plan termination date. Section 4007.10 
of the premium payment regulation requires the retention of records 
supporting or validating the computation of premiums paid and requires 
that the records be made available to PBGC.
    The existing collection of information was approved under OMB 
control number 1212-0064 (expires April 30, 2023). On December 12, 
2022, PBGC published in the Federal Register (at 87 FR 76090) 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 (with 
modifications) 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, during the next 3 years, it will receive an 
average of 1 filing of Form T per year. PBGC estimates that the total 
annual burden for the collection of information will be 5 minutes and 
$67.

    Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2023-03350 Filed 2-16-23; 8:45 am]
BILLING CODE 7709-02-P