[Federal Register Volume 88, Number 139 (Friday, July 21, 2023)]
[Notices]
[Page 47196]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-15509]


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PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

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

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) extend approval, under 
the Paperwork Reduction Act, of a collection of information contained 
in its regulation on Liability for Termination of Single-Employer Plans 
(OMB control number 1212-0017; expires August 31, 2023). This notice 
informs the public of PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments must be received on or before August 21, 2023 to be 
assured of consideration.

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, 
https://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 ([email protected]), 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 4062 of the Employee Retirement 
Income Security Act of 1974, as amended, provides that the contributing 
sponsor of a single-employer pension plan and members of the sponsor's 
controlled group (``the employer'') incur liability (``employer 
liability'') if the plan terminates with assets insufficient to pay 
benefit liabilities under the plan. PBGC's statutory lien for employer 
liability and the payment terms for employer liability are affected by 
whether and to what extent employer liability exceeds 30 percent of the 
employer's net worth. Section 4062.6 of PBGC's employer liability 
regulation (29 CFR part 4062) requires a contributing sponsor or member 
of the contributing sponsor's controlled group that believes employer 
liability upon plan termination exceeds 30 percent of the employer's 
net worth to so notify PBGC and submit net worth information to PBGC. 
This information is necessary to enable PBGC to determine whether and 
to what extent employer liability exceeds 30 percent of the employer's 
net worth.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 (expires August 31, 
2023). On May 16, 2023, PBGC published in the Federal Register a notice 
(at 88 FR 31289) informing the public of its intent to request an 
extension of this collection of information and solicited public 
comment. No comments were received. 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 an average of 21 contributing sponsors or 
controlled group members per year will respond to this collection of 
information. PBGC further estimates that the average annual burden of 
this collection of information will be 12 hours and $5,400 per 
respondent, with an average total annual burden of 252 hours and 
$113,400.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2023-15509 Filed 7-20-23; 8:45 am]
BILLING CODE 7709-02-P