[Federal Register Volume 88, Number 211 (Thursday, November 2, 2023)]
[Notices]
[Page 75335]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-24217]


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PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

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

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget extend approval under the 
Paperwork Reduction Act of a collection of information 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 by December 4, 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, 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 this information collection 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: Karen Levin ([email protected]), 
Attorney, Regulatory Affairs Division, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, 
DC 20024-2101; 202-326-4400, extension 3559. (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 4007 of title IV of the Employee 
Retirement Income Security Act of 1974 (ERISA) requires pension plans 
covered under title IV pension insurance programs to pay premiums to 
PBGC. All plans covered by title IV pay a flat-rate per-participant 
premium. An underfunded single-employer plan also pays a variable-rate 
premium based on the value of the plan's unfunded vested benefits.
    Pursuant to section 4007, PBGC has issued its regulation on Payment 
of Premiums (29 CFR part 4007). Under Sec.  4007.3 of the premium 
payment regulation, the plan administrator of each pension plan covered 
by title IV of ERISA is required to file a premium payment and 
information prescribed by PBGC for each premium payment year. Premium 
information is filed electronically using ``My Plan Administration 
Account'' (``My PAA'') through PBGC's website. Under Sec.  4007.10 of 
the premium payment regulation, plan administrators are required to 
retain records about premiums and information submitted in premium 
filings.
    The information reported in premium filings includes (i) the flat-
rate premium and related data (all plans), (ii) the variable-rate 
premium and related data (single-employer plans), and (iii) additional 
data such as identifying information and miscellaneous plan-related or 
filing-related data (all plans). PBGC needs this information to 
identify the plans for which premiums are paid, to verify whether the 
amounts paid are correct, to help PBGC determine the magnitude of its 
exposure in the event of plan termination, to help track the creation 
of new plans and transfer of participants and plan assets and 
liabilities among plans, and to keep PBGC's insured-plan inventory up 
to date. That information and the retained records are also needed for 
audit purposes.
    PBGC is updating the premium rates, as required by statute, and 
making conforming, clarifying, and editorial changes to the premium 
filing instructions. These changes are non-material.
    The collection of information under the regulation has been 
approved through February 29, 2024, under OMB control number 1212-0009. 
On August 3, 2023, PBGC published in the Federal Register (at 88 FR 
51359) a notice informing the public of its intent to request an 
extension of this collection of information. No comments were received. 
PBGC is requesting that OMB extend its approval of this collection of 
information 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 it will receive 31,303 premium filings per year 
from plan administrators under this collection of information. PBGC 
further estimates that the annual burden of this collection of 
information is 13,565 hours and $21,661,676.

    Issued in Washington, DC, by:
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2023-24217 Filed 11-1-23; 8:45 am]
BILLING CODE 7709-02-P