[Federal Register Volume 89, Number 6 (Tuesday, January 9, 2024)]
[Notices]
[Pages 1131-1132]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00188]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Disclosure of Termination Information

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 (OMB) extend approval under 
the Paperwork Reduction Act of a collection of information on the 
disclosure of termination information under its regulations for 
distress terminations and for PBGC-initiated terminations. 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 February 8, 2024.

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.

[[Page 1132]]

    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 ([email protected]), 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: Monica O'Donnell 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington, DC 20024-2101, 202-229-8706. 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: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), 29 
U.S.C. 13019-1461, govern the termination of single-employer defined 
benefit pension plans that are subject to title IV of ERISA. A plan 
administrator may initiate a distress termination pursuant to section 
4041(c), and PBGC may itself initiate proceedings to terminate a 
pension plan under section 4042 if PBGC determines that certain 
conditions are present. Under sections 4041 and 4042 of ERISA, upon a 
request by an affected party, a plan administrator must disclose 
information it has submitted to PBGC in connection with a distress 
termination filing, and a plan administrator or plan sponsor must 
disclose information it has submitted to PBGC in connection with a 
PBGC-initiated termination. The provisions also require PBGC to 
disclose the administrative record relating to a PBGC-initiated 
termination upon request by an affected party.
    The existing collection of information was approved under OMB 
control number 1212-0065 (expires April 30, 2024). On October 27, 2023, 
PBGC published in the Federal Register (at 88 FR 73887) 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 approval of the collection 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 approximately 30 plans will terminate as 
distress or PBGC-initiated terminations each year and that two 
participants or other affected parties of every nine distress 
terminations or PBGC-initiated terminations filed will annually make 
requests for termination information, or \2/9\ of 30 (approximately 7 
per year). PBGC estimates that the hour burden for each request will be 
about 20 hours. PBGC expects that the staff of plan administrators and 
sponsors will perform the work in-house and that no work will be 
contracted to third parties. The total annual hour burden is estimated 
to be 140 hours (7 plans x 20 hours), and the total annual cost burden 
is estimated to be $0.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2024-00188 Filed 1-8-24; 8:45 am]
BILLING CODE 7709-02-P