[Federal Register Volume 89, Number 22 (Thursday, February 1, 2024)]
[Notices]
[Pages 6557-6558]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01964]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information of Collections for OMB Review; 
Comment Request; Reportable Events; Notice of Failure To Make Required 
Contributions

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request extension of OMB approval of an 
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 collections of information under 
PBGC's regulation on Reportable Events and Certain Other Notification 
Requirements (OMB control numbers 1212-0013 and 1212-0041, expiring 
July 31, 2024) without modifications. This notice informs the public of 
PBGC's intent and solicits public comment on the collections of 
information.

DATES: Comments must be submitted on or before April 1, 2024 to be 
assured of consideration.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Refer to Disclosure of 
Termination Information 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 comments 
electronically. Commenters who submit comments on paper by mail should 
allow sufficient time for mailed comments to be received before the 
close of the comment period.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to Disclosure of 
Termination Information. 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 without 
charge by writing to the 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: 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, hard of hearing or have a speech disability, please dial 7-1-1 to 
access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Section 4043 of the Employee Retirement 
Income Security Act of 1974 (ERISA) requires plan administrators and 
plan sponsors to report certain plan and employer events to PBGC. The 
reporting requirements give PBGC notice of events that indicate plan or 
employer financial problems. PBGC uses the information provided to 
determine what, if any, action it needs to take. For example, PBGC 
might need to institute proceedings to terminate a plan (placing it in 
a trusteeship) under section 4042 of ERISA to ensure the continued 
payment of benefits to plan participants and their beneficiaries or to 
prevent unreasonable increases in PBGC's losses.
    The provisions of section 4043 of ERISA have been implemented in 
PBGC's regulation on Reportable Events and Certain Other Notification 
Requirements (29 CFR part 4043).

Form 10

    Subparts B and C of the regulation deal with reportable events. 
PBGC has issued Forms 10 and 10-Advance and related instructions under 
subparts B and C (approved under OMB control number 1212-0013). The 
existing collection of information was approved through July 31, 2024, 
under OMB control number 1212-0013. PBGC intends to request that OMB 
extend its approval of this collection 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 estimates that it will receive 438 reportable event notices 
per year under subparts B and C of the reportable events regulation 
using Forms 10 and 10-Advance and that the average annual burden of 
this collection of information is 1,377 hours and $326,310.

Form 200

    Section 303(k) of the Employee Retirement Income Security Act of 
1974 (ERISA) and section 430(k) of the Internal Revenue Code of 1986 
(Code) impose a lien in favor of an underfunded single-employer plan 
that is covered by PBGC's termination insurance program is (1) any 
person fails to make a required payment when due, and (2) the unpaid 
balance of that payment (including interest), when added to the 
aggregated unpaid balance of all proceedings for which payment was not 
made when due (including interest), exceeds $1 million. (For this 
purpose, a plan is underfunded if its funding target attainment 
percentage is less than 100 percent.) The lien is upon all property and 
rights to property belonging to the person or persons that are liable 
for required contributions (i.e., a contributing sponsor and each 
member of the controlled group of which that contributing sponsor is a 
member).
    Only PBGC (or, at its direction, the plan's contributing sponsor or 
a member of the same controlled group) may perfect and enforce this 
lien. ERISA and the Code require persons that fail to make payments to 
notify PBGC within 10 days of the due date whenever there is a failure 
to make a required payment and the total of the unpaid balances 
(including interest) exceeds $1 million.
    PBGC Form 200, Notice of Failure to Make Required Contributions, 
and related instructions implement the statutory notification 
requirement. Submission of Form 200 is required by 29 CFR 4043.81 
(Subpart D of PBGC's regulation on Reportable Events and Other 
Notification Requirements, 29 CFR part 4043). OMB has approved this 
collection of information under OMB control number 1212-0041, which 
expires July 31, 2024. PBGC intends to

[[Page 6558]]

request that OMB extend its approval of this collection 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 estimates that it will receive 60 Form 200 filings per year 
and that the average annual burden of this collection of information is 
60 hours and $43,500.
    PBGC is soliciting public comments to--
     Evaluate whether the proposed collections of information 
are 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 collections 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 collections 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. 2024-01964 Filed 1-31-24; 8:45 am]
BILLING CODE 7709-02-P