[Federal Register Volume 89, Number 69 (Tuesday, April 9, 2024)]
[Notices]
[Pages 24882-24883]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-07444]


=======================================================================
-----------------------------------------------------------------------

PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

-----------------------------------------------------------------------

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 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 request and solicits public comment on the collections.

DATES: Comments must be submitted by May 9, 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

[[Page 24883]]

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, 
www.pbgc.gov, including any personal information provided. Do not 
submit comments that include any personally identifiable information or 
confidential business information.
    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. Copies of the collections of information may also 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 or 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).

Forms 10 and 10-Advance

    PBGC has issued Forms 10 and 10-Advance and related instructions 
under subparts B and C of the regulation. The existing collection of 
information was approved under OMB control number 1212-0013 (expires 
July 31, 2024).
    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. PBGC further estimates 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). The existing collection 
of information was approved under OMB control number 1212-0041 (expires 
July 31, 2024).
    PBGC estimates that it will receive 60 Form 200 filings per year. 
PBGC further estimates that the average annual burden of this 
collection of information is 60 hours and $43,500.
    On February 1, 2024, PBGC published in the Federal Register (at 89 
FR 6557) a notice informing the public of its intent to request an 
extension of these collections of information. No comments were 
received. PBGC is requesting that OMB extend approval of the 
collections of information 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.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2024-07444 Filed 4-8-24; 8:45 am]
BILLING CODE 7709-02-P