[Federal Register Volume 89, Number 91 (Thursday, May 9, 2024)]
[Notices]
[Pages 39663-39664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10165]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Mergers and Transfers Between Multiemployer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval of 
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 a collection of information 
contained in PBGC's regulation on Mergers and Transfers Between 
Multiemployer Plans. 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 July 8, 2024.

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 OMB control 
number 1212-0022 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 OMB control number 
1212-0022. 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.
    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

[[Page 39664]]

deaf or hard of hearing, or have a speech disability, please dial 7-1-1 
to access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Section 4231(a) and (b) of the Employee 
Retirement Income Security Act of 1974 (ERISA) requires plans that are 
involved in a merger or transfer to give PBGC 120 days notice of the 
transaction and provides that if PBGC determines that specified 
requirements are satisfied, the transaction will be deemed not to be in 
violation of ERISA section 406(a) or (b)(2) (dealing with prohibited 
transactions).
    PBGC's regulation on Mergers and Transfers Between Multiemployer 
Plans (29 CFR part 4231) sets forth the procedures for giving notice of 
a merger or transfer under section 4231 and for requesting a compliance 
determination. The regulations specify the information that must be 
included in a merger or transfer notice. A request for a compliance 
determination must provide additional information to enable PBGC to 
make an explicit finding that the merger/transfer requirements have 
been satisfied.
    Section 4231(e) of ERISA clarifies PBGC's authority to facilitate a 
merger (a ``facilitated merger'') of two or more multiemployer plans if 
certain statutory requirements are met. For purposes of section 
4231(e), ``facilitation'' may include training, technical assistance, 
mediation, communication with stakeholders, and support with related 
requests to other government agencies. In addition, subject to the 
requirements of section 4231(e)(2), PBGC may provide financial 
assistance (within the meaning of section 4261 of ERISA) to facilitate 
a merger (a ``financial assistance merger'') it determines is necessary 
to enable one or more of the plans involved to avoid or postpone 
insolvency. PBGC's regulations specify the information requirements for 
a voluntary request for a facilitated merger under section 4231(e) of 
ERISA, including a financial assistance merger.
    PBGC uses information submitted by plan sponsors under the 
regulation to determine whether mergers and transfers conform to the 
requirements of ERISA section 4231 and the regulation.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0022 (expires October 31, 
2024). PBGC intends to request that OMB extend approval of the 
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 there are 15 transactions each year (excluding 
financial assistance mergers). The estimated annual burden of the 
collection of information for 15 transactions (excluding financial 
assistance mergers) is 15 fund office hours and $74,400 in contractor 
costs for work by attorneys and actuaries. PBGC further estimates that 
there is one request each year for a financial assistance merger. The 
annual burden of the collection of information for financial assistance 
mergers is 10 fund office hours and $36,000 in contractor costs. The 
total annual burden of the collection of information is approximately 
25 fund office hours and $110,400 in contractor costs.
    PBGC is soliciting public comments to--
     Evaluate whether the proposed collection of information is 
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 collection 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 collection 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. 2024-10165 Filed 5-8-24; 8:45 am]
BILLING CODE 7709-02-P