[Federal Register Volume 89, Number 138 (Thursday, July 18, 2024)]
[Notices]
[Pages 58418-58419]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-15791]


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PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

[[Page 58419]]


ACTION: Notice of request for extension of OMB approval of 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 contained 
in PBGC's regulation on Mergers and Transfers Between Multiemployer 
Plans. This notice informs the public of PBGC's request and solicits 
public comment on the collection of information.

DATES: Comments must be submitted on or before August 19, 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, 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 
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, 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 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). On May 9, 2024, PBGC published in the Federal Register (at 89 FR 
39663) 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 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.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2024-15791 Filed 7-17-24; 8:45 am]
BILLING CODE 7709-02-P