Proposed Submission of Information Collection for OMB Review; Comment Request; Qualified Domestic Relations Orders Submitted to the PBGC, 60380-60381 [05-20703]

Download as PDF 60380 Federal Register / Vol. 70, No. 199 / Monday, October 17, 2005 / Notices Dated: September 1, 2005. Connie M. Downs, Corporate Secretary, Overseas Private Investment Corporation. [FR Doc. 05–20872 Filed 10–13–05; 3:46 am] BILLING CODE 3210–01–M PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Qualified Domestic Relations Orders Submitted to the PBGC Pension Benefit Guaranty Corporation. ACTION: Notice of intention to request OMB approval of revisions to, and extension of, a currently approved information collection. AGENCY: SUMMARY: The Pension Benefit Guaranty Corporation (‘‘PBGC’’) intends to request that the Office of Management and Budget (‘‘OMB’’) approve, under the Paperwork Reduction Act, revisions to an information collection (OMB control number 1212–0054; expires December 31, 2006) relating to model forms contained in the PBGC booklet, Divorce Orders & PBGC. (The PBGC is changing the title of the booklet to Qualified Domestic Relations Orders & PBGC.) In addition, the PBGC is requesting 3-year approval of the revised collection of information. The booklet provides guidance on how to submit a proper qualified domestic relations order (a ‘‘QDRO’’) to the PBGC. The revisions reflect changes in how the PBGC pays benefits. This notice informs the public of the PBGC’s intent and solicits public comment on the collection of information. Comments must be submitted by December 16, 2005. ADDRESSES: Comments may be mailed to the Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005–4026, or delivered to Suite 340 at that address during normal business hours. Comments also may be submitted by email to paperwork.comments@pbgc.gov, or by fax to 202–326–4112. The PBGC will make all comments available on its Web site at https://www.pbgc.gov. Copies of the collections of information may be obtained without charge by writing to the PBGC’s Communications and Public Affairs Department at Suite 240 at the above address or by visiting that office or calling 202–326–4040 during normal business hours. (TTY and TDD users DATES: VerDate Aug<31>2005 15:43 Oct 14, 2005 Jkt 208001 may call the Federal relay service tollfree at 1–800–877–8339 and ask to be connected to 202–326–4040.) The reportable events regulations, forms, and instructions may be accessed on the PBGC’s Web site at https:// www.pbgc.gov. FOR FURTHER INFORMATION CONTACT: James L. Beller, Jr., Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005– 4026, 202–326–4024. (For TTY/TDD users, call the Federal relay service tollfree at 1–800–877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: The PBGC intends to request paperwork approval relating to model forms contained in the PBGC booklet, Divorce Orders & PBGC. Although the collection of information has been approved by OMB under control number 1212–0054 through December 31, 2006, the PBGC is revising the model QDRO forms and accompanying guidance to reflect changes in how it pays benefits. In addition, the PBGC is changing the title of the booklet to Qualified Domestic Relations Orders & PBGC and requesting 3-year approval of the revised QDRO forms and accompanying guidance. 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. A defined benefit pension plan that does not have enough money to pay benefits may be terminated if the employer responsible for the plan faces severe financial difficulty, such as bankruptcy, and is unable to maintain the plan. In such an event, the PBGC becomes trustee of the plan and pays benefits, subject to legal limits, to plan participants and beneficiaries. The benefits of a pension plan participant generally may not be assigned or alienated. Title I of ERISA provides an exception for domestic relations orders that relate to child support, alimony payments, or marital property rights of an alternate payee (a spouse, former spouse, child, or other dependent of a plan participant). The exception applies only if the domestic relations order meets specific legal requirements that make it a qualified domestic relations order. When the PBGC is trustee of a plan, it reviews submitted domestic relations orders to determine whether the order is qualified before paying benefits to an alternate payee. The requirements for submitting a QDRO are established by statute. The models and the guidance assist parties by making it easier to PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 comply with ERISA’s QDRO requirements in plans trusteed by the PBGC; they do not create any additional requirements and result in a reduction of the statutory burden. In April of 2002, the PBGC revised its regulations to make several changes in how it pays benefits, including giving participants more choices of annuity benefit forms, clarifying (for certain purposes under Title IV of ERISA) what it means to be able to ‘‘retire’’ under plan provisions, and adding rules on who will get certain payments the PBGC owes to a participant at the time of death. See 67 FR 16950, April 8, 2002. Many of these changes may affect qualified domestic relations orders submitted to the PBGC and, therefore, necessitate a number of revisions to the model QDROs and accompanying guidance. The PBGC estimates that it will receive 875 QDROs each year from prospective alternate payees; that the average burden of preparing a QDRO with the assistance of the guidance and model QDROs in PBGC’s booklet will be 1⁄4 hour of the alternate payee’s time and $734 in professional fees if the alternate payee hires an attorney or other professional to prepare the QDRO, or 10 hours of the alternate payee’s time if the alternate payee prepares the QDRO without hiring an attorney or other professional; and that the total annual burden will be 1067 hours and $578,600. The 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. E:\FR\FM\17OCN1.SGM 17OCN1 Federal Register / Vol. 70, No. 199 / Monday, October 17, 2005 / Notices Issued in Washington, DC, this 12th day of October, 2005. Rick Hartt, Chief Technology Officer, Pension Benefit Guaranty Corporation. [FR Doc. 05–20703 Filed 10–14–05; 8:45 am] BILLING CODE 7708–01–P SMALL BUSINESS ADMINISTRATION Rustic Canyon Ventures SBIC, L.P., License No. 09/79–0450, Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Rustic Canyon Ventures SBIC, L.P., 2425 Olympic Blvd., Suite 6050W, Santa Monica, CA 90404, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730 (2005)). Rustic Canyon Ventures SBIC, L.P. proposes to provide equity security financing to Intrepid Learning Solutions, Inc., 411 First Avenue South, Suite #300, Seattle WA 98104. The financing is contemplated for operating expenses and for general corporate purposes. The financing is brought within the purview of § 107.730(a)(1) of the Regulations because Staenberg Private Capital, LLC and Staenberg Venture Partners II, L.P., both Associates of Rustic Canyon Ventures SBIC, L.P., own more than ten percent of Intrepid Learning Solutions, Inc. Therefore, Intrepid Learning Solutions, Inc., is considered an Associate of Rustic Canyon Ventures SBIC, L.P., as defined at 13 CFR 107.50 of the SBIC Regulations. Notice is hereby given that any interested person may submit written comments on the transaction to the Associate Administrator for Investment, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416. Jaime Guzman-Fournier, Associate Administrator for Investment. [FR Doc. 05–20638 Filed 10–14–05; 8:45 am] BILLING CODE 8025–01–P VerDate Aug<31>2005 15:43 Oct 14, 2005 Jkt 208001 SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 10180 and # 10181] Alabama Disaster Number AL–00003 Small Business Administration. Amendment 2. AGENCY: ACTION: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Alabama (FEMA–1605–DR), dated August 29, 2005. Incident: Hurricane Katrina. Incident Period: August 29, 2005 and continuing through September 26, 2005. Effective Date: September 26, 2005. Physical Loan Application Deadline Date: October 28, 2005. EIDL Loan Application Deadline Date: May 29, 2006. ADDRESSES: Submit completed loan applications to: Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, Small Business Administration, 409 3rd Street, Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for the State of Alabama, dated August 29, 2005, is hereby amended to establish the incident period for this disaster as beginning August 29, 2005 and continuing through September 26, 2005. All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. 05–20643 Filed 10–14–05; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 10198 and # 10199] Florida Disaster Number FL–00009 Small Business Administration. Amendment 1. AGENCY: ACTION: SUMMARY: This is an amendment of the Administrative declaration of a major disaster for the State of Florida, effective 9/30/2005. Incident: Hurricane Katrina. Incident Period: 8/25/2005. Effective Date: 9/30/2005. Physical Loan Application Deadline Date: 11/29/2005. EIDL Loan Application Deadline Date: 6/14/2006. PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 60381 Submit completed loan applications to: U.S. Small Business Administration, Disaster Area Office 3, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of an Administrative declaration for the State of Florida, dated 09/14/2005, is hereby amended to include the following areas as adversely affected by the disaster. ADDRESSES: Primary Counties: Broward, Miami-Dade. Contiguous Counties: Florida: Hendry, Palm Beach. All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Dated: September 30, 2005. Hector V. Barreto, Administrator. [FR Doc. 05–20642 Filed 10–14–05; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 10205 and # 10206] Louisiana Disaster Number LA–00004 Small Business Administration. Amendment 4. AGENCY: ACTION: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Louisiana (FEMA–1607–DR), dated 9/24/2005. Incident: Hurricane Rita. Incident Period: 9/23/2005 and continuing. Effective Date: 10/03/2005. Physical Loan Application Deadline Date: 11/23/2005. EIDL Loan Application Deadline Date: 6/26/2006. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the Presidential disaster declaration for the State of Louisiana, dated 09/24/ 2005, is hereby amended to include the following areas as adversely affected by the disaster: Primary Parishes: Evangeline, Jefferson, E:\FR\FM\17OCN1.SGM 17OCN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 70, Number 199 (Monday, October 17, 2005)]
[Notices]
[Pages 60380-60381]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-20703]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Qualified Domestic Relations Orders Submitted to the 
PBGC

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request OMB approval of revisions to, 
and extension of, a currently approved information collection.

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

SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to 
request that the Office of Management and Budget (``OMB'') approve, 
under the Paperwork Reduction Act, revisions to an information 
collection (OMB control number 1212-0054; expires December 31, 2006) 
relating to model forms contained in the PBGC booklet, Divorce Orders & 
PBGC. (The PBGC is changing the title of the booklet to Qualified 
Domestic Relations Orders & PBGC.) In addition, the PBGC is requesting 
3-year approval of the revised collection of information. The booklet 
provides guidance on how to submit a proper qualified domestic 
relations order (a ``QDRO'') to the PBGC. The revisions reflect changes 
in how the PBGC pays benefits. This notice informs the public of the 
PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments must be submitted by December 16, 2005.

ADDRESSES: Comments may be mailed to the Legislative and Regulatory 
Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., 
Washington, DC 20005-4026, or delivered to Suite 340 at that address 
during normal business hours. Comments also may be submitted by e-mail 
to paperwork.comments@pbgc.gov, or by fax to 202-326-4112. The PBGC 
will make all comments available on its Web site at https://
www.pbgc.gov.
    Copies of the collections of information may be obtained without 
charge by writing to the PBGC's Communications and Public Affairs 
Department at Suite 240 at the above address or by visiting that office 
or calling 202-326-4040 during normal business hours. (TTY and TDD 
users may call the Federal relay service toll-free at 1-800-877-8339 
and ask to be connected to 202-326-4040.) The reportable events 
regulations, forms, and instructions may be accessed on the PBGC's Web 
site at https://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: James L. Beller, Jr., Attorney, 
Legislative and Regulatory Department, Pension Benefit Guaranty 
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024. (For TTY/TDD users, call the Federal relay service toll-free at 
1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: The PBGC intends to request paperwork 
approval relating to model forms contained in the PBGC booklet, Divorce 
Orders & PBGC. Although the collection of information has been approved 
by OMB under control number 1212-0054 through December 31, 2006, the 
PBGC is revising the model QDRO forms and accompanying guidance to 
reflect changes in how it pays benefits. In addition, the PBGC is 
changing the title of the booklet to Qualified Domestic Relations 
Orders & PBGC and requesting 3-year approval of the revised QDRO forms 
and accompanying guidance. 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.
    A defined benefit pension plan that does not have enough money to 
pay benefits may be terminated if the employer responsible for the plan 
faces severe financial difficulty, such as bankruptcy, and is unable to 
maintain the plan. In such an event, the PBGC becomes trustee of the 
plan and pays benefits, subject to legal limits, to plan participants 
and beneficiaries.
    The benefits of a pension plan participant generally may not be 
assigned or alienated. Title I of ERISA provides an exception for 
domestic relations orders that relate to child support, alimony 
payments, or marital property rights of an alternate payee (a spouse, 
former spouse, child, or other dependent of a plan participant). The 
exception applies only if the domestic relations order meets specific 
legal requirements that make it a qualified domestic relations order.
    When the PBGC is trustee of a plan, it reviews submitted domestic 
relations orders to determine whether the order is qualified before 
paying benefits to an alternate payee. The requirements for submitting 
a QDRO are established by statute. The models and the guidance assist 
parties by making it easier to comply with ERISA's QDRO requirements in 
plans trusteed by the PBGC; they do not create any additional 
requirements and result in a reduction of the statutory burden.
    In April of 2002, the PBGC revised its regulations to make several 
changes in how it pays benefits, including giving participants more 
choices of annuity benefit forms, clarifying (for certain purposes 
under Title IV of ERISA) what it means to be able to ``retire'' under 
plan provisions, and adding rules on who will get certain payments the 
PBGC owes to a participant at the time of death. See 67 FR 16950, April 
8, 2002. Many of these changes may affect qualified domestic relations 
orders submitted to the PBGC and, therefore, necessitate a number of 
revisions to the model QDROs and accompanying guidance.
    The PBGC estimates that it will receive 875 QDROs each year from 
prospective alternate payees; that the average burden of preparing a 
QDRO with the assistance of the guidance and model QDROs in PBGC's 
booklet will be \1/4\ hour of the alternate payee's time and $734 in 
professional fees if the alternate payee hires an attorney or other 
professional to prepare the QDRO, or 10 hours of the alternate payee's 
time if the alternate payee prepares the QDRO without hiring an 
attorney or other professional; and that the total annual burden will 
be 1067 hours and $578,600.
    The 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.


[[Page 60381]]


    Issued in Washington, DC, this 12th day of October, 2005.
Rick Hartt,
Chief Technology Officer, Pension Benefit Guaranty Corporation.
[FR Doc. 05-20703 Filed 10-14-05; 8:45 am]
BILLING CODE 7708-01-P

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