Proposed Submission of Information Collection for OMB Review; Comment Request; Procedures for Implementing Multiemployer Plan Elections, 18692-18693 [E7-7126]

Download as PDF 18692 Federal Register / Vol. 72, No. 71 / Friday, April 13, 2007 / Notices previously unconsidered effects on historic properties, as consultation for site decommissioning has been conducted previously. There are no additional impacts to historic properties associated with the disposal method and location for demolition debris. Therefore, no consultation is required under Section 106 of the National Historic Preservation Act. The NRC discussed the proposed action with the State of California Radiologic Health Branch. The state official had no comments. III. Finding of No Significant Impact On the basis of the environmental assessment, the NRC concludes that the proposed action will not have a significant effect on the quality of the human environment. Accordingly, preparation of an environmental impact statement for the proposed action is not warranted. IV. Further Information pwalker on PROD1PC71 with NOTICES For further details with respect to the proposed action, see the licensee’s letter dated December 20, 2006. (ADAMS Accession No. ML063560061) The NRC Public Documents Room is located at NRC Headquarters in Rockville, MD, and can be contacted at (800) 397–4209. Documents may be examined, and/or copied for a fee, at the NRC’s Public Document Room (PDR), located at One White Flint North, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records will be accessible electronically from the Agencywide Documents Access and Management System’s (ADAMS) Public Library component on the NRC Web site, https://www.nrc.gov (the Public Electronic Reading Room). Persons who do not have access to ADAMS or who encounter problems in accessing the documents located in ADAMS should contact the NRC PDR Reference staff by telephone at 1–800–397–4209, or 301– 415–4737, or by e-mail at pdr@nrc.gov. Dated at Rockville, Maryland, this 5th day of April, 2007. For the Nuclear Regulatory Commission. Keith I. McConnell, Deputy Director, Decommissioning and Uranium Recovery Licensing Directorate, Division of Waste Management and Environmental Protection, Office of Federal and State Materials and Environmental Management Programs. [FR Doc. E7–7074 Filed 4–12–07; 8:45 am] BILLING CODE 7590–01–P VerDate Aug<31>2005 17:52 Apr 12, 2007 Jkt 211001 PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Procedures for Implementing Multiemployer Plan Elections Pension Benefit Guaranty Corporation. ACTION: Notice of intention to request OMB approval. 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, a collection of information under its procedures on multiemployer plan elections. This notice informs the public of the PBGC’s intent and solicits public comment on the collection of information. DATES: Comments should be submitted by June 12, 2007. ADDRESSES: Comments may be submitted by any of the following methods: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the Web site instructions for submitting comments. • E-mail: paperwork.comments@pbgc.gov. • Fax: 202–326–4224. • Mail or Hand Delivery: Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005– 4026. Comments received will be posted to https://www.pbgc.gov. Copies of the collection of information may be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel of PBGC at the above address or by visiting the Disclosure Division or calling 202–326–4040 during normal business hours. (TTY and TDD users may call the Federal relay service tollfree at 1–800–877–8339 and ask to be connected to 202–326–4040.) FOR FURTHER INFORMATION CONTACT: Constance Markakis, Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005–4026, 202–326–4000, ext. 6779. (For TTY and TDD, call 800–877–8339 and request connection to 202–326– 4000, ext. 6779.) SUPPLEMENTARY INFORMATION: Section 1106 of the Pension Plan Protection Act of 2006 (‘‘PPA 2006’’) amends the definition of a ‘‘multiemployer plan’’ in Title I of ERISA and the Internal Revenue Code of 1986 to allow certain plans to elect to be multiemployer plans PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 pursuant to procedures prescribed by PBGC. A plan is eligible for the election if it is (i) a plan revoking a previous election to remain a single-employer plan under section 3(37)(E) of ERISA, or (ii) a plan with respect to which substantially all employer contributions were made by tax-exempt employers. In either case, for the three plan years preceding the enactment of PPA 2006, the plan must have been a plan to which more than one employer was required to contribute that was maintained pursuant to one or more collective bargaining agreements. PPA 2006 also imposes other requirements for an election, and provides certain exemptions from the requirements. All elections must be made by August 17, 2007. PBGC’s proposed procedures for implementing the multiemployer plan election requires a plan to submit specified information to PBGC to demonstrate that it meets the statutory eligibility requirements. The information collection includes names of contributing employers, copies of collective bargaining agreements that require contributions to the plan, numbers of participants and contributions to the plan under those collective bargaining agreements and the plan as a whole, information on common control among contributing employers to the plan, copies of the plan and trust documents, and evidence of the tax-exempt status of contributing employers and the percentage of total plan contributions attributable to these employers. For the limited purposes of the election under section 1106 of PPA 2006, the procedures provide a safe harbor provision for meeting the multiemployer criterion that a plan be ‘‘maintained pursuant to collective bargaining agreements.’’ The PBGC intends to request that OMB approve this collection of information for three years. (Although plans must make an election by August 17, 2007, PBGC may request additional information, after that date, that is needed to review the election.) 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. The PBGC estimates that from 20 to 50 plans will respond to this collection of information. The PBGC further estimates that the average burden of this collection of information is 5 hours and $1,875 per plan, with an average total burden of 175 hours and $65,625. The PBGC is soliciting public comments to— E:\FR\FM\13APN1.SGM 13APN1 18693 Federal Register / Vol. 72, No. 71 / Friday, April 13, 2007 / Notices • Evaluate whether the 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 collection of information, including the validity of the methodology 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, this 11th day of April 2007. Marc A. Felton, Deputy Chief Information Officer, Pension Benefit Guaranty Corporation. [FR Doc. E7–7126 Filed 4–12–07; 10:57 am] BILLING CODE 7709–01–P PENSION BENEFIT GUARANTY CORPORATION Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest on Late Premium Payments; Interest on Underpayments and Overpayments of Single-Employer Plan Termination Liability and Multiemployer Withdrawal Liability; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal Pension Benefit Guaranty Corporation. ACTION: Notice of interest rates and assumptions. AGENCY: This notice informs the public of the interest rates and assumptions to be used under certain Pension Benefit Guaranty Corporation regulations. These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere), but are collected and published in this notice for the convenience of the public. Interest rates are also published on the PBGC’s Web site (https://www.pbgc.gov). DATES: The required interest rate for determining the variable-rate premium under part 4006 applies to premium payment years beginning in April 2007. The interest assumptions for performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring pwalker on PROD1PC71 with NOTICES SUMMARY: VerDate Aug<31>2005 17:52 Apr 12, 2007 Jkt 211001 in May 2007. The interest rates for late premium payments under part 4007 and for underpayments and overpayments of single-employer plan termination liability under part 4062 and multiemployer withdrawal liability under part 4219 apply to interest accruing during the second quarter (April through June) of 2007. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, Regulatory and Policy Division, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 202–326– 4024. (TTY/TDD users may call the Federal relay service toll-free at 1–800– 877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: Variable-Rate Premiums Section 4006(a)(3)(E)(iii)(II) of the Employee Retirement Income Security Act of 1974 (ERISA) and § 4006.4(b)(1) of the PBGC’s regulation on Premium Rates (29 CFR part 4006) prescribe use of an assumed interest rate (the ‘‘required interest rate’’) in determining a single-employer plan’s variable-rate premium. Pursuant to the Pension Protection Act of 2006, for premium payment years beginning in 2006 or 2007, the required interest rate is the ‘‘applicable percentage’’ of the annual rate of interest determined by the Secretary of the Treasury on amounts invested conservatively in long-term investment grade corporate bonds for the month preceding the beginning of the plan year for which premiums are being paid (the ‘‘premium payment year’’). On February 2, 2007 (at 72 FR 4955), the Internal Revenue Service (IRS) published final regulations containing updated mortality tables for determining current liability under section 412(l)(7) of the Code and section 302(d)(7) of ERISA for plan years beginning on or after January 1, 2007. As a result, in accordance with section 4006(a)(3)(E)(iii)(II) of ERISA, the ‘‘applicable percentage’’ to be used in determining the required interest rate for plan years beginning in 2007 is 100 percent. The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in April 2007 is 5.84 percent (i.e., 100 percent of the 5.84 percent composite corporate bond rate for March 2007 as determined by the Treasury). The following table lists the required interest rates to be used in determining variable-rate premiums for premium payment years beginning between May 2006 and April 2007. PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 For premium payment years beginning in: May 2006 .................................. June 2006 ................................. July 2006 .................................. August 2006 ............................. September 2006 ....................... October 2006 ............................ November 2006 ........................ December 2006 ........................ January 2007 ............................ February 2007 .......................... March 2007 ............................... April 2007 ................................. The required interest rate is: 5.25 5.35 5.36 5.36 5.19 5.06 5.05 4.90 5.75 5.89 5.85 5.84 Late Premium Payments; Underpayments and Overpayments of Single-Employer Plan Termination Liability Section 4007(b) of ERISA and § 4007.7(a) of the PBGC’s regulation on Payment of Premiums (29 CFR part 4007) require the payment of interest on late premium payments at the rate established under section 6601 of the Internal Revenue Code. Similarly, § 4062.7 of the PBGC’s regulation on Liability for Termination of SingleEmployer Plans (29 CFR part 4062) requires that interest be charged or credited at the section 6601 rate on underpayments and overpayments of employer liability under section 4062 of ERISA. The section 6601 rate is established periodically (currently quarterly) by the Internal Revenue Service. The rate applicable to the second quarter (April through June) of 2007, as announced by the IRS, is 8 percent. The following table lists the late payment interest rates for premiums and employer liability for the specified time periods: From 4/1/01 ................ 7/1/01 ................ 1/1/02 ................ 1/1/03 ................ 10/1/03 .............. 4/1/04 ................ 7/1/04 ................ 10/1/04 .............. 4/1/05 ................ 10/1/05 .............. 7/1/06 ................ Through Interest rate (percent) 6/30/01 12/31/01 12/31/02 9/30/03 3/31/04 6/30/04 9/30/04 3/31/05 9/30/05 6/30/06 6/30/07 Underpayments and Overpayments of Multiemployer Withdrawal Liability Section 4219.32(b) of the PBGC’s regulation on Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR part 4219) specifies the rate at which a multiemployer plan is to charge or credit interest on underpayments and overpayments of E:\FR\FM\13APN1.SGM 13APN1 8 7 6 5 4 5 4 5 6 7 8

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 72, Number 71 (Friday, April 13, 2007)]
[Notices]
[Pages 18692-18693]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-7126]


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

PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Procedures for Implementing Multiemployer Plan 
Elections

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request OMB approval.

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

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) approve, under 
the Paperwork Reduction Act, a collection of information under its 
procedures on multiemployer plan elections. This notice informs the 
public of the PBGC's intent and solicits public comment on the 
collection of information.

DATES: Comments should be submitted by June 12, 2007.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the Web site instructions for submitting comments.
     E-mail: paperwork.comments@pbgc.gov.
     Fax: 202-326-4224.
     Mail or Hand Delivery: Legislative and Regulatory 
Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., 
Washington, DC 20005-4026. Comments received will be posted to https://
www.pbgc.gov.
    Copies of the collection of information may be obtained without 
charge by writing to the Disclosure Division of the Office of the 
General Counsel of PBGC at the above address or by visiting the 
Disclosure Division 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.)

FOR FURTHER INFORMATION CONTACT: Constance Markakis, Attorney, 
Legislative and Regulatory Department, Pension Benefit Guaranty 
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4000, ext. 6779. (For TTY and TDD, call 800-877-8339 and request 
connection to 202-326-4000, ext. 6779.)

SUPPLEMENTARY INFORMATION: Section 1106 of the Pension Plan Protection 
Act of 2006 (``PPA 2006'') amends the definition of a ``multiemployer 
plan'' in Title I of ERISA and the Internal Revenue Code of 1986 to 
allow certain plans to elect to be multiemployer plans pursuant to 
procedures prescribed by PBGC. A plan is eligible for the election if 
it is (i) a plan revoking a previous election to remain a single-
employer plan under section 3(37)(E) of ERISA, or (ii) a plan with 
respect to which substantially all employer contributions were made by 
tax-exempt employers. In either case, for the three plan years 
preceding the enactment of PPA 2006, the plan must have been a plan to 
which more than one employer was required to contribute that was 
maintained pursuant to one or more collective bargaining agreements. 
PPA 2006 also imposes other requirements for an election, and provides 
certain exemptions from the requirements. All elections must be made by 
August 17, 2007.
    PBGC's proposed procedures for implementing the multiemployer plan 
election requires a plan to submit specified information to PBGC to 
demonstrate that it meets the statutory eligibility requirements. The 
information collection includes names of contributing employers, copies 
of collective bargaining agreements that require contributions to the 
plan, numbers of participants and contributions to the plan under those 
collective bargaining agreements and the plan as a whole, information 
on common control among contributing employers to the plan, copies of 
the plan and trust documents, and evidence of the tax-exempt status of 
contributing employers and the percentage of total plan contributions 
attributable to these employers. For the limited purposes of the 
election under section 1106 of PPA 2006, the procedures provide a safe 
harbor provision for meeting the multiemployer criterion that a plan be 
``maintained pursuant to collective bargaining agreements.''
    The PBGC intends to request that OMB approve this collection of 
information for three years. (Although plans must make an election by 
August 17, 2007, PBGC may request additional information, after that 
date, that is needed to review the election.) 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.
    The PBGC estimates that from 20 to 50 plans will respond to this 
collection of information. The PBGC further estimates that the average 
burden of this collection of information is 5 hours and $1,875 per 
plan, with an average total burden of 175 hours and $65,625.
    The PBGC is soliciting public comments to--

[[Page 18693]]

     Evaluate whether the 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 collection of information, including the validity of the 
methodology 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, this 11th day of April 2007.
Marc A. Felton,
Deputy Chief Information Officer, Pension Benefit Guaranty Corporation.
 [FR Doc. E7-7126 Filed 4-12-07; 10:57 am]
BILLING CODE 7709-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.