Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums, 27099-27100 [2012-10962]

Download as PDF Federal Register / Vol. 77, No. 89 / Tuesday, May 8, 2012 / Notices For the Nuclear Regulatory Commission. Bruce Watson, Acting 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. 2012–11038 Filed 5–7–12; 8:45 am] BILLING CODE 7590–01–P NUCLEAR REGULATORY COMMISSION Sunshine Federal Register Notice AGENCY HOLDING THE MEETINGS: Nuclear Regulatory Commission, [NRC–2012– 0002]. DATE: Weeks of May 7, 14, 21, 28, June 4, 11, 2012. PLACE: Commissioners’ Conference Room, 11555 Rockville Pike, Rockville, Maryland. STATUS: Public and Closed. Week of May 7, 2012 Friday, May 11, 2012 9:00 a.m. Briefing on Potential Medical Isotope Production Licensing Actions, (Public Meeting), (Contact: Jessie Quichocho, 301–415–0209). This meeting will be webcast live at the Web address: www.nrc.gov. Week of May 14, 2012—Tentative There are no meetings scheduled for the week of May 14, 2012. Week of May 21, 2012—Tentative There are no meetings scheduled for the week of May 21, 2012. Week of May 28, 2012—Tentative Friday, June 1, 2012 9:00 a.m. Briefing on Results of the Agency Action Review Meeting (AARM) (Public Meeting) (Contact: Rani Franovich, 301–415–1868). This meeting will be webcast live at the Web address: www.nrc.gov. srobinson on DSK4SPTVN1PROD with NOTICES Week of June 4, 2012—Tentative Thursday, June 7, 2012 9:30 a.m. Meeting with the Advisory Committee on Reactor Safeguards (ACRS) (Public Meeting) (Contact: Tanny Santos, 301–415–7270). This meeting will be webcast live at the Web address: www.nrc.gov. Week of June 11, 2012—Tentative Friday, June 15, 2012 9:30 a.m. Joint Meeting of the Federal Energy Regulatory Commission (FERC) and the Nuclear Regulatory VerDate Mar<15>2010 17:33 May 07, 2012 Jkt 226001 Commission (NRC) on Grid Reliability (Public Meeting) (Contact: Jim Andersen, 301–415– 3565). This meeting will be webcast live at the Web address: www.nrc.gov. * * * * * * The schedule for Commission meetings is subject to change on short notice. To verify the status of meetings, call (recording)—301–415–1292. Contact person for more information: Rochelle Bavol, 301–415–1651. * * * * * The NRC Commission Meeting Schedule can be found on the Internet at: https://www.nrc.gov/public-involve/ public-meetings/schedule.html. * * * * * The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify Bill Dosch, Chief, Work Life and Benefits Branch, at 301–415–6200, TDD: 301– 415–2100, or by email at william.dosch@nrc.gov. Determinations on requests for reasonable accommodation will be made on a caseby-case basis. * * * * * This notice is distributed electronically to subscribers. If you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969), or send an email to darlene.wright@nrc.gov. Dated: May 3, 2012. Rochelle C. Bavol, Policy Coordinator, Office of the Secretary. [FR Doc. 2012–11162 Filed 5–4–12; 4:15 pm] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums Pension Benefit Guaranty Corporation. ACTION: Notice of request for OMB approval of revised collection of information. AGENCY: The Pension Benefit Guaranty Corporation (PBGC) is modifying the collection of information under its SUMMARY: PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 27099 regulation on Payment of Premiums (OMB control number 1212–0007; expires December 31, 2013) and is requesting that the Office of Management and Budget (OMB) approve the revised collection of information under the Paperwork Reduction Act for three years. This notice informs the public of PBGC’s request and solicits public comment on the collection of information. DATES: Comments must be submitted by June 7, 2012. ADDRESSES: Comments should be sent to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for the Pension Benefit Guaranty Corporation, via electronic mail at OIRA_DOCKET@omb.eop.gov or by fax to 202–395–6974. Copies of the collection of information and comments may be obtained without charge by writing to the Disclosure Division, Office of General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005–4026; visiting the Disclosure Division; faxing a request to 202–326–4042; or calling 202–326–4040 during normal business hours. (TTY/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 premium payment regulation and the premium instructions (including illustrative forms) for 2012 are available at www.pbgc.gov. FOR FURTHER INFORMATION CONTACT: James Bloch, Program Analyst, Legislative and Policy Division, or Catherine B. Klion, Manager, Regulatory and Policy Division, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005–4026; 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: Section 4007 of Title IV of the Employee Retirement Income Security Act of 1974 (ERISA) requires pension plans covered under Title IV pension insurance programs to pay premiums to PBGC. Pursuant to section 4007, PBGC has issued its regulation on Payment of Premiums (29 CFR part 4007). Under § 4007.3 of the premium payment regulation, plan administrators are required to file premium payments and information prescribed by PBGC. Premium information must be filed electronically using ‘‘My Plan Administration Account’’ (‘‘My PAA’’) through PBGC’s Web site except to the extent PBGC grants an exemption for E:\FR\FM\08MYN1.SGM 08MYN1 srobinson on DSK4SPTVN1PROD with NOTICES 27100 Federal Register / Vol. 77, No. 89 / Tuesday, May 8, 2012 / Notices good cause in appropriate circumstances, in which case the information must be filed using an approved PBGC form. The plan administrator of each pension plan covered by Title IV of ERISA is required to submit one or more premium filings for each premium payment year. Under § 4007.10 of the premium payment regulation, plan administrators are required to retain records about premiums and information submitted in premium filings. PBGC needs information from premium filings to identify the plans for which premiums are paid, to verify whether the amounts paid are correct, to help PBGC determine the magnitude of its exposure in the event of plan termination, to help track the creation of new plans and transfer of participants and plan assets and liabilities among plans, and to keep PBGC’s insured-plan inventory up to date. That information and the retained records are also needed for audit purposes. All plans covered by Title IV of ERISA pay a flat-rate per-participant premium. An underfunded singleemployer plan also pays a variable-rate premium based on the value of the plan’s unfunded vested benefits. Large-plan filers (i.e., plans that were required to pay premiums for 500 or more participants for the prior plan year) are required to pay PBGC’s flatrate premium early in the premium payment year. To accommodate plans that find it impractical to do an accurate participant count until later in the premium payment year, PBGC permits filers to make an estimated flat-rate premium filing. All plans are required to make a comprehensive premium filing. Comprehensive filings are used to report flat- and (for single-employer plans) variable-rate premiums, premiumrelated data, and information about plan identity, status, and events. (For large plans, the comprehensive filing reconciles an estimated flat-rate premium paid earlier in the year.) PBGC intends to revise the 2013 filing procedures and instructions to: • Provide for revoking a prior election to use the Alternative Premium Funding Target (APFT) to determine unfunded vested benefits (UVBs). (Under PBGC regulations, an election to use the APFT is irrevocable for 5 years; 2008 was the first year that plans were permitted to elect the APFT, so 2013 is the first year for which it is necessary to collect this information.) • Require plan administrators using the APFT to report the ‘‘effective interest rate’’ (defined in section 303(h) of ERISA and section 430(h) of the VerDate Mar<15>2010 17:33 May 07, 2012 Jkt 226001 Internal Revenue Code). PBGC will use this information to update its annual contingency list and financial statements more accurately. • Require that the plan effective date be reported for all plans rather than just new and newly covered plans. This date helps PBGC trace plans that change Employer Identification Number or Plan Number. • Require plan administrators to provide a breakdown of the total premium funding target into the same categories of participants used for reporting on Schedule SB to Form 5500, i.e., active participants, terminated vested participants, and retirees and beneficiaries receiving payment. PBGC uses the premium funding target to estimate termination liability, e.g., for the annual contingency list, and a breakdown will enable PBGC to make a much better estimate than simply using only the total premium funding target. • Require plan administrators to report a contact name to make it easier for PBGC to contact a plan. Filers also will have the option of providing an additional plan contact. • Require plan administrators to break down the premium credit information in the comprehensive premium filing into two items rather than aggregating the premium credit. This information will help PBGC to manage the application of overpayments. • Reorder and re-number some items on the illustrative form that accompanies and is part of the instructions, and make other minor changes. The collection of information under the regulation has been approved by OMB through December 31, 2013, under control number 1212–0007. PBGC is requesting that OMB extend approval of this revised collection of information for three 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 it will receive 29,900 premium filings per year from 24,600 plan administrators under this collection of information. PBGC further estimates that the average annual burden of this collection of information is 8,200 hours and $54,387,000. Issued in Washington, DC, this 2nd day of May 2012. John H. Hanley, Director, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation. [FR Doc. 2012–10962 Filed 5–7–12; 8:45 am] BILLING CODE 7709–01–P PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Form N–6, SEC File No. 270–446, OMB Control No. 3235–0503. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. The title for the collection of information is ‘‘Form N–6 (17 CFR 239.17c and 274.11d) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) and under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) registration statement of separate accounts organized as unit investment trusts that offer variable life insurance policies.’’ Form N–6 is the form used by insurance company separate accounts organized as unit investment trusts that offer variable life insurance contracts to register as investment companies under the Investment Company Act of 1940 and/or to register their securities under the Securities Act of 1933. The primary purpose of the registration process is to provide disclosure of financial and other information to investors and potential investors for the purpose of evaluating an investment in a security. Form N–6 also requires separate accounts organized as unit investment trusts that offer variable life insurance policies to provide investors with a prospectus and a statement of additional information (‘‘SAI’’) covering essential information about the separate account when it makes an initial or additional offering of its securities. The Commission estimates that approximately 436 registration statements (429 post-effective amendments plus 7 initial registration statements) are filed on Form N–6 annually. The estimated hour burden per portfolio for preparing and filing an initial registration statement on Form N–6 is 770.25 hours. The estimated annual hour burden for preparing and filing initial registration statements is 5,391.75 hours (7 initial registration statements annually times 770.25 hours E:\FR\FM\08MYN1.SGM 08MYN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 77, Number 89 (Tuesday, May 8, 2012)]
[Notices]
[Pages 27099-27100]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10962]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Payment of Premiums

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB approval of revised collection of 
information.

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

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is modifying 
the collection of information under its regulation on Payment of 
Premiums (OMB control number 1212-0007; expires December 31, 2013) and 
is requesting that the Office of Management and Budget (OMB) approve 
the revised collection of information under the Paperwork Reduction Act 
for three years. This notice informs the public of PBGC's request and 
solicits public comment on the collection of information.

DATES: Comments must be submitted by June 7, 2012.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for the Pension Benefit Guaranty Corporation, via electronic 
mail at OIRA_DOCKET@omb.eop.gov or by fax to 202-395-6974.
    Copies of the collection of information and comments may be 
obtained without charge by writing to the Disclosure Division, Office 
of General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street 
NW., Washington, DC 20005-4026; visiting the Disclosure Division; 
faxing a request to 202-326-4042; or calling 202-326-4040 during normal 
business hours. (TTY/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 
premium payment regulation and the premium instructions (including 
illustrative forms) for 2012 are available at www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: James Bloch, Program Analyst, 
Legislative and Policy Division, or Catherine B. Klion, Manager, 
Regulatory and Policy Division, Legislative and Regulatory Department, 
Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 
20005-4026; 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: Section 4007 of Title IV of the Employee 
Retirement Income Security Act of 1974 (ERISA) requires pension plans 
covered under Title IV pension insurance programs to pay premiums to 
PBGC. Pursuant to section 4007, PBGC has issued its regulation on 
Payment of Premiums (29 CFR part 4007). Under Sec.  4007.3 of the 
premium payment regulation, plan administrators are required to file 
premium payments and information prescribed by PBGC. Premium 
information must be filed electronically using ``My Plan Administration 
Account'' (``My PAA'') through PBGC's Web site except to the extent 
PBGC grants an exemption for

[[Page 27100]]

good cause in appropriate circumstances, in which case the information 
must be filed using an approved PBGC form. The plan administrator of 
each pension plan covered by Title IV of ERISA is required to submit 
one or more premium filings for each premium payment year. Under Sec.  
4007.10 of the premium payment regulation, plan administrators are 
required to retain records about premiums and information submitted in 
premium filings.
    PBGC needs information from premium filings to identify the plans 
for which premiums are paid, to verify whether the amounts paid are 
correct, to help PBGC determine the magnitude of its exposure in the 
event of plan termination, to help track the creation of new plans and 
transfer of participants and plan assets and liabilities among plans, 
and to keep PBGC's insured-plan inventory up to date. That information 
and the retained records are also needed for audit purposes.
    All plans covered by Title IV of ERISA pay a flat-rate per-
participant premium. An underfunded single-employer plan also pays a 
variable-rate premium based on the value of the plan's unfunded vested 
benefits.
    Large-plan filers (i.e., plans that were required to pay premiums 
for 500 or more participants for the prior plan year) are required to 
pay PBGC's flat-rate premium early in the premium payment year. To 
accommodate plans that find it impractical to do an accurate 
participant count until later in the premium payment year, PBGC permits 
filers to make an estimated flat-rate premium filing.
    All plans are required to make a comprehensive premium filing. 
Comprehensive filings are used to report flat- and (for single-employer 
plans) variable-rate premiums, premium-related data, and information 
about plan identity, status, and events. (For large plans, the 
comprehensive filing reconciles an estimated flat-rate premium paid 
earlier in the year.)
    PBGC intends to revise the 2013 filing procedures and instructions 
to:
     Provide for revoking a prior election to use the 
Alternative Premium Funding Target (APFT) to determine unfunded vested 
benefits (UVBs). (Under PBGC regulations, an election to use the APFT 
is irrevocable for 5 years; 2008 was the first year that plans were 
permitted to elect the APFT, so 2013 is the first year for which it is 
necessary to collect this information.)
     Require plan administrators using the APFT to report the 
``effective interest rate'' (defined in section 303(h) of ERISA and 
section 430(h) of the Internal Revenue Code). PBGC will use this 
information to update its annual contingency list and financial 
statements more accurately.
     Require that the plan effective date be reported for all 
plans rather than just new and newly covered plans. This date helps 
PBGC trace plans that change Employer Identification Number or Plan 
Number.
     Require plan administrators to provide a breakdown of the 
total premium funding target into the same categories of participants 
used for reporting on Schedule SB to Form 5500, i.e., active 
participants, terminated vested participants, and retirees and 
beneficiaries receiving payment. PBGC uses the premium funding target 
to estimate termination liability, e.g., for the annual contingency 
list, and a breakdown will enable PBGC to make a much better estimate 
than simply using only the total premium funding target.
     Require plan administrators to report a contact name to 
make it easier for PBGC to contact a plan. Filers also will have the 
option of providing an additional plan contact.
     Require plan administrators to break down the premium 
credit information in the comprehensive premium filing into two items 
rather than aggregating the premium credit. This information will help 
PBGC to manage the application of overpayments.
     Reorder and re-number some items on the illustrative form 
that accompanies and is part of the instructions, and make other minor 
changes.
    The collection of information under the regulation has been 
approved by OMB through December 31, 2013, under control number 1212-
0007. PBGC is requesting that OMB extend approval of this revised 
collection of information for three 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 it will receive 29,900 premium filings per year 
from 24,600 plan administrators under this collection of information. 
PBGC further estimates that the average annual burden of this 
collection of information is 8,200 hours and $54,387,000.

    Issued in Washington, DC, this 2nd day of May 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2012-10962 Filed 5-7-12; 8:45 am]
BILLING CODE 7709-01-P

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