Proposed Submission of Information Collections for OMB Review; Comment Request; Payment of Premiums; Termination Premium, 55120-55121 [2013-21840]
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55120
Federal Register / Vol. 78, No. 174 / Monday, September 9, 2013 / Notices
PENSION BENEFIT GUARANTY
CORPORATION
Proposed Submission of Information
Collections for OMB Review; Comment
Request; Payment of Premiums;
Termination Premium
Pension Benefit Guaranty
Corporation.
ACTION: Notice of intent to request
extension of OMB approval of collection
of information.
AGENCY:
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 the
collection of information for the
termination premium under its
regulation on Payment of Premiums (29
CFR Part 4007) (OMB control number
1212–0064; expires December 31, 2013),
with minor changes. This notice informs
the public of PBGC’s intent and solicits
public comment on the collection of
information.
SUMMARY:
Comments should be submitted
by November 8, 2013.
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.
• Email: paperwork.comments@
pbgc.gov.
• Fax: 202–326–4220.
• Mail or hand delivery: Regulatory
Affairs Group, Office of the General
Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street NW.,
Washington, DC 20005–4026.
Comments received, including
personal information provided, will be
posted to PBGC’s Web site (https://
www.pbgc.gov).
The currently approved collection of
information (Form T and instructions)
and PBGC’s premium payment
regulation may be accessed on PBGC’s
Web site at https://www.pbgc.gov. Copies
of the proposed collection of
information may also 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 800–877–8339 and
ask to be connected to 202–326–4040.)
FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy, Senior Counsel,
Regulatory Affairs Group, Office of the
tkelley on DSK3SPTVN1PROD with NOTICES
DATES:
VerDate Mar<15>2010
15:01 Sep 06, 2013
Jkt 229001
General Counsel, Pension Benefit
Guaranty Corporation, 1200 K Street
NW., Washington, DC 20005–4026, 202–
326–4024. (TTY and TDD users may call
the Federal relay service toll-free at
800–877–8339 and ask to be connected
to 202–326–4024.)
SUPPLEMENTARY INFORMATION: The
Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan
termination insurance program under
title IV of the Employee Retirement
Income Security Act of 1974 (ERISA).
Section 4006(a)(7) of ERISA provides for
a ‘‘termination premium’’ (in addition to
the flat-rate and variable-rate premiums
under section 4006(a)(3) and (8) of
ERISA) that is payable for three years
following certain distress and
involuntary plan terminations. PBGC’s
regulations on Premium Rates (29 CFR
part 4006) and Payment of Premiums
(29 CFR part 4007) implement the
termination premium. Sections 4007.3
and 4007.13(b) of the premium payment
regulation require the filing of
termination premium information and
payments with PBGC. PBGC has
promulgated Form T and instructions
for paying the termination premium.
In general, the termination premium
applies where a single-employer plan
terminates in a distress termination
under ERISA section 4041(c) (unless
contributing sponsors and controlled
group members meet the bankruptcy
liquidation requirements of ERISA
section 4041(c)(2)(B)(i)) or in an
involuntary termination under ERISA
section 4042, and the termination date
under section 4048 of ERISA is after
2005. The termination premium does
not apply in certain cases where
termination occurs during a bankruptcy
proceeding filed before October 18,
2005.
The termination premium is payable
for three years. The same amount is
payable each year. The amount of each
payment is based on the number of
participants in the plan as of the day
before the termination date. In general,
the amount of each payment is equal to
$1,250 times the number of participants.
However, the rate is increased from
$1,250 to $2,500 in certain cases
involving commercial airline or airline
catering service plans. The termination
premium is due on the 30th day of each
of three consecutive 12-month periods.
The first 12-month period generally
begins shortly after the termination date
or after the conclusion of bankruptcy
proceedings in certain cases.
The termination premium and related
information must be filed by a person
liable for the termination premium. The
persons liable for the termination
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
premium are contributing sponsors and
members of their controlled groups,
determined on the day before the plan
termination date. Interest on late
termination premiums is charged at the
rate imposed under section 6601(a) of
the Internal Revenue Code,
compounded daily, from the due date to
the payment date. Penalties based on
facts and circumstances may be assessed
both for failure to timely pay the
termination premium and for failure to
timely file required related information
and may be waived in appropriate
circumstances. A penalty for late
payment will not exceed the amount of
termination premium paid late. Section
4007.10 of the premium payment
regulation requires the retention of
records supporting or validating the
computation of premiums paid and
requires that the records be made
available to PBGC.
OMB has approved the termination
premium collection of information
(Form T and instructions) under control
number 1212–0064 through December
31, 2013. PBGC intends to request that
OMB extend approval of this collection
of information for three years, with
minor changes. 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 each year
receive an average of about 25 filings for
the first year a termination premium is
due, 20 filings for the second year a
termination premium is due, and 15
filings for the third year a termination
premium is due, from a total of about 60
respondents. PBGC estimates that the
total annual burden of the collection of
information will be about ten hours and
$8,800.
PBGC is soliciting public comments
to—
• 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:\FR\FM\09SEN1.SGM
09SEN1
Federal Register / Vol. 78, No. 174 / Monday, September 9, 2013 / Notices
e.g., permitting electronic submission of
responses.
Issued in Washington, DC, this 3rd day of
September, 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2013–21840 Filed 9–6–13; 8:45 am]
BILLING CODE 7709–02–P
PENSION BENEFIT GUARANTY
CORPORATION
Proposed Submission of Information
Collection for OMB Review; Comment
Request; Termination of SingleEmployer Plans, Missing Participants
Pension Benefit Guaranty
Corporation.
ACTION: Notice of intent to request
extension of OMB approval.
AGENCY:
Pension Benefit Guaranty
Corporation (‘‘PBGC’’) intends to
request that the Office of Management
and Budget (‘‘OMB’’) extend approval
(with modifications), under the
Paperwork Reduction Act of 1995, of a
collection of information in its
regulations on Termination of SingleEmployer Plans and Missing
Participants, and implementing forms
and instructions (OMB control number
1212–0036; expires December 31, 2013).
This notice informs the public of
PBGC’s intent and solicits public
comment on the collection of
information.
SUMMARY:
Comments should be submitted
by November 8, 2013.
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.
• Email:
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.
PBGC will make all comments available
on its Web site at 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 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–
tkelley on DSK3SPTVN1PROD with NOTICES
DATES:
VerDate Mar<15>2010
15:01 Sep 06, 2013
Jkt 229001
877–8339 and ask to be connected to
202–326–4040.) The regulations and
forms and instructions relating to this
collection of information are available
on PBGC’s Web site at www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: Jo
Amato Burns, Attorney, or Catherine B.
Klion, Assistant General Counsel, Office
of the General Counsel, Pension Benefit
Guaranty Corporation, 1200 K Street
NW., Washington, DC 20005–4026, 202–
326–4024. (For TTY and TDD, call 800–
877–8339 and ask to be connected to
202–326–4024.)
SUPPLEMENTARY INFORMATION: Under
section 4041 of the Employee
Retirement Income Security Act of 1974,
as amended, a single-employer pension
plan may terminate voluntarily only if
it satisfies the requirements for either a
standard or a distress termination.
Pursuant to ERISA section 4041(b), for
standard terminations, and section
4041(c), for distress terminations, and
PBGC’s termination regulation (29 CFR
part 4041), a plan administrator wishing
to terminate a plan is required to submit
specified information to PBGC in
support of the proposed termination and
to provide specified information
regarding the proposed termination to
third parties (participants, beneficiaries,
alternate payees, and employee
organizations). In the case of a plan with
participants or beneficiaries who cannot
be located when their benefits are to be
distributed, the plan administrator is
subject to the requirements of ERISA
section 4050 and PBGC’s regulation on
missing participants (29 CFR part 4050).
When PBGC conducts posttermination audits, it sometimes finds
that some notices to participants or
beneficiaries are not provided, or that
the notices are inadequate. To address
this problem, PBGC is now proposing to
request that copies of Notice of Intent to
Terminate and sample Notices of Plan
Benefits be attached to the Form 500
that is submitted to PBGC. This should
impose no additional burden on plan
administrators since they would simply
be sending PBGC copies of notices that
they must provide to participants. In
addition, PBGC is making clarifying,
simplifying, editorial, and other changes
to the existing forms and instructions.
PBGC estimates that 1,430 plan
administrators will be subject to the
collection of information requirements
in PBGC’s regulations on termination
and missing participants and
implementing forms and instructions
each year, and that the total annual
burden of complying with these
requirements is 1,357 hours and
$3,000,895. (Much of the work
associated with terminating a plan is
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
55121
performed for purposes other than
meeting these requirements.)
PBGC is soliciting public comments
to—
• 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 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 3rd day of
September 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2013–21844 Filed 9–6–13; 8:45 am]
BILLING CODE 7709–02–P
OFFICE OF PERSONNEL
MANAGEMENT
Submission for Review: SelfCertification of Full-Time School
Attendance for the School Year, RI 25–
14 and Information; and Instructions
for Completing the Self-Certification of
Full-Time School Attendance for the
School Year, RI 25–14A
U.S. Office of Personnel
Management.
ACTION: 60-Day Notice and request for
comments.
AGENCY:
The Retirement Services,
Office of Personnel Management (OPM)
offers the general public and other
Federal agencies the opportunity to
comment on an extension, without
change, of a currently approved
information collection request (ICR)
3206–0032, Self-Certification of FullTime School Attendance For The
School Year, RI 25–14; and Information
and Instructions for Completing the
Self-Certification of Full-Time School
Attendance For The School Year, RI 25–
14A. As required by the Paperwork
Reduction Act of 1995, (Pub. L. 104–13,
44 U.S.C. chapter 35) as amended by the
Clinger-Cohen Act (Pub. L. 104–106),
OPM is soliciting comments for this
collection. The Office of Management
SUMMARY:
E:\FR\FM\09SEN1.SGM
09SEN1
Agencies
[Federal Register Volume 78, Number 174 (Monday, September 9, 2013)]
[Notices]
[Pages 55120-55121]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-21840]
[[Page 55120]]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collections for OMB Review;
Comment Request; Payment of Premiums; Termination Premium
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
collection of information.
-----------------------------------------------------------------------
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 the collection of information for
the termination premium under its regulation on Payment of Premiums (29
CFR Part 4007) (OMB control number 1212-0064; expires December 31,
2013), with minor changes. This notice informs the public of PBGC's
intent and solicits public comment on the collection of information.
DATES: Comments should be submitted by November 8, 2013.
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.
Email: paperwork.comments@pbgc.gov.
Fax: 202-326-4220.
Mail or hand delivery: Regulatory Affairs Group, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005-4026.
Comments received, including personal information provided, will be
posted to PBGC's Web site (https://www.pbgc.gov).
The currently approved collection of information (Form T and
instructions) and PBGC's premium payment regulation may be accessed on
PBGC's Web site at https://www.pbgc.gov. Copies of the proposed
collection of information may also 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 800-877-8339 and ask to
be connected to 202-326-4040.)
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Senior Counsel,
Regulatory Affairs Group, Office of the General Counsel, Pension
Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-
4026, 202-326-4024. (TTY and TDD users may call the Federal relay
service toll-free at 800-877-8339 and ask to be connected to 202-326-
4024.)
SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan termination insurance program under
title IV of the Employee Retirement Income Security Act of 1974
(ERISA). Section 4006(a)(7) of ERISA provides for a ``termination
premium'' (in addition to the flat-rate and variable-rate premiums
under section 4006(a)(3) and (8) of ERISA) that is payable for three
years following certain distress and involuntary plan terminations.
PBGC's regulations on Premium Rates (29 CFR part 4006) and Payment of
Premiums (29 CFR part 4007) implement the termination premium. Sections
4007.3 and 4007.13(b) of the premium payment regulation require the
filing of termination premium information and payments with PBGC. PBGC
has promulgated Form T and instructions for paying the termination
premium.
In general, the termination premium applies where a single-employer
plan terminates in a distress termination under ERISA section 4041(c)
(unless contributing sponsors and controlled group members meet the
bankruptcy liquidation requirements of ERISA section 4041(c)(2)(B)(i))
or in an involuntary termination under ERISA section 4042, and the
termination date under section 4048 of ERISA is after 2005. The
termination premium does not apply in certain cases where termination
occurs during a bankruptcy proceeding filed before October 18, 2005.
The termination premium is payable for three years. The same amount
is payable each year. The amount of each payment is based on the number
of participants in the plan as of the day before the termination date.
In general, the amount of each payment is equal to $1,250 times the
number of participants. However, the rate is increased from $1,250 to
$2,500 in certain cases involving commercial airline or airline
catering service plans. The termination premium is due on the 30th day
of each of three consecutive 12-month periods. The first 12-month
period generally begins shortly after the termination date or after the
conclusion of bankruptcy proceedings in certain cases.
The termination premium and related information must be filed by a
person liable for the termination premium. The persons liable for the
termination premium are contributing sponsors and members of their
controlled groups, determined on the day before the plan termination
date. Interest on late termination premiums is charged at the rate
imposed under section 6601(a) of the Internal Revenue Code, compounded
daily, from the due date to the payment date. Penalties based on facts
and circumstances may be assessed both for failure to timely pay the
termination premium and for failure to timely file required related
information and may be waived in appropriate circumstances. A penalty
for late payment will not exceed the amount of termination premium paid
late. Section 4007.10 of the premium payment regulation requires the
retention of records supporting or validating the computation of
premiums paid and requires that the records be made available to PBGC.
OMB has approved the termination premium collection of information
(Form T and instructions) under control number 1212-0064 through
December 31, 2013. PBGC intends to request that OMB extend approval of
this collection of information for three years, with minor changes. 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 each year receive an average of about
25 filings for the first year a termination premium is due, 20 filings
for the second year a termination premium is due, and 15 filings for
the third year a termination premium is due, from a total of about 60
respondents. PBGC estimates that the total annual burden of the
collection of information will be about ten hours and $8,800.
PBGC is soliciting public comments to--
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,
[[Page 55121]]
e.g., permitting electronic submission of responses.
Issued in Washington, DC, this 3rd day of September, 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-21840 Filed 9-6-13; 8:45 am]
BILLING CODE 7709-02-P