Submission of Information Collections for OMB Review; Comment Request; Multiemployer Plan Regulations, 15361-15363 [2014-06051]

Download as PDF Federal Register / Vol. 79, No. 53 / Wednesday, March 19, 2014 / Notices The ACMUI brachytherapy radiation oncologist provides advice on issues associated with radiation oncology and the clinical use of brachytherapy, including the use of permanently implanted microspheres. This advice includes providing input on NRC proposed rules and guidance, providing recommendations on the training and experience requirements for physicians specializing in this use, identifying medical events associated with this use, evaluating non-routine uses of byproduct material and emerging medical technologies, bringing key issues in the radiation oncology community to the attention of NRC staff, and other radiation oncology issues as they relate to radiation safety and NRC medical-use policy. ACMUI members are selected based on their educational background, certification(s), work experience, involvement and/or leadership in professional society activities, and other information obtained in letters or during the selection process. ACMUI members possess the medical and technical skills needed to address evolving issues. The current membership is comprised of the following professionals: (a) nuclear medicine physician; (b) nuclear cardiologist; (c) two radiation oncologists; (d) diagnostic radiologist; (e) therapy medical physicist; (f) nuclear medicine physicist; (g) nuclear pharmacist; (h) radiation safety officer; (i) patients’ rights advocate; (i) Food and Drug Administration representative; and (j) Agreement State representative. For additional information about membership on the ACMUI, visit the ACMUI Membership Web page, https:// www.nrc.gov/aboutnrc/regulatory/ advisory/acmui/membership.html. NRC is inviting nominations for the Radiation Oncologist physician position on the ACMUI. The term of the individual currently occupying this position will end on February 25, 2015. Committee members currently serve a four-year term and may be considered for reappointment to an additional term. Nominees must be U.S. citizens and be able to devote approximately 160 hours per year to Committee business. Members are expected to attend semiannual meetings in Rockville, Maryland, and to participate in teleconferences, as needed. Members who are not Federal employees are compensated for their service. In addition, these members are reimbursed for travel and correspondence expenses. Full-time Federal employees are reimbursed travel expenses only. sroberts on DSK5TPTVN1PROD with NOTICES SUPPLEMENTARY INFORMATION: VerDate Mar<15>2010 18:28 Mar 18, 2014 Jkt 232001 Security Background Check: The selected nominee will undergo a thorough security background check. Security paperwork may take the nominee several weeks to complete. Nominees will also be required to complete a financial disclosure statement to avoid conflicts of interest. Dated at Rockville, Maryland, this 13th day of March, 2014. For the U.S. Nuclear Regulatory Commission. Andrew L. Bates, Advisory Committee Management Officer. [FR Doc. 2014–06049 Filed 3–18–14; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collections for OMB Review; Comment Request; Multiemployer Plan Regulations Pension Benefit Guaranty Corporation. ACTION: Notice of request for extension of OMB approval. AGENCY: The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of certain collections of information under its regulations on multiemployer plans under the Employee Retirement Income Security Act of 1974 (ERISA). This notice informs the public of PBGC’s request and solicits public comment on the collections of information. DATES: Comments should be submitted by April 18, 2014. ADDRESSES: Comments should be sent to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Pension Benefit Guaranty Corporation, via electronic mail at OIRA_DOCKET@ omb.eop.gov or by fax to 202–395–6974. A copy of PBGC’s request may be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel, 1200 K St. NW., Washington, DC 20005–4026, 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 request is also available at https://www.reginfo.gov. FOR FURTHER INFORMATION CONTACT: Donald F. McCabe, Attorney, Regulatory Affairs Group, Office of the General Counsel, or Catherine B. Klion, Assistant General Counsel, Pension SUMMARY: PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 15361 Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005– 4026, 202–326–4024. (For TTY and TDD, call 1–800–877–8339 and request connection to 202–326–4024.) SUPPLEMENTARY INFORMATION: 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. OMB has approved and issued control numbers for the collections of information, described below, in PBGC’s regulations relating to multiemployer plans (OMB approvals expire March 31, 2014, April 30, 2014, or July 31, 2014 (as specified below).1 The collections of information for which PBGC is requesting extension of OMB approval are as follows: 1. Termination of Multiemployer Plans (29 CFR Part 4041A) (OMB Control Number 1212–0020) (Expires March 31, 2014) Section 4041A(f)(2) of ERISA authorizes PBGC to prescribe reporting requirements for and other ‘‘rules and standards for the administration of’’ terminated multiemployer plans. Section 4041A(c) and (f)(1) of ERISA prohibit the payment by a masswithdrawal-terminated plan of lump sums greater than $1,750 or of nonvested plan benefits unless authorized by PBGC. The regulation requires the plan sponsor of a terminated plan to submit a notice of termination to PBGC. It also requires the plan sponsor of a masswithdrawal-terminated plan that is closing out to give notices to participants regarding the election of alternative forms of benefit distribution and, if the plan is not closing out, to obtain PBGC approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits.2 PBGC uses the information in a notice of termination to assess the likelihood that PBGC financial assistance will be needed. Plan participants and beneficiaries use the information on alternative forms of benefit to make 1 This notice does not cover Mergers and Transfers Between Multiemployer Plans (OMB Control Number 1212–0022, expires March 31, 2014) or Duties of Plan Sponsor Following Mass Withdrawal (OMB Control Number 1212–0032, expires May 31, 2014). Those information collections, which were included in PBGC’s related ‘‘60-day notice’’ (78 FR 72128, Dec. 2, 2013), would be affected by PBGC’s recent proposed rule on Multiemployer Plans; Valuation and Notice Requirements, 79 FR 4642 (Jan. 29, 2014). The proposed rule changes to those information collections are currently under review by OMB. 2 Although the regulation would be affected by the recent proposed rule (see footnote 1), the proposal would not affect the information collection. E:\FR\FM\19MRN1.SGM 19MRN1 15362 Federal Register / Vol. 79, No. 53 / Wednesday, March 19, 2014 / Notices personal financial decisions. PBGC uses the information in an application for approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits to determine whether such payments should be permitted. PBGC estimates that plan sponsors each year (1) submit notices of termination for 10 plans, (2) distribute election notices to participants in 5 of those plans, and (3) submit requests to pay benefits or benefit forms not otherwise permitted for one of those plans. The estimated annual burden of the collection of information is 19.2 hours and $18,436.50. 2. Extension of Special Withdrawal Liability Rules (29 CFR Part 4203) (OMB Control Number 1212–0023) (Expires March 31, 2014) Sections 4203(f) and 4208(e)(3) of ERISA allow PBGC to permit a multiemployer plan to adopt special rules for determining whether a withdrawal from the plan has occurred, subject to PBGC approval. The regulation specifies the information that a plan that adopts special rules must submit to PBGC about the rules, the plan, and the industry in which the plan operates. PBGC uses the information to determine whether the rules are appropriate for the industry in which the plan functions and do not pose a significant risk to the insurance system. PBGC estimates that at most one plan sponsor submits a request each year under this regulation. The estimated annual burden of the collection of information is one hour and $5,600. sroberts on DSK5TPTVN1PROD with NOTICES 3. Variances for Sale of Assets (29 CFR Part 4204) (OMB Control Number 1212– 0021) (Expires March 31, 2014) If an employer’s covered operations or contribution obligation under a plan ceases, the employer must generally pay withdrawal liability to the plan. Section 4204 of ERISA provides an exception, under certain conditions, where the cessation results from a sale of assets. Among other things, the buyer must furnish a bond or escrow, and the sale contract must provide for secondary liability of the seller. The regulation establishes general variances (rules for avoiding the bond/ escrow and sale-contract requirements) and authorizes plans to determine whether the variances apply in particular cases. It also allows buyers and sellers to request individual variances from PBGC. Plans and PBGC use the information to determine whether employers qualify for variances. VerDate Mar<15>2010 18:28 Mar 18, 2014 Jkt 232001 PBGC estimates that each year, 11 employers submit, and 11 plans respond to, variance requests under the regulation, and one employer submits a variance request to PBGC. The estimated annual burden of the collection of information is 2.75 hours and $5,513. 4. Reduction or Waiver of Complete Withdrawal Liability (29 CFR Part 4207) (OMB Control Number 1212– 0044) (Expires March 31, 2014) Section 4207 of ERISA allows PBGC to provide for abatement of an employer’s complete withdrawal liability, and for plan adoption of alternative abatement rules, where appropriate. Under the regulation, an employer applies to a plan for an abatement determination, providing information the plan needs to determine whether withdrawal liability should be abated, and the plan notifies the employer of its determination. The employer may, pending plan action, furnish a bond or escrow instead of making withdrawal liability payments, and must notify the plan if it does so. When the plan then makes its determination, it must so notify the bonding or escrow agent. The regulation also permits plans to adopt their own abatement rules and request PBGC approval. PBGC uses the information in such a request to determine whether the amendment should be approved. PBGC estimates that each year, 100 employers submit, and 100 plans respond to, applications for abatement of complete withdrawal liability, and one plan sponsor requests approval of plan abatement rules from PBGC. The estimated annual burden of the collection of information is 25.5 hours and $35,000. 5. Reduction or Waiver of Partial Withdrawal Liability (29 CFR Part 4208) (OMB Control Number 1212– 0039) (Expires July 31, 2014) Section 4208 of ERISA provides for abatement, in certain circumstances, of an employer’s partial withdrawal liability and authorizes PBGC to issue additional partial withdrawal liability abatement rules. Under the regulation, an employer applies to a plan for an abatement determination, providing information the plan needs to determine whether withdrawal liability should be abated, and the plan notifies the employer of its determination. The employer may, pending plan action, furnish a bond or escrow instead of making withdrawal liability payments, and must notify the plan if it does so. When the plan then PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 makes its determination, it must so notify the bonding or escrow agent. The regulation also permits plans to adopt their own abatement rules and request PBGC approval. PBGC uses the information in such a request to determine whether the amendment should be approved. PBGC estimates that each year, 1,000 employers submit, and 1,000 plans respond to, applications for abatement of partial withdrawal liability and one plan sponsor requests approval of plan abatement rules from PBGC. The estimated annual burden of the collection of information is 250.5 hours and $350,000. 6. Allocating Unfunded Vested Benefits to Withdrawing Employers (29 CFR Part 4211) (OMB Control Number 1212– 0035) (Expires April 30, 2014) Section 4211(c)(5)(A) of ERISA requires PBGC to prescribe how plans can, with PBGC approval, change the way they allocate unfunded vested benefits to withdrawing employers for purposes of calculating withdrawal liability. The regulation prescribes the information that must be submitted to PBGC by a plan seeking such approval. PBGC uses the information to determine how the amendment changes the way the plan allocates unfunded vested benefits and how it will affect the risk of loss to plan participants and PBGC. PBGC estimates that 10 plan sponsors submit approval requests each year under this regulation. The estimated annual burden of the collection of information is 20 hours and $0. 7. Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR Part 4219) (OMB Control Number 1212–0034) (Expires April 30, 2014) Section 4219(c)(1)(D) of ERISA requires that PBGC prescribe regulations for the allocation of a plan’s total unfunded vested benefits in the event of a ‘‘mass withdrawal.’’ ERISA section 4209(c) deals with an employer’s liability for de minimis amounts if the employer withdraws in a ‘‘substantial withdrawal.’’ The reporting requirements in the regulation give employers notice of a mass withdrawal or substantial withdrawal and advise them of their rights and liabilities. They also provide notice to PBGC so that it can monitor the plan, and they help PBGC assess the possible impact of a withdrawal event on participants and the multiemployer plan insurance program. PBGC estimates that there are six mass withdrawals and three substantial E:\FR\FM\19MRN1.SGM 19MRN1 15363 Federal Register / Vol. 79, No. 53 / Wednesday, March 19, 2014 / Notices withdrawals per year. The plan sponsor of a plan subject to a withdrawal covered by the regulation provides notices of the withdrawal to PBGC and to employers covered by the plan, liability assessments to the employers, and a certification to PBGC that assessments have been made. (For a mass withdrawal, there are two assessments and two certifications that deal with two different types of liability. For a substantial withdrawal, there is one assessment and one certification (combined with the withdrawal notice to PBGC).) The estimated annual burden of the collection of information is 18.43 hours and $50,744.95. sroberts on DSK5TPTVN1PROD with NOTICES 8. Procedures for PBGC Approval of Plan Amendments (29 CFR Part 4220) (OMB Control Number 1212–0031) (Expires March 31, 2014) Under section 4220 of ERISA, a plan may within certain limits adopt special plan rules regarding when a withdrawal from the plan occurs and how the withdrawing employer’s withdrawal liability is determined. Any such special rule is effective only if, within 90 days after receiving notice and a copy of the rule, PBGC either approves or fails to disapprove the rule. The regulation provides rules for requesting PBGC’s approval of an amendment. PBGC needs the required information to identify the plan, evaluate the risk of loss, if any, posed by the plan amendment, and determine whether to approve or disapprove the amendment. PBGC estimates that at most one plan sponsor submits an approval request per year under this regulation. The estimated annual burden of the collection of information is 0.5 hours and $0. 9. Notice of Insolvency (29 CFR Part 4245) (OMB Control Number 1212– 0033) (Expires April 30, 2014) If the plan sponsor of a plan in reorganization under ERISA section 4241 determines that the plan may become insolvent, ERISA section 4245(e) requires the plan sponsor to give a ‘‘notice of insolvency’’ to PBGC, contributing employers, and plan participants and their unions in accordance with PBGC rules. For each insolvency year under ERISA section 4245(b)(4), ERISA section 4245(e) also requires the plan sponsor to give a ‘‘notice of insolvency benefit level’’ to the same parties. This regulation establishes the procedure for giving these notices. PBGC uses the information submitted to estimate cash needs for financial assistance to troubled plans. Employers VerDate Mar<15>2010 18:28 Mar 18, 2014 Jkt 232001 and unions use the information to decide whether additional plan contributions will be made to avoid the insolvency and consequent benefit suspensions. Plan participants and beneficiaries use the information in personal financial decisions. PBGC estimates that at most one plan sponsor of an ongoing plan gives notices each year under this regulation. The estimated annual burden of the collection of information is one hour and $2,734. Issued in Washington, DC, this 13th day of March, 2014. Judith R. Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2014–06051 Filed 3–18–14; 8:45 am] BILLING CODE 7709–02–P I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule 6432 to require members to certify that they have and will not accept any payment or other consideration for market making from issuers and related persons. Below is the text of the proposed rule change. Proposed new language is in italics; proposed deletions are in brackets. * * * * * 6000. QUOTATION AND TRANSACTION REPORTING FACILITIES * [Release No. 34–71720; File No. SR–FINRA– 2014–011] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rule 6432 March 13, 2014. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b-4 thereunder,2 notice is hereby given that on March 6, 2014, Financial Industry Regulatory Authority, Inc. (‘‘FINRA) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as ‘‘constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule’’ under Section 19(b)(3)(A)(i) of the Act 3 and Rule 19b–4(f)(1) thereunder,4 which renders the proposal effective upon receipt of this filing by the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(i). 4 17 CFR 240.19b–4(f)(1). 2 17 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 * * * 6400. QUOTING AND TRADING IN OTC EQUITY SECURITIES * SECURITIES AND EXCHANGE COMMISSION * * * * * 6430. OTC Equity Quotation Requirements * * * * * 6432. Compliance With the Information Requirements of SEA Rule 15c2–11 (a) No Change. (b) The information to be filed shall contain: (1) O[o]ne copy of all information required to be maintained under SEA Rule 15c2–11(a)(1), (2), (3), (4), or (5), including any information that may be required by future amendments thereto. Members are not required to file with FINRA copies of any information that is available through the SEC’s Electronic Data Gathering, Analysis, and Retrieval (‘‘EDGAR’’) system; provided, however, that the filing with FINRA shall contain identifying information for each issuer report or statement available through EDGAR that was relied upon in satisfying the member’s obligations under this Rule and SEA Rule 15c2– 11(a), including the type of report, report date and any other information as may be requested by FINRA. (2) [In addition, this filing shall identify]Identification of the issuer, the issuer’s predecessor in the event of a merger or reorganization within the previous 12 months, the type of nonexchange-listed security to be quoted (e.g., ADR, warrant, unit, or common stock), the quotation medium to be used, the member’s initial or resumed quotation, and the particular subsection of SEA Rule 15c2–11 with which the member is demonstrating compliance. (3) [Additionally, i]If a member is initiating or resuming quotation of a non-exchange-listed security with a priced entry, [the member’s filing must E:\FR\FM\19MRN1.SGM 19MRN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 79, Number 53 (Wednesday, March 19, 2014)]
[Notices]
[Pages 15361-15363]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-06051]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collections for OMB Review; Comment 
Request; Multiemployer Plan Regulations

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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

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 certain collections of information 
under its regulations on multiemployer plans under the Employee 
Retirement Income Security Act of 1974 (ERISA). This notice informs the 
public of PBGC's request and solicits public comment on the collections 
of information.

DATES: Comments should be submitted by April 18, 2014.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at OIRA_DOCKET@omb.eop.gov or by fax to 202-395-6974. A copy of PBGC's 
request may be obtained without charge by writing to the Disclosure 
Division of the Office of the General Counsel, 1200 K St. NW., 
Washington, DC 20005-4026, 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 request is also available at https://www.reginfo.gov.

FOR FURTHER INFORMATION CONTACT: Donald F. McCabe, Attorney, Regulatory 
Affairs Group, Office of the General Counsel, or Catherine B. Klion, 
Assistant General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, 
call 1-800-877-8339 and request connection to 202-326-4024.)

SUPPLEMENTARY INFORMATION: 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. OMB has 
approved and issued control numbers for the collections of information, 
described below, in PBGC's regulations relating to multiemployer plans 
(OMB approvals expire March 31, 2014, April 30, 2014, or July 31, 2014 
(as specified below).\1\
---------------------------------------------------------------------------

    \1\ This notice does not cover Mergers and Transfers Between 
Multiemployer Plans (OMB Control Number 1212-0022, expires March 31, 
2014) or Duties of Plan Sponsor Following Mass Withdrawal (OMB 
Control Number 1212-0032, expires May 31, 2014). Those information 
collections, which were included in PBGC's related ``60-day notice'' 
(78 FR 72128, Dec. 2, 2013), would be affected by PBGC's recent 
proposed rule on Multiemployer Plans; Valuation and Notice 
Requirements, 79 FR 4642 (Jan. 29, 2014). The proposed rule changes 
to those information collections are currently under review by OMB.
---------------------------------------------------------------------------

    The collections of information for which PBGC is requesting 
extension of OMB approval are as follows:

1. Termination of Multiemployer Plans (29 CFR Part 4041A) (OMB Control 
Number 1212-0020) (Expires March 31, 2014)

    Section 4041A(f)(2) of ERISA authorizes PBGC to prescribe reporting 
requirements for and other ``rules and standards for the administration 
of'' terminated multiemployer plans. Section 4041A(c) and (f)(1) of 
ERISA prohibit the payment by a mass-withdrawal-terminated plan of lump 
sums greater than $1,750 or of nonvested plan benefits unless 
authorized by PBGC.
    The regulation requires the plan sponsor of a terminated plan to 
submit a notice of termination to PBGC. It also requires the plan 
sponsor of a mass-withdrawal-terminated plan that is closing out to 
give notices to participants regarding the election of alternative 
forms of benefit distribution and, if the plan is not closing out, to 
obtain PBGC approval to pay lump sums greater than $1,750 or to pay 
nonvested plan benefits.\2\
---------------------------------------------------------------------------

    \2\ Although the regulation would be affected by the recent 
proposed rule (see footnote 1), the proposal would not affect the 
information collection.
---------------------------------------------------------------------------

    PBGC uses the information in a notice of termination to assess the 
likelihood that PBGC financial assistance will be needed. Plan 
participants and beneficiaries use the information on alternative forms 
of benefit to make

[[Page 15362]]

personal financial decisions. PBGC uses the information in an 
application for approval to pay lump sums greater than $1,750 or to pay 
nonvested plan benefits to determine whether such payments should be 
permitted.
    PBGC estimates that plan sponsors each year (1) submit notices of 
termination for 10 plans, (2) distribute election notices to 
participants in 5 of those plans, and (3) submit requests to pay 
benefits or benefit forms not otherwise permitted for one of those 
plans. The estimated annual burden of the collection of information is 
19.2 hours and $18,436.50.

2. Extension of Special Withdrawal Liability Rules (29 CFR Part 4203) 
(OMB Control Number 1212-0023) (Expires March 31, 2014)

    Sections 4203(f) and 4208(e)(3) of ERISA allow PBGC to permit a 
multiemployer plan to adopt special rules for determining whether a 
withdrawal from the plan has occurred, subject to PBGC approval.
    The regulation specifies the information that a plan that adopts 
special rules must submit to PBGC about the rules, the plan, and the 
industry in which the plan operates. PBGC uses the information to 
determine whether the rules are appropriate for the industry in which 
the plan functions and do not pose a significant risk to the insurance 
system.
    PBGC estimates that at most one plan sponsor submits a request each 
year under this regulation. The estimated annual burden of the 
collection of information is one hour and $5,600.

3. Variances for Sale of Assets (29 CFR Part 4204) (OMB Control Number 
1212-0021) (Expires March 31, 2014)

    If an employer's covered operations or contribution obligation 
under a plan ceases, the employer must generally pay withdrawal 
liability to the plan. Section 4204 of ERISA provides an exception, 
under certain conditions, where the cessation results from a sale of 
assets. Among other things, the buyer must furnish a bond or escrow, 
and the sale contract must provide for secondary liability of the 
seller.
    The regulation establishes general variances (rules for avoiding 
the bond/escrow and sale-contract requirements) and authorizes plans to 
determine whether the variances apply in particular cases. It also 
allows buyers and sellers to request individual variances from PBGC. 
Plans and PBGC use the information to determine whether employers 
qualify for variances.
    PBGC estimates that each year, 11 employers submit, and 11 plans 
respond to, variance requests under the regulation, and one employer 
submits a variance request to PBGC. The estimated annual burden of the 
collection of information is 2.75 hours and $5,513.

4. Reduction or Waiver of Complete Withdrawal Liability (29 CFR Part 
4207) (OMB Control Number 1212-0044) (Expires March 31, 2014)

    Section 4207 of ERISA allows PBGC to provide for abatement of an 
employer's complete withdrawal liability, and for plan adoption of 
alternative abatement rules, where appropriate.
    Under the regulation, an employer applies to a plan for an 
abatement determination, providing information the plan needs to 
determine whether withdrawal liability should be abated, and the plan 
notifies the employer of its determination. The employer may, pending 
plan action, furnish a bond or escrow instead of making withdrawal 
liability payments, and must notify the plan if it does so. When the 
plan then makes its determination, it must so notify the bonding or 
escrow agent.
    The regulation also permits plans to adopt their own abatement 
rules and request PBGC approval. PBGC uses the information in such a 
request to determine whether the amendment should be approved.
    PBGC estimates that each year, 100 employers submit, and 100 plans 
respond to, applications for abatement of complete withdrawal 
liability, and one plan sponsor requests approval of plan abatement 
rules from PBGC. The estimated annual burden of the collection of 
information is 25.5 hours and $35,000.

5. Reduction or Waiver of Partial Withdrawal Liability (29 CFR Part 
4208) (OMB Control Number 1212-0039) (Expires July 31, 2014)

    Section 4208 of ERISA provides for abatement, in certain 
circumstances, of an employer's partial withdrawal liability and 
authorizes PBGC to issue additional partial withdrawal liability 
abatement rules.
    Under the regulation, an employer applies to a plan for an 
abatement determination, providing information the plan needs to 
determine whether withdrawal liability should be abated, and the plan 
notifies the employer of its determination. The employer may, pending 
plan action, furnish a bond or escrow instead of making withdrawal 
liability payments, and must notify the plan if it does so. When the 
plan then makes its determination, it must so notify the bonding or 
escrow agent.
    The regulation also permits plans to adopt their own abatement 
rules and request PBGC approval. PBGC uses the information in such a 
request to determine whether the amendment should be approved.
    PBGC estimates that each year, 1,000 employers submit, and 1,000 
plans respond to, applications for abatement of partial withdrawal 
liability and one plan sponsor requests approval of plan abatement 
rules from PBGC. The estimated annual burden of the collection of 
information is 250.5 hours and $350,000.

6. Allocating Unfunded Vested Benefits to Withdrawing Employers (29 CFR 
Part 4211) (OMB Control Number 1212-0035) (Expires April 30, 2014)

    Section 4211(c)(5)(A) of ERISA requires PBGC to prescribe how plans 
can, with PBGC approval, change the way they allocate unfunded vested 
benefits to withdrawing employers for purposes of calculating 
withdrawal liability.
    The regulation prescribes the information that must be submitted to 
PBGC by a plan seeking such approval. PBGC uses the information to 
determine how the amendment changes the way the plan allocates unfunded 
vested benefits and how it will affect the risk of loss to plan 
participants and PBGC.
    PBGC estimates that 10 plan sponsors submit approval requests each 
year under this regulation. The estimated annual burden of the 
collection of information is 20 hours and $0.

7. Notice, Collection, and Redetermination of Withdrawal Liability (29 
CFR Part 4219) (OMB Control Number 1212-0034) (Expires April 30, 2014)

    Section 4219(c)(1)(D) of ERISA requires that PBGC prescribe 
regulations for the allocation of a plan's total unfunded vested 
benefits in the event of a ``mass withdrawal.'' ERISA section 4209(c) 
deals with an employer's liability for de minimis amounts if the 
employer withdraws in a ``substantial withdrawal.''
    The reporting requirements in the regulation give employers notice 
of a mass withdrawal or substantial withdrawal and advise them of their 
rights and liabilities. They also provide notice to PBGC so that it can 
monitor the plan, and they help PBGC assess the possible impact of a 
withdrawal event on participants and the multiemployer plan insurance 
program.
    PBGC estimates that there are six mass withdrawals and three 
substantial

[[Page 15363]]

withdrawals per year. The plan sponsor of a plan subject to a 
withdrawal covered by the regulation provides notices of the withdrawal 
to PBGC and to employers covered by the plan, liability assessments to 
the employers, and a certification to PBGC that assessments have been 
made. (For a mass withdrawal, there are two assessments and two 
certifications that deal with two different types of liability. For a 
substantial withdrawal, there is one assessment and one certification 
(combined with the withdrawal notice to PBGC).) The estimated annual 
burden of the collection of information is 18.43 hours and $50,744.95.

8. Procedures for PBGC Approval of Plan Amendments (29 CFR Part 4220) 
(OMB Control Number 1212-0031) (Expires March 31, 2014)

    Under section 4220 of ERISA, a plan may within certain limits adopt 
special plan rules regarding when a withdrawal from the plan occurs and 
how the withdrawing employer's withdrawal liability is determined. Any 
such special rule is effective only if, within 90 days after receiving 
notice and a copy of the rule, PBGC either approves or fails to 
disapprove the rule.
    The regulation provides rules for requesting PBGC's approval of an 
amendment. PBGC needs the required information to identify the plan, 
evaluate the risk of loss, if any, posed by the plan amendment, and 
determine whether to approve or disapprove the amendment.
    PBGC estimates that at most one plan sponsor submits an approval 
request per year under this regulation. The estimated annual burden of 
the collection of information is 0.5 hours and $0.

9. Notice of Insolvency (29 CFR Part 4245) (OMB Control Number 1212-
0033) (Expires April 30, 2014)

    If the plan sponsor of a plan in reorganization under ERISA section 
4241 determines that the plan may become insolvent, ERISA section 
4245(e) requires the plan sponsor to give a ``notice of insolvency'' to 
PBGC, contributing employers, and plan participants and their unions in 
accordance with PBGC rules.
    For each insolvency year under ERISA section 4245(b)(4), ERISA 
section 4245(e) also requires the plan sponsor to give a ``notice of 
insolvency benefit level'' to the same parties.
    This regulation establishes the procedure for giving these notices. 
PBGC uses the information submitted to estimate cash needs for 
financial assistance to troubled plans. Employers and unions use the 
information to decide whether additional plan contributions will be 
made to avoid the insolvency and consequent benefit suspensions. Plan 
participants and beneficiaries use the information in personal 
financial decisions.
    PBGC estimates that at most one plan sponsor of an ongoing plan 
gives notices each year under this regulation. The estimated annual 
burden of the collection of information is one hour and $2,734.

    Issued in Washington, DC, this 13th day of March, 2014.
Judith R. Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-06051 Filed 3-18-14; 8:45 am]
BILLING CODE 7709-02-P

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