Proposed Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series), 62681-62682 [2014-24925]

Download as PDF Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 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 Kimberly Meyer, NRC Disability Program Manager, at 301–287–0727, by videophone at 240–428–3217, or by email at Kimberly.Meyer-Chambers@ nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * Members of the public may request to receive this information electronically. If you 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 Patricia.Jimenez@nrc.gov or Brenda.Akstulewicz@nrc.gov. Dated: October 16, 2014. Rochelle C. Bavol, Policy Coordinator, Office of the Secretary. [FR Doc. 2014–24956 Filed 10–16–14; 4:15 pm] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series) Pension Benefit Guaranty Corporation. ACTION: Notice of intention to request extension of OMB approval, with modifications. AGENCY: The 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 its collection of information for Annual Reporting (OMB control number 1212–0057, expires June 30, 2017). This notice informs the public of PBGC’s intent and solicits public comment on the collection of information. DATES: Comments must be submitted by December 19, 2014. 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. tkelley on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 16:28 Oct 17, 2014 Jkt 235001 • Mail or Hand Delivery: Regulatory Affairs Group, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005–4026. PBGC will make all comments available on its Web site at https://www.pbgc.gov. Copies of the collection of information and comments 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: Grace Kraemer, 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. (TTY and TDD users may call the Federal relay service toll-free at 1–800–877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: The Employee Retirement Income Security Act of 1974 (ERISA) contains three separate sets of provisions—in Title I (Labor provisions), Title II (Internal Revenue Code provisions), and Title IV (PBGC provisions)—requiring administrators of employee benefit pension and welfare plans (collectively referred to as employee benefit plans) to file returns or reports annually with the Federal government. PBGC, the Department of Labor (DOL), and the Internal Revenue Service (IRS) work together to produce the Form 5500 Annual Return/Report for Employee Benefit Plan and Form 5500– SF Short Form Annual Return/Report for Small Employee Benefit Plan (Form 5500 Series), through which the regulated public can satisfy the combined reporting/filing requirements applicable to employee benefit plans. The collection of information has been approved by OMB under control number 1212–0057 through June 30, 2017. PBGC intends to request that OMB extend its approval for three years, with modifications. 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 is proposing several modifications to the 2015 Schedule MB (Multiemployer Defined Benefit Plan Actuarial Information) and instructions and the Schedule SB (Single Employer Defined Benefit Plan Actuarial PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 62681 Information) instructions. These modifications affect multiemployer defined benefit plans covered by Title IV of ERISA. Based on a recommendation made by practitioners, PBGC is proposing to modify the Schedule MB to require plan administrators of all multiemployer plans to report on line 4 the funded percentage for monitoring the plan’s status. Currently, only plan administrators of multiemployer plans in critical or endangered status are required to report this information on line 4. (Plan administrators of all multiemployer plans are currently required to report information that can be used to calculate this funded percentage on line 1 of the Schedule MB.) PBGC is also proposing to modify the Schedule MB instructions to add RP– 2000 and RP–2000 (with Blue Collar Adjustment) to the list of mortality tables for non-disabled lives that plans may report in line 6c. (Plans that use these mortality tables currently report under the category ‘‘Other’’.) The Schedule MB and instructions would also be modified to add a new question in line 8b that would require large multiemployer plans (500 or more total participants as of the valuation date) to provide in an attachment a projection of expected benefit payments to be paid for the entire plan (not including expected expenses) for each of the next ten plan years starting with the plan year to which the filing relates. For this purpose plans would assume no additional accruals, experience (e.g., termination, mortality, and retirement) is consistent with the plan’s valuation assumptions, and no new entrants would be covered by the plan. PBGC is proposing to modify the Schedule SB instructions to simplify the alternative age/service scatters that cash balance plans with 1,000 or more active participants have an option to report on an attachment to line 26. PBGC estimates that it will receive approximately 25,000 Form 5500 and Form 5500–SF filings per year under this collection of information. PBGC further estimates that the total annual burden of this collection of information will be 1,200 hours and $1,357,000. PBGC is soliciting public comments to— • Evaluate whether the proposed 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 proposed collection of information, E:\FR\FM\20OCN1.SGM 20OCN1 62682 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices including the validity of the methodologies and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the 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 14th day of October 2014. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2014–24925 Filed 10–17–14; 8:45 am] BILLING CODE 7709–02–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Termination of Single-Employer Plans, Missing Participants Pension Benefit Guaranty Corporation. ACTION: Notice of request for extension of OMB approval, with modifications. AGENCY: PBGC is requesting that OMB extend approval (with modifications) under the Paperwork Reduction Act of a collection of information in PBGC’s regulations on Termination of Single Employer Plans and Missing Participants, and implementing forms and instructions (OMB control number 1212–0036: Expires February 28, 2017). This notice informs the public of PBGC’s request and solicits public comment on the collection of information. SUMMARY: Comments should be submitted by November 19, 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 the request (including the collection of information) is posted at https://www.pbgc.gov/res/lawsandregulations/informationcollectionsunder-omb-review.html. It 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, visiting the tkelley on DSK3SPTVN1PROD with NOTICES DATES: VerDate Sep<11>2014 16:28 Oct 17, 2014 Jkt 235001 Disclosure Division, faxing a request to 202–326–4042, 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 Disclosure Division will email, fax, or mail the request to you, as you request. FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney (326–4400, ext. 3072) or Catherine B. Klion, Assistant General Counsel (326–4400, ext. 3041), Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202–326–4400 (TTY and TDD users may call the Federal relay service toll-free at 1–800–877–8339 and ask to be connected to 202–326–4400.) SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee Retirement Income Security Act of 1974, as amended (ERISA), 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 missing participants regulation (29 CFR part 4050). These regulations may be found on PBGC’s Web site at https://www.pbgc.gov/res/laws-andregulations/code-of-federalregulations.html. The collection of information under these regulations and the implementing forms and instructions has been approved by OMB under control number 1212–0036 (expires February 28, 2017). PBGC is requesting that OMB extend its approval for three years, with modifications. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a current OMB control number. PBGC is proposing to require that a plan administrator of a plan terminating in a standard termination (or a distress termination that closes out in the private sector) must submit with the PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 post-distribution certification the following information: • The most recent plan document. • Proof of benefit distributions for lump sums paid and annuities purchased, including an accurate list of annuity providers, with the group contract numbers and contact information for each annuity provider, and a list of participants entitled to an annuity from each annuity provider. These new information requirements will help PBGC address inquiries from individuals who claim they are owed benefits from terminated plans and, where appropriate, pay benefits to individuals entitled to them or to direct them to insurers that are holding annuities for them. PBGC received one comment on its proposal, from the Pension Rights Center.1 PBGC’s response to PRC’s comment is included in the OMB submission. 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 about 1,700 hours and $1,721,000. Issued in Washington, DC, this 10th day of October 2014. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2014–24819 Filed 10–17–14; 8:45 am] BILLING CODE 7708–01–P POSTAL REGULATORY COMMISSION [Docket Nos. CP2015–2; Order No. 2214] New Postal Product Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing a recent Postal Service filing concerning the addition of Global Expedited Package Services 3 negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: October 21, 2014. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// SUMMARY: 1 https://www.pbgc.gov/documents/PRCcomments-on-PBGC-termination-of-singleemployer-plans.pdf. E:\FR\FM\20OCN1.SGM 20OCN1

Agencies

[Federal Register Volume 79, Number 202 (Monday, October 20, 2014)]
[Notices]
[Pages 62681-62682]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-24925]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Annual Reporting (Form 5500 Series)

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request extension of OMB approval, with 
modifications.

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

SUMMARY: The 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 its 
collection of information for Annual Reporting (OMB control number 
1212-0057, expires June 30, 2017). This notice informs the public of 
PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments must be submitted by December 19, 2014.

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: Regulatory Affairs Group, Office of 
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026.

PBGC will make all comments available on its Web site at https://www.pbgc.gov.
    Copies of the collection of information and comments 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: Grace Kraemer, 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. (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-
4024.)

SUPPLEMENTARY INFORMATION: The Employee Retirement Income Security Act 
of 1974 (ERISA) contains three separate sets of provisions--in Title I 
(Labor provisions), Title II (Internal Revenue Code provisions), and 
Title IV (PBGC provisions)--requiring administrators of employee 
benefit pension and welfare plans (collectively referred to as employee 
benefit plans) to file returns or reports annually with the Federal 
government.
    PBGC, the Department of Labor (DOL), and the Internal Revenue 
Service (IRS) work together to produce the Form 5500 Annual Return/
Report for Employee Benefit Plan and Form 5500-SF Short Form Annual 
Return/Report for Small Employee Benefit Plan (Form 5500 Series), 
through which the regulated public can satisfy the combined reporting/
filing requirements applicable to employee benefit plans.
    The collection of information has been approved by OMB under 
control number 1212-0057 through June 30, 2017. PBGC intends to request 
that OMB extend its approval for three years, with modifications. 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 is proposing several modifications to the 2015 Schedule MB 
(Multiemployer Defined Benefit Plan Actuarial Information) and 
instructions and the Schedule SB (Single Employer Defined Benefit Plan 
Actuarial Information) instructions. These modifications affect 
multiemployer defined benefit plans covered by Title IV of ERISA.
    Based on a recommendation made by practitioners, PBGC is proposing 
to modify the Schedule MB to require plan administrators of all 
multiemployer plans to report on line 4 the funded percentage for 
monitoring the plan's status. Currently, only plan administrators of 
multiemployer plans in critical or endangered status are required to 
report this information on line 4. (Plan administrators of all 
multiemployer plans are currently required to report information that 
can be used to calculate this funded percentage on line 1 of the 
Schedule MB.)
    PBGC is also proposing to modify the Schedule MB instructions to 
add RP-2000 and RP-2000 (with Blue Collar Adjustment) to the list of 
mortality tables for non-disabled lives that plans may report in line 
6c. (Plans that use these mortality tables currently report under the 
category ``Other''.)
    The Schedule MB and instructions would also be modified to add a 
new question in line 8b that would require large multiemployer plans 
(500 or more total participants as of the valuation date) to provide in 
an attachment a projection of expected benefit payments to be paid for 
the entire plan (not including expected expenses) for each of the next 
ten plan years starting with the plan year to which the filing relates. 
For this purpose plans would assume no additional accruals, experience 
(e.g., termination, mortality, and retirement) is consistent with the 
plan's valuation assumptions, and no new entrants would be covered by 
the plan.
    PBGC is proposing to modify the Schedule SB instructions to 
simplify the alternative age/service scatters that cash balance plans 
with 1,000 or more active participants have an option to report on an 
attachment to line 26.
    PBGC estimates that it will receive approximately 25,000 Form 5500 
and Form 5500-SF filings per year under this collection of information. 
PBGC further estimates that the total annual burden of this collection 
of information will be 1,200 hours and $1,357,000.
    PBGC is soliciting public comments to--
     Evaluate whether the proposed 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 proposed collection of information,

[[Page 62682]]

including the validity of the methodologies and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the 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 14th day of October 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-24925 Filed 10-17-14; 8:45 am]
BILLING CODE 7709-02-P
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