Proposed Submission of Information Collections for OMB Review; Comment Request; Payment of Premiums; Termination Premium, 83882-83883 [2016-27866]

Download as PDF 83882 Federal Register / Vol. 81, No. 225 / Tuesday, November 22, 2016 / 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 February 28, 2017), without 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 January 23, 2017. 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. • 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 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 (murphy.deborah@ pbgc.gov), Assistant General Counsel for Regulatory Affairs, Office of the General Counsel, Pension Benefit Guaranty sradovich on DSK3GMQ082PROD with NOTICES DATES: VerDate Sep<11>2014 16:52 Nov 21, 2016 Jkt 241001 Corporation, 1200 K Street NW., Washington, DC 20005–4026, 202–326– 4400 ext. 3451. (TTY and TDD users may call the Federal relay service tollfree at 800–877–8339 and ask to be connected to 202–326–4400 ext. 3451.) 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 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 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 February 28, 2017. PBGC intends to request that OMB extend approval of this collection of information for three years, without 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 1 filing for the first year a termination premium is due, 1 filing for the second year a termination premium is due, and 1 filing for the third year a termination premium is due, from a total of about 3 respondents. PBGC estimates that the total annual burden of the collection of information will be about 15 minutes and $200. 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.g., permitting electronic submission of responses. E:\FR\FM\22NON1.SGM 22NON1 Federal Register / Vol. 81, No. 225 / Tuesday, November 22, 2016 / Notices Issued in Washington, DC, by: Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. Attention: Desk Officer for the Office of Personnel Management or sent by email to oira_submission@omb.eop.gov or faxed to (202) 395–6974. [FR Doc. 2016–27866 Filed 11–21–16; 8:45 am] OFFICE OF PERSONNEL MANAGEMENT OMB No. 3206–0233, Civil Service Retirement System Survivor Annuitant Express Pay Application for Death Benefits, OPM Form RI 25–051 Office of Personnel Management. ACTION: 30-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) OMB No. 3206–0233, Civil Service Retirement System Survivor Annuitant Express Pay Application for Death Benefits, OPM Form RI 25–051. As required by the Paperwork Reduction Act of 1995 (Public Law 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 information collection was previously published in the Federal Register (81 FR 47444, July 21, 2016) allowing for a 60-day public comment period. No comments were received for this information collection. The purpose of this notice is to allow an additional 30 days for public comments. DATES: Comments are encouraged and will be accepted until December 22, 2016. This process is conducted in accordance with 5 CFR 1320.1. ADDRESSES: Interested persons are invited to submit written comments on the proposed information collection to Office of Information and Regulatory Affairs, Office of Management and Budget, 725 17th Street NW., Washington, DC 20503, Attention: Desk Officer for the Office of Personnel Management or sent by email to oira_ submission@omb.eop.gov or faxed to (202) 395–6974. FOR FURTHER INFORMATION CONTACT: A copy of this ICR, with applicable supporting documentation, may be obtained by contacting the Office of Information and Regulatory Affairs, Office of Management and Budget, 725 17th Street NW., Washington, DC 20503, sradovich on DSK3GMQ082PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:53 Nov 21, 2016 Jkt 241001 OPM Form RI 25–051 will be used by the Civil Service Retirement System solely to pay benefits to the widow(er) of an annuitant. This application is intended for use in immediately authorizing payments to an annuitant’s widow or widower, based on the report of death, when our records show the decedent elected to provide benefits for the applicant. The Office of Management and Budget is particularly interested in comments that: SUPPLEMENTARY INFORMATION: BILLING CODE 7709–02–P 1. Evaluate whether the proposed collection of information is necessary for the proper performance of functions of OPM, including whether the information will have practical utility; 2. Evaluate the accuracy of OPM’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; 3. Enhance the quality, utility, and clarity of the information to be collected; and 4. 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 submissions of responses. 83883 POSTAL SERVICE Product Change—Priority Mail Express, Priority Mail, & First-Class Package Service Negotiated Service Agreement AGENCY: ACTION: Postal ServiceTM. Notice. The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. SUMMARY: DATES: Effective date: November 22, 2016. FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202–268–3179. The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on November 15, 2016, it filed with the Postal Regulatory Commission a Request of the United States Postal Service to Add Priority Mail Express, Priority Mail, & First-Class Package Service Contract 12 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2017–21, CP2017–41. SUPPLEMENTARY INFORMATION: Stanley F. Mires, Attorney, Federal Compliance. [FR Doc. 2016–28019 Filed 11–21–16; 8:45 am] BILLING CODE 7710–12–P Analysis RAILROAD RETIREMENT BOARD Agency: Retirement Operations, Retirement Services, Office of Personnel Management. Notice of Closed Meeting; Sunshine Act Title: Civil Service Retirement System Survivor Annuitant Express Pay Application for Death Benefits. OMB: 3206–0233. Frequency: On occasion. Affected Public: Individuals or Households. Number of Respondents: 34,800. Estimated Time per Respondent: 30 minutes. Total Burden Hours: 17,400. Notice is hereby given that the Railroad Retirement Board will hold a closed meeting on November 30, 2016 beginning at 10:00 a.m. at the Board’s meeting room on the 8th floor of its headquarters building, 844 North Rush Street, Chicago, Illinois, 60611. The agenda for this meeting follows: Closed meeting notice: (1) General Counsel Position The person to contact for more information is Martha P. Rico, Secretary to the Board, Phone No. 312–751–4920. U.S. Office of Personnel Management. Beth F. Cobert, Acting Director. Dated: November 17, 2016. Martha P. Rico, Secretary to the Board. [FR Doc. 2016–28088 Filed 11–21–16; 8:45 am] [FR Doc. 2016–28176 Filed 11–18–16; 11:15 am] BILLING CODE 6325–38–P BILLING CODE 7905–01–P PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FR\FM\22NON1.SGM 22NON1

Agencies

[Federal Register Volume 81, Number 225 (Tuesday, November 22, 2016)]
[Notices]
[Pages 83882-83883]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27866]



[[Page 83882]]

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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 February 28, 
2017), without 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 January 23, 2017.

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.
     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 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 
(murphy.deborah@pbgc.gov), Assistant General Counsel for Regulatory 
Affairs, Office of the General Counsel, Pension Benefit Guaranty 
Corporation, 1200 K Street NW., Washington, DC 20005-4026, 202-326-4400 
ext. 3451. (TTY and TDD users may call the Federal relay service toll-
free at 800-877-8339 and ask to be connected to 202-326-4400 ext. 
3451.)

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 
February 28, 2017. PBGC intends to request that OMB extend approval of 
this collection of information for three years, without 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 1 
filing for the first year a termination premium is due, 1 filing for 
the second year a termination premium is due, and 1 filing for the 
third year a termination premium is due, from a total of about 3 
respondents. PBGC estimates that the total annual burden of the 
collection of information will be about 15 minutes and $200.
    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.g., permitting 
electronic submission of responses.


[[Page 83883]]


    Issued in Washington, DC, by:
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-27866 Filed 11-21-16; 8:45 am]
 BILLING CODE 7709-02-P
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