Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series), 61658-61659 [2019-24619]

Download as PDF 61658 Federal Register / Vol. 84, No. 219 / Wednesday, November 13, 2019 / Notices information that does not display a valid Control Number. See 5 CFR 1320.5(a) and 1320.6. Interested parties are encouraged to provide comments to the contact shown in the ADDRESSES section. Written comments will receive consideration, and summarized and included in the request for OMB approval of the final ICR. In order to help ensure appropriate consideration, comments should mention 1240–0048. Submitted comments will also be a matter of public record for this ICR and posted on the internet, without redaction. The DOL encourages commenters not to include personally identifiable information, confidential business data, or other sensitive statements/information in any comments. The DOL is particularly interested in comments that: • 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, 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. Agency: DOL–OWCP. Type of Review: Extension. Title of Collection: Notice of Issuance of Insurance Policy. Form: Notice of Issuance of Insurance Policy, CM–921. OMB Control Number: 1240–0048. Affected Public: Federal government, State, Local, or Tribal Government. Estimated Number of Respondents: 3,450. Frequency: Annually. Total Estimated Annual Responses: 3,450. Estimated Average Time per Response: 1 minute. Estimated Total Annual Burden Hours: 58 hours. Total Estimated Annual Other Cost Burden: $0. VerDate Sep<11>2014 17:23 Nov 12, 2019 Jkt 250001 Authority: 30 U.S.C. 901 and 20 CFR 725.535. Anjanette Suggs, Agency Clearance Officer. [FR Doc. 2019–24620 Filed 11–12–19; 8:45 am] BILLING CODE 4510–CK–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series) Pension Benefit Guaranty Corporation. ACTION: Notice of request for extension of OMB approval, with modifications. AGENCY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 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. This notice informs the public of PBGC’s request and solicits public comment on the collection. DATES: Comments must be submitted by December 13, 2019. 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_ submission@omb.eop.gov or by fax to (202) 395–6974. A copy of the request will be posted on PBGC’s website at: https:// www.pbgc.gov/prac/laws-andregulations/information-collectionsunder-omb-review. It may also be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel of PBGC, 1200 K Street NW, Washington, DC 20005– 4026; faxing a request to 202–326–4042; or, calling 202–326–4040 during normal business hours (TTY users may call the Federal Relay Service toll-free at 800– 877–8339 and ask to be connected to 202–326–4040). The Disclosure Division will email, fax, or mail the information to you, as you request. FOR FURTHER INFORMATION CONTACT: Karen Levin (levin.karen@pbgc.gov), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005– 4026, 202 229–3559. TTY users may call the Federal Relay Service toll-free at 800–877–8339 and ask to be connected to 202–229–3559. SUMMARY: PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 Annual reporting to the Internal Revenue Service (IRS), the Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) is required by law for most employee benefit plans. For example, section 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) requires annual reporting to PBGC for pension plans covered by title IV of ERISA. To accommodate these filing requirements, IRS, EBSA and PBGC have jointly promulgated the Form 5500 Series, which includes the Form 5500 Annual Return/Report of Employee Benefit Plan and the Form 5500–SF Short Form Annual Return/ Report of Small Employee Benefit Plan. PBGC is proposing modifications to the 2020 Schedule R (Retirement Plan Information) and its related instructions. Schedule R is part of the Form 5500 Series. The proposed modifications to Schedule R affect multiemployer defined benefit plans covered by title IV of ERISA. PBGC also is proposing minor modifications to the Form 5500 Series to improve the accuracy of reported information. The modifications are described in greater detail in the supporting statement submitted to OMB with this information collection, along with PBGC’s rationale for each modification. Section 103(f)(2)(C) of ERISA requires that a multiemployer defined benefit plan include in its annual report, ‘‘[t]he number of participants under the plan on whose behalf no contributions were made by an employer as an employer of the participant for such plan year and for each of the 2 preceding plan years.’’ Line 14a of Schedule R requires the plan to report the inactive participant counts for the current plan year’s filing. Lines 14b and 14c require the plan to report the inactive participant counts for the previous two respective plan years. PBGC has found a majority of plans that are required to report do not provide accurate information on line 14 of Schedule R. The current instructions for line 14 require multiemployer plans to count inactive participants using the last contributing employer counting method. Under the last contributing employer method, a plan counts only those inactive participants whose last contributing employer withdrew from the plan by the beginning of the relevant plan year for which the Form 5500 relates. The plan does not count any inactive participants whose employers had not withdrawn from the plan. PBGC is proposing to modify Schedule R to provide multiemployer plans with a choice of the last SUPPLEMENTARY INFORMATION: E:\FR\FM\13NON1.SGM 13NON1 61659 Federal Register / Vol. 84, No. 219 / Wednesday, November 13, 2019 / Notices contributing employer counting method and two other proposed counting methods: The alternative method and the reasonable approximation method. PBGC anticipates that providing plans with three available counting methods will allow each plan to choose the counting method that will be most accurate and least burdensome for the plan to count its inactive participants. Under the alternative method, a plan would count only those inactive participants whose last contributing employer and all prior contributing employers had withdrawn from the plan by the beginning of the relevant plan year. Under this method, the plan would review the list of all contributing employers (employers that had not withdrawn from the plan by the beginning of the relevant plan year), and include on Line 14 only those inactive participants who had no covered service with any of these employers. Under the reasonable approximation method, a plan that is unable to use the other two counting methods must make a reasonable, good faith effort to count inactive participants to satisfy the requirements of section 103(f)(2)(C) of ERISA. The plan would also be required to provide an attachment that explains the plan’s approximation method, including a description of the data and a breakdown describing the number of clearly identified inactive participants and the number of estimated inactive participants. PBGC is also proposing that when a plan reports a number on line 14b or 14c that differs from the number it reported for the plan year immediately preceding the current plan year, it would be required to submit an attachment with an explanation of the reason for the change. Both attachments will provide PBGC with data to be used in its Pension Insurance Modeling System (PIMS). PBGC’s evaluation of the data submitted in the attachments will allow PBGC to review the integrity of the data. PBGC estimates that the proposed changes would have an offsetting effect and would not change the hour or cost burden for the Schedule R. The existing collection of information was approved under OMB control number 1212–0057 (expires January 31, 2022). On August 20, 2019, PBGC published in the Federal Register (at 84 FR 43189) a notice informing the public of its intent to request an extension of this collection of information, as modified. PBGC received one comment in support of the collection of information. PBGC is requesting that OMB extend approval of the collection, with modifications, for three years. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. PBGC estimates that it will receive approximately 24,800 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 for PBGC will be 1,200 hours and $1,664,000. Issued in Washington, DC, by Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2019–24619 Filed 11–12–19; 8:45 am] BILLING CODE 7709–02–P POSTAL REGULATORY COMMISSION Notice Initiating Docket(s) for Recent Postal Service Negotiated Service Agreement Filings Docket No. Competitive Product Prices, Priority Mail Contract 473, (MC2019–12), Negotiated Service Agreements ..................................... Competitive Product Prices, Priority Mail & First-Class Package Service Contracts, Priority Mail & First-Class Package Service, Contract 125. Competitive Product Prices, Priority Mail & First-Class Package Service, Contract 125 (MC2020–21), Negotiated Service Agreements. Competitive Product Prices, Priority Mail Contracts, Priority Mail Contract 559 ............................................................................. Competitive Product Prices, Priority Mail Contract 559, (MC2020–22), Negotiated Service Agreements ..................................... Issued November 7, 2019. I. Introduction The Commission gives notice that the Postal Service filed request(s) for the Commission to consider matters related to negotiated service agreement(s). The request(s) may propose the addition or removal of a negotiated service agreement from the market dominant or the competitive product list, or the modification of an existing product currently appearing on the market dominant or the competitive product list. Section II identifies the docket number(s) associated with each Postal Service request, the title of each Postal Service request, the request’s acceptance date, and the authority cited by the Postal Service for each request. For each request, the Commission appoints an officer of the Commission to represent the interests of the general public in the VerDate Sep<11>2014 17:23 Nov 12, 2019 Jkt 250001 proceeding, pursuant to 39 U.S.C. 505 (Public Representative). Section II also establishes comment deadline(s) pertaining to each request. The public portions of the Postal Service’s request(s) can be accessed via the Commission’s website (http:// www.prc.gov). Non-public portions of the Postal Service’s request(s), if any, can be accessed through compliance with the requirements of 39 CFR 3007.301.1 The Commission invites comments on whether the Postal Service’s request(s) in the captioned docket(s) are consistent with the policies of title 39. For request(s) that the Postal Service states concern market dominant product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3622, 39 1 See Docket No. RM2018–3, Order Adopting Final Rules Relating to Non-Public Information, June 27, 2018, Attachment A at 19–22 (Order No. 4679). PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 CP2019–12 MC2020–21 CP2020–20 MC2020–22 CP2020–21 U.S.C. 3642, 39 CFR part 3010, and 39 CFR part 3020, subpart B. For request(s) that the Postal Service states concern competitive product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3632, 39 U.S.C. 3633, 39 U.S.C. 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comment deadline(s) for each request appear in section II. II. Docketed Proceeding(s) 1. Docket No(s).: CP2019–12; Filing Title: USPS Notice of Amendment to Priority Mail Contract 473, Filed Under Seal; Filing Acceptance Date: November 6, 2019; Filing Authority: 39 CFR 3015.5; Public Representative: Kenneth R. Moeller; Comments Due: November 15, 2019. 2. Docket No(s).: MC2020–21 and CP2020–20; Filing Title: USPS Request to Add Priority Mail & First-Class Package Service Contract 125 to E:\FR\FM\13NON1.SGM 13NON1

Agencies

[Federal Register Volume 84, Number 219 (Wednesday, November 13, 2019)]
[Notices]
[Pages 61658-61659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24619]


=======================================================================
-----------------------------------------------------------------------

PENSION BENEFIT GUARANTY CORPORATION


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

AGENCY: Pension Benefit Guaranty Corporation.

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

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

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
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. This notice informs the 
public of PBGC's request and solicits public comment on the collection.

DATES: Comments must be submitted by December 13, 2019.

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 [email protected] or by fax to (202) 395-6974.
    A copy of the request will be posted on PBGC's website at: https://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review. It may also be obtained without charge by writing to the 
Disclosure Division of the Office of the General Counsel of PBGC, 1200 
K Street NW, Washington, DC 20005-4026; faxing a request to 202-326-
4042; or, calling 202-326-4040 during normal business hours (TTY users 
may call the Federal Relay Service toll-free at 800-877-8339 and ask to 
be connected to 202-326-4040). The Disclosure Division will email, fax, 
or mail the information to you, as you request.

FOR FURTHER INFORMATION CONTACT: Karen Levin ([email protected]), 
Attorney, Regulatory Affairs Division, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 
20005-4026, 202 229-3559. TTY users may call the Federal Relay Service 
toll-free at 800-877-8339 and ask to be connected to 202-229-3559.

SUPPLEMENTARY INFORMATION: Annual reporting to the Internal Revenue 
Service (IRS), the Employee Benefits Security Administration (EBSA), 
and the Pension Benefit Guaranty Corporation (PBGC) is required by law 
for most employee benefit plans. For example, section 4065 of the 
Employee Retirement Income Security Act of 1974 (ERISA) requires annual 
reporting to PBGC for pension plans covered by title IV of ERISA. To 
accommodate these filing requirements, IRS, EBSA and PBGC have jointly 
promulgated the Form 5500 Series, which includes the Form 5500 Annual 
Return/Report of Employee Benefit Plan and the Form 5500-SF Short Form 
Annual Return/Report of Small Employee Benefit Plan.
    PBGC is proposing modifications to the 2020 Schedule R (Retirement 
Plan Information) and its related instructions. Schedule R is part of 
the Form 5500 Series. The proposed modifications to Schedule R affect 
multiemployer defined benefit plans covered by title IV of ERISA. PBGC 
also is proposing minor modifications to the Form 5500 Series to 
improve the accuracy of reported information. The modifications are 
described in greater detail in the supporting statement submitted to 
OMB with this information collection, along with PBGC's rationale for 
each modification.
    Section 103(f)(2)(C) of ERISA requires that a multiemployer defined 
benefit plan include in its annual report, ``[t]he number of 
participants under the plan on whose behalf no contributions were made 
by an employer as an employer of the participant for such plan year and 
for each of the 2 preceding plan years.'' Line 14a of Schedule R 
requires the plan to report the inactive participant counts for the 
current plan year's filing. Lines 14b and 14c require the plan to 
report the inactive participant counts for the previous two respective 
plan years. PBGC has found a majority of plans that are required to 
report do not provide accurate information on line 14 of Schedule R.
    The current instructions for line 14 require multiemployer plans to 
count inactive participants using the last contributing employer 
counting method. Under the last contributing employer method, a plan 
counts only those inactive participants whose last contributing 
employer withdrew from the plan by the beginning of the relevant plan 
year for which the Form 5500 relates. The plan does not count any 
inactive participants whose employers had not withdrawn from the plan.
    PBGC is proposing to modify Schedule R to provide multiemployer 
plans with a choice of the last

[[Page 61659]]

contributing employer counting method and two other proposed counting 
methods: The alternative method and the reasonable approximation 
method. PBGC anticipates that providing plans with three available 
counting methods will allow each plan to choose the counting method 
that will be most accurate and least burdensome for the plan to count 
its inactive participants.
    Under the alternative method, a plan would count only those 
inactive participants whose last contributing employer and all prior 
contributing employers had withdrawn from the plan by the beginning of 
the relevant plan year. Under this method, the plan would review the 
list of all contributing employers (employers that had not withdrawn 
from the plan by the beginning of the relevant plan year), and include 
on Line 14 only those inactive participants who had no covered service 
with any of these employers.
    Under the reasonable approximation method, a plan that is unable to 
use the other two counting methods must make a reasonable, good faith 
effort to count inactive participants to satisfy the requirements of 
section 103(f)(2)(C) of ERISA. The plan would also be required to 
provide an attachment that explains the plan's approximation method, 
including a description of the data and a breakdown describing the 
number of clearly identified inactive participants and the number of 
estimated inactive participants.
    PBGC is also proposing that when a plan reports a number on line 
14b or 14c that differs from the number it reported for the plan year 
immediately preceding the current plan year, it would be required to 
submit an attachment with an explanation of the reason for the change.
    Both attachments will provide PBGC with data to be used in its 
Pension Insurance Modeling System (PIMS). PBGC's evaluation of the data 
submitted in the attachments will allow PBGC to review the integrity of 
the data. PBGC estimates that the proposed changes would have an 
offsetting effect and would not change the hour or cost burden for the 
Schedule R.
    The existing collection of information was approved under OMB 
control number 1212-0057 (expires January 31, 2022). On August 20, 
2019, PBGC published in the Federal Register (at 84 FR 43189) a notice 
informing the public of its intent to request an extension of this 
collection of information, as modified. PBGC received one comment in 
support of the collection of information. PBGC is requesting that OMB 
extend approval of the collection, with modifications, for three years. 
An agency may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless it displays a currently 
valid OMB control number.
    PBGC estimates that it will receive approximately 24,800 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 for PBGC will be 1,200 hours and $1,664,000.

    Issued in Washington, DC, by
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2019-24619 Filed 11-12-19; 8:45 am]
BILLING CODE 7709-02-P