Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums; Termination Premium, 14714 [2020-05092]
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14714
Federal Register / Vol. 85, No. 50 / Friday, March 13, 2020 / Notices
Dated: March 10, 2020.
Crystal Robinson,
Committee Management Officer.
[FR Doc. 2020–05129 Filed 3–12–20; 8:45 am]
BILLING CODE 7555–01–P
PENSION BENEFIT GUARANTY
CORPORATION
Submission of Information Collection
for OMB Review; Comment Request;
Payment of Premiums; Termination
Premium
Pension Benefit Guaranty
Corporation.
ACTION: Notice of request for extension
of OMB approval of collection of
information.
AGENCY:
The Pension Benefit Guaranty
Corporation (PBGC) is requesting that
the Office of Management and Budget
(OMB) extend approval with
modification, under the Paperwork
Reduction Act, of a collection of
information for the termination
premium under its regulation on
Payment of Premiums (OMB control
number 1212–0064; expires May 31,
2020). This notice informs the public of
PBGC’s request and solicits public
comment on the collection of
information.
SUMMARY:
Comments must be submitted by
April 13, 2020.
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-andregulation/federal-register-notices-openfor-comment. 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:
Melissa Rifkin (rifkin.melissa@
pbgc.gov), Attorney, Regulatory Affairs
Division, Office of the General Counsel,
Pension Benefit Guaranty Corporation,
1200 K Street NW, Washington DC
jbell on DSKJLSW7X2PROD with NOTICES
DATES:
VerDate Sep<11>2014
18:16 Mar 12, 2020
Jkt 250001
20005–4026; 202–229–6563. (TTY users
may call the Federal Relay Service tollfree at 800–877–8339 and ask to be
connected to 202–229–6563.)
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 sections 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 section 4041(c) of ERISA (unless
contributing sponsors and controlled
group members meet the bankruptcy
liquidation requirements of section
4041(c)(2)(B)(i) of ERISA) or in an
involuntary termination under section
4042 of ERISA, 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
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
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.
On December 16, 2019, PBGC
published in the Federal Register (at 84
FR 68494) a notice informing the public
of its intent to request an extension of
this collection of information. No
comments were received.
OMB has approved the termination
premium collection of information
(Form T and instructions) under control
number 1212–0064 through May 31,
2020. PBGC is requesting that OMB
extend approval of this collection of
information for three years, with minor
changes to contact 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.
PBGC estimates that it will each year
receive an average of about one filing for
the first year a termination premium is
due, one filing for the second year a
termination premium is due, and one
filing for the third year a termination
premium is due, from a total of about
three respondents. PBGC estimates that
the total annual burden of the collection
of information will be about 15 minutes
and $200.
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2020–05092 Filed 3–12–20; 8:45 am]
BILLING CODE 7709–02–P
POSTAL REGULATORY COMMISSION
[Docket No. IM2020–1; Order No. 5450]
Section 407 Proceeding
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
E:\FR\FM\13MRN1.SGM
13MRN1
]]>Agencies
[Federal Register Volume 85, Number 50 (Friday, March 13, 2020)]
[Notices]
[Page 14714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05092]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Payment of Premiums; Termination Premium
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of collection
of information.
-----------------------------------------------------------------------
SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB) extend approval with
modification, under the Paperwork Reduction Act, of a collection of
information for the termination premium under its regulation on Payment
of Premiums (OMB control number 1212-0064; expires May 31, 2020). This
notice informs the public of PBGC's request and solicits public comment
on the collection of information.
DATES: Comments must be submitted by April 13, 2020.
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-regulation/federal-register-notices-open-for-comment. 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: Melissa Rifkin
([email protected]), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
1200 K Street NW, Washington DC 20005-4026; 202-229-6563. (TTY users
may call the Federal Relay Service toll-free at 800-877-8339 and ask to
be connected to 202-229-6563.)
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 sections 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 section 4041(c) of
ERISA (unless contributing sponsors and controlled group members meet
the bankruptcy liquidation requirements of section 4041(c)(2)(B)(i) of
ERISA) or in an involuntary termination under section 4042 of ERISA,
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.
On December 16, 2019, PBGC published in the Federal Register (at 84
FR 68494) a notice informing the public of its intent to request an
extension of this collection of information. No comments were received.
OMB has approved the termination premium collection of information
(Form T and instructions) under control number 1212-0064 through May
31, 2020. PBGC is requesting that OMB extend approval of this
collection of information for three years, with minor changes to
contact 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.
PBGC estimates that it will each year receive an average of about
one filing for the first year a termination premium is due, one filing
for the second year a termination premium is due, and one filing for
the third year a termination premium is due, from a total of about
three respondents. PBGC estimates that the total annual burden of the
collection of information will be about 15 minutes and $200.
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2020-05092 Filed 3-12-20; 8:45 am]
BILLING CODE 7709-02-P
