Submission of Information Collections for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans, 35445 [2020-12510]

Download as PDF Federal Register / Vol. 85, No. 112 / Wednesday, June 10, 2020 / Notices (b)(2) and (4) permit closure of the following portion(s) of this meeting: • Executive Session Agenda I. CALL TO ORDER II. Executive Session: Executive Compensation Review III. Executive Session: Report from CEO IV. Executive Session: Report of CFO V. Action Item Approval of Minutes VI. Action Item Board Elections VII. Action Item Grants to Capital Corps VIII. Action Item Revising the Fundraising Policy to Reflect the December 2019 Board Resolution IX. Discussion Item Capital Corporations Master Investment Agreement Renewal X. Discussion Item Annual Ethics Review XI. Discussion Item Annual Review of Governance Operations Guide XII. Management Program Background and Updates XIII. Adjournment CONTACT PERSON FOR MORE INFORMATION: Lakeyia Thompson, Special Assistant, (202) 524–9940; Lthompson@nw.org. Lakeyia Thompson, Special Assistant. [FR Doc. 2020–12611 Filed 6–8–20; 11:15 am] BILLING CODE 7570–02–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collections for OMB Review; Comment Request; Liability for Termination of SingleEmployer Plans 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, under the Paperwork Reduction Act, of a collection of information contained in its regulation on Liability for Termination of Single-Employer Plans (OMB control number 1212–0017; expires August 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 July 10, 2020. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:06 Jun 09, 2020 Jkt 250001 notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. 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 by writing to Disclosure Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005–4026, 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. 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 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: Section 4062 of the Employee Retirement Income Security Act of 1974, as amended, provides that the contributing sponsor of a single-employer pension plan and members of the sponsor’s controlled group (‘‘the employer’’) incur liability (‘‘employer liability’’) if the plan terminates with assets insufficient to pay benefit liabilities under the plan. PBGC’s statutory lien for employer liability and the payment terms for employer liability are affected by whether and to what extent employer liability exceeds 30 percent of the employer’s net worth. Section 4062.6 of PBGC’s employer liability regulation (29 CFR part 4062) requires a contributing sponsor or member of the contributing sponsor’s controlled group that believes employer liability upon plan termination exceeds 30 percent of the employer’s net worth to so notify PBGC and submit net worth information to PBGC. This information is necessary to enable PBGC to determine whether and to what extent employer liability exceeds 30 percent of the employer’s net worth. The collection of information under the regulation has been approved by OMB under control number 1212–0017 (expires August 31, 2020). On March 10, 2020, PBGC published in the Federal Register (at 85 FR 13953) a notice informing the public of its intent to request an extension of this collection of information without modification. PO 00000 Frm 00034 Fmt 4703 Sfmt 4703 35445 PBGC received a comment from one member of the public. The commenter suggested that PBGC require additional net worth information. After consideration of this comment, PBGC determined that the regulation already requires the submission of the information that the commenter suggested and that no change is needed. The comment and PBGC’s rationale for its decision are discussed in the supporting statement submitted to OMB for this information collection. PBGC is requesting that OMB extend its approval for another 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 an average of 29 contributing sponsors or controlled group members per year will respond to this collection of information. PBGC further estimates that the average annual burden of this collection of information will be 12 hours and $5,400 per respondent, with an average total annual burden of 348 hours and $156,600. Issued in Washington, DC, by: Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2020–12510 Filed 6–9–20; 8:45 am] BILLING CODE 7709–02–P POSTAL REGULATORY COMMISSION [Docket Nos. MC2020–152 and CP2020–163; MC2020–153 and CP2020–164; MC2020–154 and CP2020–165] New Postal Products Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing a recent Postal Service filing for the Commission’s consideration concerning negotiated service agreements. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: June 12, 2020. SUMMARY: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. ADDRESSES: E:\FR\FM\10JNN1.SGM 10JNN1

Agencies

[Federal Register Volume 85, Number 112 (Wednesday, June 10, 2020)]
[Notices]
[Page 35445]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12510]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collections for OMB Review; Comment 
Request; Liability for Termination of Single-Employer Plans

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, under 
the Paperwork Reduction Act, of a collection of information contained 
in its regulation on Liability for Termination of Single-Employer Plans 
(OMB control number 1212-0017; expires August 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 July 10, 2020.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    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 by writing to Disclosure Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW, Washington, DC 20005-4026, 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.

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: Section 4062 of the Employee Retirement 
Income Security Act of 1974, as amended, provides that the contributing 
sponsor of a single-employer pension plan and members of the sponsor's 
controlled group (``the employer'') incur liability (``employer 
liability'') if the plan terminates with assets insufficient to pay 
benefit liabilities under the plan. PBGC's statutory lien for employer 
liability and the payment terms for employer liability are affected by 
whether and to what extent employer liability exceeds 30 percent of the 
employer's net worth. Section 4062.6 of PBGC's employer liability 
regulation (29 CFR part 4062) requires a contributing sponsor or member 
of the contributing sponsor's controlled group that believes employer 
liability upon plan termination exceeds 30 percent of the employer's 
net worth to so notify PBGC and submit net worth information to PBGC. 
This information is necessary to enable PBGC to determine whether and 
to what extent employer liability exceeds 30 percent of the employer's 
net worth.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 (expires August 31, 
2020). On March 10, 2020, PBGC published in the Federal Register (at 85 
FR 13953) a notice informing the public of its intent to request an 
extension of this collection of information without modification. PBGC 
received a comment from one member of the public. The commenter 
suggested that PBGC require additional net worth information. After 
consideration of this comment, PBGC determined that the regulation 
already requires the submission of the information that the commenter 
suggested and that no change is needed. The comment and PBGC's 
rationale for its decision are discussed in the supporting statement 
submitted to OMB for this information collection.
    PBGC is requesting that OMB extend its approval for another 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 an average of 29 contributing sponsors or 
controlled group members per year will respond to this collection of 
information. PBGC further estimates that the average annual burden of 
this collection of information will be 12 hours and $5,400 per 
respondent, with an average total annual burden of 348 hours and 
$156,600.

    Issued in Washington, DC, by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2020-12510 Filed 6-9-20; 8:45 am]
 BILLING CODE 7709-02-P
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