Proposed Submission of Information Collection for OMB Review; Comment Request; Missing Participants, 54433-54434 [2020-19267]

Download as PDF Federal Register / Vol. 85, No. 170 / Tuesday, September 1, 2020 / Notices PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Missing Participants Pension Benefit Guaranty Corporation. ACTION: Notice of intent to request extension of OMB approval of information collection, with modifications. AGENCY: 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 a collection of information under PBGC’s regulation on Missing Participants, with modifications. PBGC needs the information submitted by plans under this collection to search for missing participants and beneficiaries and pay their benefits. This notice informs the public of PBGC’s intent and solicits public comment on the collection of information. Comments must be submitted on or before November 2, 2020. ADDRESSES: Comments may be submitted by any of the following methods: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. • Email: paperwork.comments@ pbgc.gov. Refer to ‘‘Missing Participants’’ and/or OMB Control No. 1212–0069 in the subject line. • Mail or Hand Delivery: Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005–4026. All submissions received must include the agency’s name (Pension Benefit Guaranty Corporation, or PBGC) and refer to Missing Participants and/or OMB Control No. 1212–0069. All comments received will be posted without change to PBGC’s website, https://www.pbgc.gov, including any personal information provided. Copies of the collection of information may 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: Stephanie Cibinic, Deputy Assistant jbell on DSKJLSW7X2PROD with NOTICES DATES: VerDate Sep<11>2014 19:00 Aug 31, 2020 Jkt 250001 General Counsel for Regulatory Affairs, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW, Washington DC 20005– 4026; 202–229–6352. (TTY users may call the Federal Relay Service toll-free at 800–877–8339 and ask to be connected to 202–229–6352.) SUPPLEMENTARY INFORMATION: The process of closing out a terminated retirement plan involves the disposition of plan assets to satisfy the benefits of plan participants and beneficiaries. One difficulty faced by plan administrators in closing out terminated plans is how to provide for the benefits of missing persons. Title IV of ERISA includes a provision (section 4050 of ERISA) under which the Pension Benefit Guaranty Corporation (PBGC) holds retirement benefits for missing participants and beneficiaries in terminated pension plans and seeks to reunite those participants and beneficiaries with the benefits being held for them. The missing participants program was limited to single-employer DB plans covered by the title IV insurance program. The Pension Protection Act of 2006 authorized expansion of the missing participants program, and PBGC by final rule published on December 22, 2017 (82 FR 60800), extended the program to— • defined contribution (DC) plans (not covered by title IV 1), • small professional service DB plans (not covered by title IV), and • multiemployer DB plans (covered by title IV). All four programs follow the same basic design. The most prominent difference among them lies in the mandatory or voluntary nature of the programs. For plans covered by the title IV insurance program, participation in the program is mandatory. For plans not covered by title IV, PBGC’s regulation permits, but does not require, such plans to participate in PBGC’s missing participants program. PBGC needs information from plans that participate in the missing participants program to identify the plans and the missing participants and beneficiaries, to search for missing participants and beneficiaries, to determine the persons entitled to benefits that the plans transfer to PBGC and the form and amount of benefits payable, and to refer claimants of benefits being held elsewhere to the institutions holding the benefits. PBGC intends to modify its information collection to require 1 Eligibility for the missing participants program under ERISA section 4050 is not by itself considered coverage by title IV or ERISA. PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 54433 additional information about missing participants in two categories in order to properly withhold taxes when such participants are located and their benefits claimed and paid. For DC plans that permit Roth accounts, PBGC intends to require a breakdown of qualified and non-qualified Roth amounts transferred to PBGC (if any), and if non-qualified Roth amounts are being transferred, the date the first Roth contribution was made. Where relevant for DB and DC plans, PBGC intends to require identification of the portion of a participant’s benefit transfer amount treated as foreign-source income, and if so, for DB plans how that determination was made. PBGC as administrator of the Missing Participants Program relies on information provided and certified to by the plan administrator or plan sponsor as applicable. PBGC estimates that it will receive a total of 226 filings from plans each year under this collection of information. PBGC further estimates that the annual burden of this collection of information is 646 hours and $115,650. The existing collection of information was approved under OMB control number 1212–0069 (expires January 31, 2021). PBGC intends to request that OMB extend its approval of this collection of information 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 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, 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. E:\FR\FM\01SEN1.SGM 01SEN1 54434 Federal Register / Vol. 85, No. 170 / Tuesday, September 1, 2020 / Notices Issued in Washington, DC, by: Stephanie Cibinic, Deputy Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2020–19267 Filed 8–31–20; 8:45 am] BILLING CODE 7709–02–P PENSION BENEFIT GUARANTY CORPORATION Announcement of OMB Approvals of Information Collections Pension Benefit Guaranty Corporation. ACTION: Notice of OMB approval. jbell on DSKJLSW7X2PROD with NOTICES AGENCY: SUMMARY: The Office of Management and Budget (OMB) has approved certain Pension Benefit Guaranty Corporation (PBGC) information collections under the Paperwork Reduction Act. This notice lists the approved information collections and provides their OMB control numbers and current expiration dates. 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: The Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501 et seq.) and its implementing regulations require Federal agencies, after receiving OMB approval of information collections, to display OMB control numbers and inform respondents of their legal significance. In accordance with those requirements, PBGC hereby notifies the public that the following information collections, that are contained in PBGC’s regulations and do not have a corresponding form, have been approved by OMB. • OMB Control Number 1212–0017, Liability for Termination of SingleEmployer Plans. The expiration date for this information collection contained in 29 CFR part 4062 is August 31, 2023. • OMB Control Number 1212–0021, Variances for Sale of Assets. The expiration date for this information collection contained in 29 CFR part 4204 is June 30, 2023. • OMB Control Number 1212–0023, Extension of Special Withdrawal Liability Rules. The expiration date for this information collection contained in 29 CFR part 4203 is June 30, 2023. VerDate Sep<11>2014 20:01 Aug 31, 2020 Jkt 250001 • OMB Control Number 1212–0031, Procedures for PBGC Approval of Plan Amendments. The expiration date for this information collection contained in 29 CFR part 4220 is June 30, 2023. • OMB Control Number 1212–0034, Notice, Collection, and Redetermination of Withdrawal Liability. The expiration date for this information collection contained in 29 CFR part 4219 is June 30, 2023. • OMB Control Number 1212–0035, Allocating Unfunded Vested Benefits. The expiration date for this information collection contained in 29 CFR part 4211 is June 30, 2023. • OMB Control Number 1212–0039, Reduction or Waiver of Partial Withdrawal Liability. The expiration date for this information collection contained in 29 CFR part 4208 is June 30, 2023. • OMB Control Number 1212–0044, Reduction or Waiver of Complete Withdrawal Liability. The expiration date for this information collection contained in 29 CFR part 4207 is June 30, 2023. The PRA provides that 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. Publication of this notice satisfies this requirement with respect to the abovelisted information collections, as provided in 5 CFR 1320.5(b)(2)(ii). Issued in Washington, DC, by. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2020–19307 Filed 8–31–20; 8:45 am] BILLING CODE 7709–02–P OFFICE OF PERSONNEL MANAGEMENT Submission for Review: Verification of Adult Student Enrollment Status, RI 25–49 Office of Personnel Management. ACTION: 30-Day notice and request for comments. AGENCY: SUMMARY: The Retirement Services, Office of Personnel Management (OPM) offers the general public and other federal agencies the opportunity to comment on a revised information collection request (ICR), Verification of Adult Student Enrollment Status, RI 25– 49. DATES: Comments are encouraged and will be accepted until October 1, 2020. PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 Interested persons are invited to submit written comments on the proposed information collection to the 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 via electronic mail 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 Retirement Services Publications Team, Office of Personnel Management, 1900 E Street NW, Room 3316–L, Washington, DC 20415, Attention: Cyrus S. Benson, or sent via electronic mail to Cyrus.Benson@opm.gov or faxed to (202) 606–0910 or via telephone at (202)606–4808. SUPPLEMENTARY INFORMATION: As required by the Paperwork Reduction Act of 1995, (Pub. L. 104–13, 44 U.S.C. chapter 35) as amended by the ClingerCohen Act (Pub. L. 104–106), OPM is soliciting comments for this collection. The information collection (OMB No. 3206–0215) was previously published in the Federal Register on April 28, 2020, at 85 FR 23543, allowing for a 60-day public comment period. No comments were received for this collection. The purpose of this notice is to allow an additional 30 days for public comments. The Office of Management and Budget is particularly interested in comments that: 1. 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; 2. 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; 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. RI 25–49 is used to verify that adult student annuitants are entitled to payment. The Office of Personnel Management must confirm that a fulltime enrollment has been maintained. ADDRESSES: E:\FR\FM\01SEN1.SGM 01SEN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 85, Number 170 (Tuesday, September 1, 2020)]
[Notices]
[Pages 54433-54434]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19267]



[[Page 54433]]

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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Missing Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval of 
information collection, with modifications.

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

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 a collection of information under 
PBGC's regulation on Missing Participants, with modifications. PBGC 
needs the information submitted by plans under this collection to 
search for missing participants and beneficiaries and pay their 
benefits. This notice informs the public of PBGC's intent and solicits 
public comment on the collection of information.

DATES: Comments must be submitted on or before November 2, 2020.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Refer to ``Missing 
Participants'' and/or OMB Control No. 1212-0069 in the subject line.
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW, Washington, DC 20005-4026.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to Missing 
Participants and/or OMB Control No. 1212-0069. All comments received 
will be posted without change to PBGC's website, https://www.pbgc.gov, 
including any personal information provided.
    Copies of the collection of information may 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: Stephanie Cibinic, Deputy Assistant 
General Counsel for Regulatory Affairs, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street, NW, Washington DC 
20005-4026; 202-229-6352. (TTY users may call the Federal Relay Service 
toll-free at 800-877-8339 and ask to be connected to 202-229-6352.)

SUPPLEMENTARY INFORMATION: The process of closing out a terminated 
retirement plan involves the disposition of plan assets to satisfy the 
benefits of plan participants and beneficiaries. One difficulty faced 
by plan administrators in closing out terminated plans is how to 
provide for the benefits of missing persons. Title IV of ERISA includes 
a provision (section 4050 of ERISA) under which the Pension Benefit 
Guaranty Corporation (PBGC) holds retirement benefits for missing 
participants and beneficiaries in terminated pension plans and seeks to 
reunite those participants and beneficiaries with the benefits being 
held for them.
    The missing participants program was limited to single-employer DB 
plans covered by the title IV insurance program. The Pension Protection 
Act of 2006 authorized expansion of the missing participants program, 
and PBGC by final rule published on December 22, 2017 (82 FR 60800), 
extended the program to--
     defined contribution (DC) plans (not covered by title IV 
\1\),
---------------------------------------------------------------------------

    \1\ Eligibility for the missing participants program under ERISA 
section 4050 is not by itself considered coverage by title IV or 
ERISA.
---------------------------------------------------------------------------

     small professional service DB plans (not covered by title 
IV), and
     multiemployer DB plans (covered by title IV).
    All four programs follow the same basic design. The most prominent 
difference among them lies in the mandatory or voluntary nature of the 
programs. For plans covered by the title IV insurance program, 
participation in the program is mandatory. For plans not covered by 
title IV, PBGC's regulation permits, but does not require, such plans 
to participate in PBGC's missing participants program.
    PBGC needs information from plans that participate in the missing 
participants program to identify the plans and the missing participants 
and beneficiaries, to search for missing participants and 
beneficiaries, to determine the persons entitled to benefits that the 
plans transfer to PBGC and the form and amount of benefits payable, and 
to refer claimants of benefits being held elsewhere to the institutions 
holding the benefits.
    PBGC intends to modify its information collection to require 
additional information about missing participants in two categories in 
order to properly withhold taxes when such participants are located and 
their benefits claimed and paid. For DC plans that permit Roth 
accounts, PBGC intends to require a breakdown of qualified and non-
qualified Roth amounts transferred to PBGC (if any), and if non-
qualified Roth amounts are being transferred, the date the first Roth 
contribution was made. Where relevant for DB and DC plans, PBGC intends 
to require identification of the portion of a participant's benefit 
transfer amount treated as foreign-source income, and if so, for DB 
plans how that determination was made. PBGC as administrator of the 
Missing Participants Program relies on information provided and 
certified to by the plan administrator or plan sponsor as applicable.
    PBGC estimates that it will receive a total of 226 filings from 
plans each year under this collection of information. PBGC further 
estimates that the annual burden of this collection of information is 
646 hours and $115,650.
    The existing collection of information was approved under OMB 
control number 1212-0069 (expires January 31, 2021). PBGC intends to 
request that OMB extend its approval of this collection of information 
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 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, 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.


[[Page 54434]]


    Issued in Washington, DC, by:
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2020-19267 Filed 8-31-20; 8:45 am]
BILLING CODE 7709-02-P

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