Proposed Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information, 32982-32983 [2021-13134]

Download as PDF 32982 Federal Register / Vol. 86, No. 118 / Wednesday, June 23, 2021 / Notices PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information Pension Benefit Guaranty Corporation. ACTION: Notice of intent to request extension of OMB approval of information collection. 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 a survey of terminated and insolvent multiemployer pension plans to obtain withdrawal liability information. PBGC needs the withdrawal liability information to estimate its multiemployer program liabilities for purposes of its financial statements. 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 August 23, 2021. 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 withdrawal liability survey 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. Commenters are strongly encouraged to submit public comments electronically. PBGC expects to have limited personnel available to process public comments that are submitted on paper through mail. Until further notice, any comments submitted on paper will be considered to the extent practicable. All submissions received must include the agency’s name (Pension Benefit Guaranty Corporation, or PBGC) and refer to withdrawal liability survey 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 jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:13 Jun 22, 2021 Jkt 253001 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: Hilary Duke (duke.hilary@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, extension 3839. (TTY users may call the Federal relay service toll-free at 1–800–877–8339 and ask to be connected to 202–326–4400, extension 3839.) When a contributing employer withdraws from an underfunded multiemployer pension plan, the plan sponsor assesses withdrawal liability against the employer. The plan sponsor is required to determine and collect withdrawal liability in accordance with section 4219 of the Employee Retirement Income Security Act of 1974 (ERISA). The plan sponsor assesses withdrawal liability by issuing a notice to an employer, including the amount of the employer’s liability and a schedule of payments. PBGC’s regulation on Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR part 4219) requires the plan sponsor to file with PBGC a certification that notices have been provided to employers. PBGC collects information about withdrawal liability that is owed by withdrawn employers of terminated 1 and insolvent 2 multiemployer pension plans. PBGC distributes annual surveys that newly insolvent plans receiving financial assistance and newly terminated plans not yet receiving financial assistance are required to complete and return to PBGC. Smaller plans with less than 500 participants are not required to complete the survey. PBGC needs the information from the survey about withdrawal liability payments and settlements, and whether employers have withdrawn from the plan but have not yet been assessed withdrawal liability, to estimate with more precision PBGC’s multiemployer program liabilities for purposes of its SUPPLEMENTARY INFORMATION: 1 Under section 4041A(f)(2) of ERISA, PBGC may prescribe reporting requirements for terminated multiemployer pension plans, which PBGC considers appropriate to protect the interests of plan participants and beneficiaries or to prevent unreasonable loss to the corporation. 2 Under section 4261(b)(1) of ERISA, PBGC provides financial assistance under such conditions as the corporation determines are equitable and are appropriate to prevent unreasonable loss to the corporation with respect to the plan. PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 financial statements.3 PBGC also uses the information for its Multiemployer Pension Insurance Modelling System assumptions on collection of withdrawal liability. Information provided to PBGC is confidential to the extent provided in the Freedom of Information Act and the Privacy Act. PBGC estimates that the survey will be sent to about 6 newly terminated and insolvent plans per year. PBGC estimates that each survey would require approximately 20 hours to complete by a combination of pension fund office staff (50%) and outside professionals (attorneys and actuaries) (50%). PBGC estimates a total hour burden of 60 hours (based on 10 hours of pension fund office time per plan). The estimated dollar equivalent of this hour burden, based on an assumed hourly rate of $75 for administrative, clerical, and supervisory time is $4,500. PBGC estimates a total cost burden for the withdrawal liability survey of $24,000 (based on a 60 attorney and actuary hours (10 hours x 6 plans) assuming an average hourly rate of $400). The existing collection of information was approved under OMB control number 1212–0071 (expires November 30, 2021). PBGC intends to request that OMB approve PBGC’s use of this survey for 3 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 3 Section 4008 of ERISA requires the corporation, as soon as practicable after the close of each fiscal year, to transmit a report to the President and the Congress, including financial statements setting forth the finances of the corporation at the end of the fiscal year and the result of its operations (including the source and application of its funds) for the fiscal year. E:\FR\FM\23JNN1.SGM 23JNN1 Federal Register / Vol. 86, No. 118 / Wednesday, June 23, 2021 / Notices other forms of information technology, e.g., permitting electronic submission of responses. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. listed information collections, as provided in 5 CFR 1320.5(b)(2)(ii). Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2021–13135 Filed 6–22–21; 8:45 am] [FR Doc. 2021–13134 Filed 6–22–21; 8:45 am] BILLING CODE 7709–02–P BILLING CODE 7709–02–P PENSION BENEFIT GUARANTY CORPORATION PENSION BENEFIT GUARANTY CORPORATION Announcement of OMB Approvals of Information Collections Pension Benefit Guaranty Corporation. ACTION: Notice of OMB approval. AGENCY: jbell on DSKJLSW7X2PROD with NOTICES VerDate Sep<11>2014 17:13 Jun 22, 2021 Jkt 253001 Pension Benefit Guaranty Corporation. ACTION: Notice of intent to request extension of OMB approval of information collection. AGENCY: The Office of Management and Budget (OMB) has approved a Pension Benefit Guaranty Corporation (PBGC) information collection under the Paperwork Reduction Act. This notice lists the approved information collection and provides its OMB control number and current expiration date. 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 collection, that is contained in PBGC’s regulations and does not have a corresponding form, has been approved by OMB. • OMB Control Number 1212–0065 Disclosure of Information in Distress and PBGC-Initiated Terminations. The expiration date for this information collection contained in 29 CFR parts 4041 and 4042 is April 30, 2024. 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 aboveSUMMARY: Proposed Submission of Information Collection for OMB Review; Comment Request; Mergers and Transfers Between Multiemployer Plans 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 contained in PBGC’s regulation on Mergers and Transfers Between Multiemployer Plans. 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 August 23, 2021. 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 OMB control number 1212–0022 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. Commenters are strongly encouraged to submit public comments electronically. PBGC expects to have limited personnel available to process public comments that are submitted on paper through mail. Until further notice, any comments submitted on paper will be considered to the extent practicable. All submissions received must include the agency’s name (Pension Benefit Guaranty Corporation, or PBGC) and refer to OMB control number 1212– 0022. All comments received will be posted without change to PBGC’s website, https://www.pbgc.gov, including any personal information provided. SUMMARY: PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 32983 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: Hilary Duke (duke.hilary@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, extension 3839. (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, extension 3839.) SUPPLEMENTARY INFORMATION: Section 4231(a) and (b) of the Employee Retirement Income Security Act of 1974 (ERISA) requires plans that are involved in a merger or transfer to give PBGC 120 days notice of the transaction and provides that if PBGC determines that specified requirements are satisfied, the transaction will be deemed not to be in violation of ERISA section 406(a) or (b)(2) (dealing with prohibited transactions). PBGC’s regulation on Mergers and Transfers Between Multiemployer Plans (29 CFR part 4231) sets forth the procedures for giving notice of a merger or transfer under section 4231 and for requesting a compliance determination. The regulations specify the information that must be included in a merger or transfer notice. A request for a compliance determination must provide additional information to enable PBGC to make an explicit finding that the merger/transfer requirements have been satisfied. Section 4231(e) of ERISA clarifies PBGC’s authority to facilitate a merger (a ‘‘facilitated merger’’) of two or more multiemployer plans if certain statutory requirements are met. For purposes of section 4231(e), ‘‘facilitation’’ may include training, technical assistance, mediation, communication with stakeholders, and support with related requests to other government agencies. In addition, subject to the requirements of section 4231(e)(2), PBGC may provide financial assistance (within the meaning of section 4261 of ERISA) to facilitate a merger (a ‘‘financial assistance merger’’) it determines is necessary to enable one or more of the plans involved to avoid or postpone insolvency. PBGC’s regulations specify the information E:\FR\FM\23JNN1.SGM 23JNN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 86, Number 118 (Wednesday, June 23, 2021)]
[Notices]
[Pages 32982-32983]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13134]



[[Page 32982]]

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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Survey of Multiemployer Pension Plan Withdrawal 
Liability Information

AGENCY: Pension Benefit Guaranty Corporation.

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

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

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 survey of terminated and 
insolvent multiemployer pension plans to obtain withdrawal liability 
information. PBGC needs the withdrawal liability information to 
estimate its multiemployer program liabilities for purposes of its 
financial statements. 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 August 23, 2021.

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 withdrawal 
liability survey 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.
    Commenters are strongly encouraged to submit public comments 
electronically. PBGC expects to have limited personnel available to 
process public comments that are submitted on paper through mail. Until 
further notice, any comments submitted on paper will be considered to 
the extent practicable.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to withdrawal 
liability survey 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: Hilary Duke ([email protected]), 
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, extension 3839. (TTY users may 
call the Federal relay service toll-free at 1-800-877-8339 and ask to 
be connected to 202-326-4400, extension 3839.)

SUPPLEMENTARY INFORMATION: When a contributing employer withdraws from 
an underfunded multiemployer pension plan, the plan sponsor assesses 
withdrawal liability against the employer. The plan sponsor is required 
to determine and collect withdrawal liability in accordance with 
section 4219 of the Employee Retirement Income Security Act of 1974 
(ERISA). The plan sponsor assesses withdrawal liability by issuing a 
notice to an employer, including the amount of the employer's liability 
and a schedule of payments. PBGC's regulation on Notice, Collection, 
and Redetermination of Withdrawal Liability (29 CFR part 4219) requires 
the plan sponsor to file with PBGC a certification that notices have 
been provided to employers.
    PBGC collects information about withdrawal liability that is owed 
by withdrawn employers of terminated \1\ and insolvent \2\ 
multiemployer pension plans. PBGC distributes annual surveys that newly 
insolvent plans receiving financial assistance and newly terminated 
plans not yet receiving financial assistance are required to complete 
and return to PBGC. Smaller plans with less than 500 participants are 
not required to complete the survey. PBGC needs the information from 
the survey about withdrawal liability payments and settlements, and 
whether employers have withdrawn from the plan but have not yet been 
assessed withdrawal liability, to estimate with more precision PBGC's 
multiemployer program liabilities for purposes of its financial 
statements.\3\ PBGC also uses the information for its Multiemployer 
Pension Insurance Modelling System assumptions on collection of 
withdrawal liability. Information provided to PBGC is confidential to 
the extent provided in the Freedom of Information Act and the Privacy 
Act.
---------------------------------------------------------------------------

    \1\ Under section 4041A(f)(2) of ERISA, PBGC may prescribe 
reporting requirements for terminated multiemployer pension plans, 
which PBGC considers appropriate to protect the interests of plan 
participants and beneficiaries or to prevent unreasonable loss to 
the corporation.
    \2\ Under section 4261(b)(1) of ERISA, PBGC provides financial 
assistance under such conditions as the corporation determines are 
equitable and are appropriate to prevent unreasonable loss to the 
corporation with respect to the plan.
    \3\ Section 4008 of ERISA requires the corporation, as soon as 
practicable after the close of each fiscal year, to transmit a 
report to the President and the Congress, including financial 
statements setting forth the finances of the corporation at the end 
of the fiscal year and the result of its operations (including the 
source and application of its funds) for the fiscal year.
---------------------------------------------------------------------------

    PBGC estimates that the survey will be sent to about 6 newly 
terminated and insolvent plans per year. PBGC estimates that each 
survey would require approximately 20 hours to complete by a 
combination of pension fund office staff (50%) and outside 
professionals (attorneys and actuaries) (50%). PBGC estimates a total 
hour burden of 60 hours (based on 10 hours of pension fund office time 
per plan). The estimated dollar equivalent of this hour burden, based 
on an assumed hourly rate of $75 for administrative, clerical, and 
supervisory time is $4,500. PBGC estimates a total cost burden for the 
withdrawal liability survey of $24,000 (based on a 60 attorney and 
actuary hours (10 hours x 6 plans) assuming an average hourly rate of 
$400).
    The existing collection of information was approved under OMB 
control number 1212-0071 (expires November 30, 2021). PBGC intends to 
request that OMB approve PBGC's use of this survey for 3 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

[[Page 32983]]

other forms of information technology, e.g., permitting electronic 
submission of responses.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2021-13134 Filed 6-22-21; 8:45 am]
BILLING CODE 7709-02-P

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