Submission of Information Collection for OMB Review; Comment Request; Mergers and Transfers Between Multiemployer Plans, 51686 [2021-19978]
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Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices
FR 32982) a notice informing the public
of its intent to request an extension of
this collection of information. No
comments were received. PBGC is
requesting that OMB extend approval of
the collection 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 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 × 6 plans)
assuming an average hourly rate of
$400).
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2021–19981 Filed 9–15–21; 8:45 am]
BILLING CODE 7709–02–P
PENSION BENEFIT GUARANTY
CORPORATION
Submission of Information Collection
for OMB Review; Comment Request;
Mergers and Transfers Between
Multiemployer Plans
Pension Benefit Guaranty
Corporation.
AGENCY:
Notice of request for extension
of OMB approval of information
collection.
ACTION:
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
PBGC’s regulation on Mergers and
Transfers Between Multiemployer
Plans. This notice informs the public of
PBGC’s request and solicits public
comment on the collection of
information.
SUMMARY:
VerDate Sep<11>2014
16:44 Sep 15, 2021
Jkt 253001
Comments must be submitted on
or October 18, 2021.
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 www.pbgc.gov/
prac/laws-and-regulation/federalregister-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; or, calling 202–229–4040
during normal business hours (TTY
users may call the Federal Relay Service
toll-free at 800–877–8339 and ask to be
connected to 202–229–4040).
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, 202–229–
3839. (TTY users may call the Federal
relay service toll-free at 1–800–877–
8339 and ask to be connected to 202–
229–3839.)
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
DATES:
PO 00000
Frm 00038
Fmt 4703
Sfmt 4703
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
requirements for a voluntary request for
a facilitated merger under section
4231(e) of ERISA, including a financial
assistance merger.
PBGC uses information submitted by
plan sponsors under the regulation to
determine whether mergers and
transfers conform to the requirements of
ERISA section 4231 and the regulation.
The collection of information under
the regulation has been approved by
OMB under control number 1212–0022
(expires November 30, 2021). On June
23, 2021, PBGC published in the
Federal Register (at 86 FR 32983) a
notice informing the public of its intent
to request an extension of this collection
of information. No comments were
received. PBGC is requesting that OMB
extend approval of the collection 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 there are 14
transactions each year (excluding
financial assistance mergers). The
estimated annual burden of the
collection of information for 14
transactions (excluding financial
assistance mergers) is 14 fund office
hours and $84,400 in contractor costs
for work by attorneys and actuaries.
PBGC further estimates that there is one
request each year for a financial
assistance merger. The annual burden of
the collection of information for
financial assistance mergers is 10 fund
office hours and $36,000 in contractor
costs. The total annual burden of the
collection of information is
approximately 24 fund office hours and
$120,400 in contractor costs.
Issued in Washington, DC, by:
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2021–19978 Filed 9–15–21; 8:45 am]
BILLING CODE 7709–02–P
E:\FR\FM\16SEN1.SGM
16SEN1
]]>Agencies
[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Page 51686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-19978]
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Mergers and Transfers Between Multiemployer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of information
collection.
-----------------------------------------------------------------------
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 PBGC's regulation on Mergers and Transfers Between Multiemployer
Plans. This notice informs the public of PBGC's request and solicits
public comment on the collection of information.
DATES: Comments must be submitted on or October 18, 2021.
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
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; or, calling 202-229-4040 during
normal business hours (TTY users may call the Federal Relay Service
toll-free at 800-877-8339 and ask to be connected to 202-229-4040).
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, 202-229-3839. (TTY users may call the
Federal relay service toll-free at 1-800-877-8339 and ask to be
connected to 202-229-3839.)
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 requirements for
a voluntary request for a facilitated merger under section 4231(e) of
ERISA, including a financial assistance merger.
PBGC uses information submitted by plan sponsors under the
regulation to determine whether mergers and transfers conform to the
requirements of ERISA section 4231 and the regulation.
The collection of information under the regulation has been
approved by OMB under control number 1212-0022 (expires November 30,
2021). On June 23, 2021, PBGC published in the Federal Register (at 86
FR 32983) a notice informing the public of its intent to request an
extension of this collection of information. No comments were received.
PBGC is requesting that OMB extend approval of the collection 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 there are 14 transactions each year (excluding
financial assistance mergers). The estimated annual burden of the
collection of information for 14 transactions (excluding financial
assistance mergers) is 14 fund office hours and $84,400 in contractor
costs for work by attorneys and actuaries. PBGC further estimates that
there is one request each year for a financial assistance merger. The
annual burden of the collection of information for financial assistance
mergers is 10 fund office hours and $36,000 in contractor costs. The
total annual burden of the collection of information is approximately
24 fund office hours and $120,400 in contractor costs.
Issued in Washington, DC, by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-19978 Filed 9-15-21; 8:45 am]
BILLING CODE 7709-02-P
