Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information, 51685-51686 [2021-19981]

Download as PDF 51685 Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices Executive Order 13658 minimum wage. Seventy percent of the new Executive Order 13658 minimum wage rate of $11.25 is $7.875. Because the Executive Order provides that the rate must be rounded to the nearest $0.05, the new minimum hourly cash wage for tipped workers performing on or in connection with covered contracts beginning January 1, 2022 is therefore $7.90 per hour. V. Appendix The Appendix to this notice provides a comprehensive chart of the CPI–W data published by BLS that the Department used to calculate the new Executive Order 13658 minimum wage rate based on the methodology explained herein. Quarter 3 Quarter 4 Dated: September 9, 2021. Jessica Looman, Acting Administrator, Wage and Hour Division. Appendix: Data Used To Determine Executive Order 13658 Minimum Wage Rate Effective January 1, 2022 Data Source: Consumer Price Index for Urban wage Earners and Clerical Workers (CPI–W) (United States city average, all items, not seasonally adjusted). Quarter 1 Quarter 2 Annual average 2019Q3 to 2020Q2 2020Q3 to 2021Q2 250.236 252.636 250.112 253.597 250.251 254.004 250.894 254.076 250.644 253.826 250.452 254.081 251.361 255.296 251.935 256.843 251.375 258.935 249.515 261.237 249.521 263.612 251.054 266.412 250.6125 257.0463 Annual Percentage Increase .. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 2.567% [FR Doc. 2021–19995 Filed 9–15–21; 8:45 am] BILLING CODE 4510–27–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information Pension Benefit Guaranty Corporation. ACTION: Notice of request for extension of OMB approval of information collection. 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 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 request and solicits public comment on the collection of information. SUMMARY: Comments must be submitted on or before 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/ DATES: VerDate Sep<11>2014 16:44 Sep 15, 2021 Jkt 253001 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.) 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 SUPPLEMENTARY INFORMATION: PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 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. The existing collection of information was approved under OMB control number 1212–0071 (expires November 30, 2021). On June 23, 2021, PBGC published in the Federal Register (at 86 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. E:\FR\FM\16SEN1.SGM 16SEN1 51686 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

Pension Benefit Guaranty Corporation

[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Pages 51685-51686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-19981]


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PENSION BENEFIT GUARANTY CORPORATION


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 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 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 request and 
solicits public comment on the collection of information.

DATES: Comments must be submitted on or before 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: 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.
---------------------------------------------------------------------------

    The existing collection of information was approved under OMB 
control number 1212-0071 (expires November 30, 2021). On June 23, 2021, 
PBGC published in the Federal Register (at 86

[[Page 51686]]

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 x 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

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