Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series), 66762-66763 [2022-24094]

Download as PDF 66762 Federal Register / Vol. 87, No. 213 / Friday, November 4, 2022 / Notices common defense and security. Also, special circumstances are present. Therefore, the Commission hereby grants TMI–2 Solutions partial exemptions from the recordkeeping requirements of 10 CFR 50.71(c); 10 CFR part 50, Appendix B, Criterion XVII; and 10 CFR 50.59(d)(3) for TMI–2 only to the extent necessary to allow the licensee to advance the schedule to remove records associated with retired SSCs that have been removed from service and have been or will be physically removed by appropriate change mechanisms (e.g., 10 CFR 50.59 or by NRC approved license amendment request, as applicable). Again, the licensee has committed to preserve all records pertaining to the 1979 Records Preservation Order ((44 FR 30788, dated May 29, 1979 and Attachment 1 of December 15, 2021 submittal (ML21354A027)).TMI–2 Solutions is not requesting any exemption associated with retention of spent fuel debris related records required by 10 CFR part 50 and 10 CFR part 72. These exemptions are effective upon issuance. Dated: September 16, 2022. For the Nuclear Regulatory Commission. /RA September 16, 2022/ Jane E. Marshall, Director, Division of Decommissioning, Uranium Recovery, and Waste Programs Office of Nuclear Material Safety and Safeguards. [FR Doc. 2022–23975 Filed 11–3–22; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series) 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, with modifications, under the Paperwork Reduction Act, of a collection of information for Annual Reporting under OMB control number 1212–0057, which expires on June 30, 2025. 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 December 5, 2022. khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:12 Nov 03, 2022 Jkt 259001 Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/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-registernotices-openfor-comment. It may also be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel of PBGC, 445 12th Street SW, Washington, DC 20024–2101; or, calling 202–229–4040 during normal business hours. If you are deaf or hard of hearing or have a speech disability, please dial 7–1–1 to access telecommunications relay services. FOR FURTHER INFORMATION CONTACT: Karen Levin (levin.karen@pbgc.gov), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024–2101; 202–229–3559. If you are deaf or hard of hearing or have a speech disability, please dial 7–1–1 to access telecommunications relay services. SUPPLEMENTARY INFORMATION: Annual reporting to the Internal Revenue Service (IRS), the Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) is required by law for most employee benefit plans. For example, section 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) requires annual reporting to PBGC for pension plans covered by title IV of ERISA. To accommodate these filing requirements, IRS, EBSA, and PBGC have jointly promulgated the Form 5500 Series, which includes the Form 5500 Annual Return/Report of Employee Benefit Plan and the Form 5500–SF Short Form Annual Return/ Report of Small Employee Benefit Plan. The existing collection of information was approved by the Office of Management and Budget (OMB) under OMB control number 1212–0057 (expires June 30, 2025). On August 29, 2022, PBGC published in the Federal Register (at 87 FR 52821), a notice informing the public of its intent to request an extension of this collection of information, as modified. PBGC received one comment in support of the collection of information. PBGC is requesting that OMB extend approval of the collection, with modifications, for three years. An agency may not conduct or sponsor, and a person is not required ADDRESSES: PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 to respond to, a collection of information unless it displays a currently valid OMB control number. PBGC is proposing modifications to the 2023 Schedule R (Retirement Plan Information) and to the 2023 Schedule SB (Single-Employer Defined Benefit Plan Actuarial Information), and to their related instructions, as described below. Schedule R PBGC is proposing modifications to line 19 of Schedule R and its instructions, a line that applies to all defined benefit plans (except DFEs) that have 1,000 or more participants at the beginning of the plan year. Currently, such plans must provide a breakdown of plan assets in line 19a by reporting the percent of assets held in five categories of investments. PBGC is proposing to reconfigure the categories as shown below: Current Stock ............................... Investment-Grade Debt .. High-Yield Debt .............. Real Estate ..................... Other ............................... Proposed Public Equity. Private Equity. Investment-Grade Debt and Interest Rate Hedging Assets. High-Yield Debt. Real Assets. Cash or Cash Equivalents. Other. In addition, for certain investments, PBGC is proposing to modify the instructions to clarify how certain atypical investments should be categorized for this purpose. For example, as currently drafted, it is not clear whether cash equivalents should be included in ‘‘Investment-Grade Debt’’ or in ‘‘Other.’’ Similarly, it is not clear whether infrastructure investments should be included in the ‘‘Real Estate’’ or the ‘‘Other’’ category. By expanding the list of categories and modifying the instructions, the more detailed information should be reported consistently which will enable PBGC to better model important characteristics of plan portfolios. PBGC is also proposing to modify the instructions for line 19a so that the percentages reported reflect the asset allocation as of the end of the plan year instead of the beginning of the plan year. Having more recent information will lead to better projections and more accurate analysis by PBGC, and because the Form 5500 isn’t due until several months after the end of the plan year, this change should not create any timing issues for filers. In addition, PBGC is proposing changes to line 19b (average duration for certain investments) and its instructions and to eliminate line 19c (method used E:\FR\FM\04NON1.SGM 04NON1 Federal Register / Vol. 87, No. 213 / Friday, November 4, 2022 / Notices khammond on DSKJM1Z7X2PROD with NOTICES to determine the duration reported in line 19b). Under modified line 19b, PBGC is proposing that applicable filers would be required to check a box to indicate the average duration of the plan’s combined Investment-Grade Debt and Interest Rate Hedging Assets portfolio, thereby replacing the current requirement to check the box that shows the average duration of the plan’s combined Investment-Grade and High Yield Debt portfolio. PBGG is also proposing to change the average duration ranges to choose from 3-year periods to multiple 5-year periods, with the last choice being a period of 15 or more years. Line 19c currently asks for the duration measure used to calculate line 19b. Because the alternative duration measures do not provide meaningfully different results, eliminating line 19c will not hinder PBGC’s modeling results. Schedule SB PBGC is proposing a minor modification to Schedule SB, line 6 (Target Normal Cost) and its instructions, to address a possible, albeit unlikely, situation in which line 6c (Target Normal Cost) reported on Schedule SB would not be consistent with IRS regulation and statute if lines 6a and 6b were determined in accordance with the current line 6 instructions. This situation would arise only if (1) a plan requires mandatory employee contributions and (2) the mandatory employee contributions for the plan year exceeded the present value of benefits accruing during the plan year. PBGC’s proposed changes to lines 6a and 6c of the instructions, and to line 6c of the Form (which has changed from ‘‘Total (line 6a + line 6b)’’ to Total (Target Normal Cost)) will rectify this situation by clarifying the amount to be reported in line 6a is the present value of expected accruals and by detailing that line 6c requires the sum of lines 6a and 6b, ‘‘reduced (but not below zero) by any mandatory employee contributions expected to be made during the plan year.’’ In addition, PBGC is proposing to change the current instructions for the Schedule SB, line 26b attachment (Schedule of Projection of Expected Benefit Payments), to provide that for a plan that has 1,000 or more participants as of the valuation date, in situations where a plan assumes some, or all, benefits are paid in a lump sum but uses the annuity substitution rule (26 CFR 1.430(d)–1(f)(4)(iii)(B)) to determine the funding target, the attachment may show projected benefits payable in the annuity form instead of in the form VerDate Sep<11>2014 18:12 Nov 03, 2022 Jkt 259001 assumed for valuation purposes, as indicated in the current instructions. PBGC notes that the instructions for the current line 26b attachment, which was added for the 2022 plan year, suggest that for such plans, the benefit projection would be based on a different form of payment than what was used to determine the funding target. In addition, the current instructions for line 26a of Schedule SB provide that a plan reporting 1,000 or more active participants on line 3d, column (1), must also provide average compensation data. This instruction is incorrect because line 3d is where the total participant count is reported. PBGC is correcting this instruction to instead reference line 3c, column (1)), the active participant count. PBGC estimates that it will receive approximately 25,000 Form 5500 and Form 5500–SF filings per year under this collection of information for the 2023 Form 5500 Series. PBGC further estimates that the total annual burden of this collection of information for the Form 5500 Series, attributable to PBGC, will be 15,089 hours and that there will be no cost burden. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2022–24094 Filed 11–3–22; 8:45 am] BILLING CODE 7709–02–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–030, OMB Control No. 3235–0290] Proposed Collection; Comment Request; Extension: Rule 17f–1(g) Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17f–1(g) (17 CFR 240.17f–1(g)), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Paragraph (g) of Rule 17f–1 requires that all reporting institutions (i.e., every national securities exchange, member PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 66763 thereof, registered securities association, broker, dealer, municipal securities dealer, registered transfer agent, registered clearing agency, participant therein, member of the Federal Reserve System and bank insured by the FDIC) maintain and preserve a number of documents related to their participation in the Lost and Stolen Securities Program (‘‘Program’’) under Rule 17f–1. The following documents must be kept in an easily accessible place for three years, according to paragraph (g): (1) copies of all reports of theft or loss (Form X–17F–1A) filed with the Commission’s designee: (2) all agreements between reporting institutions regarding registration in the Program or other aspects of Rule 17f–1; and (3) all confirmations or other information received from the Commission or its designee as a result of inquiry. Reporting institutions utilize these records and reports (a) to report missing, lost, stolen or counterfeit securities to the database; (b) to confirm inquiry of the database; and (c) to demonstrate compliance with Rule 17f–1. The Commission and the reporting institutions’ examining authorities utilize these records to monitor the incidence of thefts and losses incurred by reporting institutions and to determine compliance with Rule 17f–1. If such records were not retained by reporting institutions, compliance with Rule 17f–1 could not be monitored effectively. The Commission estimates that there are approximately 10,018 reporting institutions (respondents) and, on average, each respondent would need to retain 33 records annually, with each retention requiring approximately 1 minute (a total of 33 minutes or 0.5511 hours per respondent per year). Thus, the total estimated annual time burden for all respondents is 5,521 hours (10,018 × 0.5511 hours = 5,521). Assuming an average hourly cost for clerical work of $50.00, the average total yearly record retention internal cost of compliance for each respondent would be $27.56 ($50 × 0.5511 hours). Based on these estimates, the total annual internal compliance cost for the estimated 10,018 reporting institutions would be approximately $276,096 (10,018 × $27.56). Written comments are invited on: (a) whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to E:\FR\FM\04NON1.SGM 04NON1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66762-66763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24094]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Annual Reporting (Form 5500 Series)

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, with 
modifications, under the Paperwork Reduction Act, of a collection of 
information for Annual Reporting under OMB control number 1212-0057, 
which expires on June 30, 2025. 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 December 5, 2022.

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/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-registernotices-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, 445 12th Street 
SW, Washington, DC 20024-2101; or, calling 202-229-4040 during normal 
business hours. If you are deaf or hard of hearing or have a speech 
disability, please dial 7-1-1 to access telecommunications relay 
services.

FOR FURTHER INFORMATION CONTACT: Karen Levin ([email protected]), 
Attorney, Regulatory Affairs Division, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, 
DC 20024-2101; 202-229-3559. If you are deaf or hard of hearing or have 
a speech disability, please dial 7-1-1 to access telecommunications 
relay services.

SUPPLEMENTARY INFORMATION: Annual reporting to the Internal Revenue 
Service (IRS), the Employee Benefits Security Administration (EBSA), 
and the Pension Benefit Guaranty Corporation (PBGC) is required by law 
for most employee benefit plans. For example, section 4065 of the 
Employee Retirement Income Security Act of 1974 (ERISA) requires annual 
reporting to PBGC for pension plans covered by title IV of ERISA. To 
accommodate these filing requirements, IRS, EBSA, and PBGC have jointly 
promulgated the Form 5500 Series, which includes the Form 5500 Annual 
Return/Report of Employee Benefit Plan and the Form 5500-SF Short Form 
Annual Return/Report of Small Employee Benefit Plan.
    The existing collection of information was approved by the Office 
of Management and Budget (OMB) under OMB control number 1212-0057 
(expires June 30, 2025). On August 29, 2022, PBGC published in the 
Federal Register (at 87 FR 52821), a notice informing the public of its 
intent to request an extension of this collection of information, as 
modified. PBGC received one comment in support of the collection of 
information. PBGC is requesting that OMB extend approval of the 
collection, with modifications, 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 proposing modifications to the 2023 Schedule R (Retirement 
Plan Information) and to the 2023 Schedule SB (Single-Employer Defined 
Benefit Plan Actuarial Information), and to their related instructions, 
as described below.

Schedule R

    PBGC is proposing modifications to line 19 of Schedule R and its 
instructions, a line that applies to all defined benefit plans (except 
DFEs) that have 1,000 or more participants at the beginning of the plan 
year. Currently, such plans must provide a breakdown of plan assets in 
line 19a by reporting the percent of assets held in five categories of 
investments. PBGC is proposing to reconfigure the categories as shown 
below:

------------------------------------------------------------------------
                  Current                             Proposed
------------------------------------------------------------------------
Stock.....................................  Public Equity.
Investment-Grade Debt.....................  Private Equity.
High-Yield Debt...........................  Investment-Grade Debt and
                                             Interest Rate Hedging
                                             Assets.
Real Estate...............................  High-Yield Debt.
Other.....................................  Real Assets.
                                            Cash or Cash Equivalents.
                                            Other.
------------------------------------------------------------------------

    In addition, for certain investments, PBGC is proposing to modify 
the instructions to clarify how certain atypical investments should be 
categorized for this purpose. For example, as currently drafted, it is 
not clear whether cash equivalents should be included in ``Investment-
Grade Debt'' or in ``Other.'' Similarly, it is not clear whether 
infrastructure investments should be included in the ``Real Estate'' or 
the ``Other'' category. By expanding the list of categories and 
modifying the instructions, the more detailed information should be 
reported consistently which will enable PBGC to better model important 
characteristics of plan portfolios.
    PBGC is also proposing to modify the instructions for line 19a so 
that the percentages reported reflect the asset allocation as of the 
end of the plan year instead of the beginning of the plan year. Having 
more recent information will lead to better projections and more 
accurate analysis by PBGC, and because the Form 5500 isn't due until 
several months after the end of the plan year, this change should not 
create any timing issues for filers.
    In addition, PBGC is proposing changes to line 19b (average 
duration for certain investments) and its instructions and to eliminate 
line 19c (method used

[[Page 66763]]

to determine the duration reported in line 19b). Under modified line 
19b, PBGC is proposing that applicable filers would be required to 
check a box to indicate the average duration of the plan's combined 
Investment-Grade Debt and Interest Rate Hedging Assets portfolio, 
thereby replacing the current requirement to check the box that shows 
the average duration of the plan's combined Investment-Grade and High 
Yield Debt portfolio. PBGG is also proposing to change the average 
duration ranges to choose from 3-year periods to multiple 5-year 
periods, with the last choice being a period of 15 or more years.
    Line 19c currently asks for the duration measure used to calculate 
line 19b. Because the alternative duration measures do not provide 
meaningfully different results, eliminating line 19c will not hinder 
PBGC's modeling results.

Schedule SB

    PBGC is proposing a minor modification to Schedule SB, line 6 
(Target Normal Cost) and its instructions, to address a possible, 
albeit unlikely, situation in which line 6c (Target Normal Cost) 
reported on Schedule SB would not be consistent with IRS regulation and 
statute if lines 6a and 6b were determined in accordance with the 
current line 6 instructions. This situation would arise only if (1) a 
plan requires mandatory employee contributions and (2) the mandatory 
employee contributions for the plan year exceeded the present value of 
benefits accruing during the plan year. PBGC's proposed changes to 
lines 6a and 6c of the instructions, and to line 6c of the Form (which 
has changed from ``Total (line 6a + line 6b)'' to Total (Target Normal 
Cost)) will rectify this situation by clarifying the amount to be 
reported in line 6a is the present value of expected accruals and by 
detailing that line 6c requires the sum of lines 6a and 6b, ``reduced 
(but not below zero) by any mandatory employee contributions expected 
to be made during the plan year.''
    In addition, PBGC is proposing to change the current instructions 
for the Schedule SB, line 26b attachment (Schedule of Projection of 
Expected Benefit Payments), to provide that for a plan that has 1,000 
or more participants as of the valuation date, in situations where a 
plan assumes some, or all, benefits are paid in a lump sum but uses the 
annuity substitution rule (26 CFR 1.430(d)-1(f)(4)(iii)(B)) to 
determine the funding target, the attachment may show projected 
benefits payable in the annuity form instead of in the form assumed for 
valuation purposes, as indicated in the current instructions. PBGC 
notes that the instructions for the current line 26b attachment, which 
was added for the 2022 plan year, suggest that for such plans, the 
benefit projection would be based on a different form of payment than 
what was used to determine the funding target.
    In addition, the current instructions for line 26a of Schedule SB 
provide that a plan reporting 1,000 or more active participants on line 
3d, column (1), must also provide average compensation data. This 
instruction is incorrect because line 3d is where the total participant 
count is reported. PBGC is correcting this instruction to instead 
reference line 3c, column (1)), the active participant count.
    PBGC estimates that it will receive approximately 25,000 Form 5500 
and Form 5500-SF filings per year under this collection of information 
for the 2023 Form 5500 Series. PBGC further estimates that the total 
annual burden of this collection of information for the Form 5500 
Series, attributable to PBGC, will be 15,089 hours and that there will 
be no cost burden.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2022-24094 Filed 11-3-22; 8:45 am]
BILLING CODE 7709-02-P

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