Proposed Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums, 51359 [2023-16536]

Agencies

• Pension Benefit Guaranty Corporation

[Federal Register Volume 88, Number 148 (Thursday, August 3, 2023)]
[Notices]
[Page 51359]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-16536]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Payment of Premiums

AGENCY: Pension Benefit Guaranty Corporation.

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

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget extend approval under 
the Paperwork Reduction Act of a collection of information under its 
regulation on Payment of Premiums. This notice informs the public of 
PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments must be received on or before October 2, 2023 to be 
assured of consideration.

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 Payment of 
Premiums and/or OMB Control No. 1212-0009 in the subject line.
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th 
Street SW, Washington, DC 20024-2101.
    Commenters are strongly encouraged to submit comments 
electronically. Commenters who submit comments on paper by mail should 
allow sufficient time for mailed comments to be received before the 
close of the comment period.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to Payment of Premiums 
and/or OMB Control No. 1212-0009. All comments received will be posted 
without change to PBGC's website, https://www.pbgc.gov, including any 
personal information provided. Do not submit comments that include any 
personally identifiable information or confidential business 
information.
    Copies of this information collection may be obtained by writing to 
Disclosure Division ([email protected]), Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 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: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington, DC 20024-2101; 202-326-4400, extension 
6563. (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: Section 4007 of title IV of the Employee 
Retirement Income Security Act of 1974 (ERISA) requires pension plans 
covered under title IV pension insurance programs to pay premiums to 
PBGC. All plans covered by title IV pay a flat-rate per-participant 
premium. An underfunded single-employer plan also pays a variable-rate 
premium based on the value of the plan's unfunded vested benefits.
    Pursuant to section 4007 of ERISA, PBGC has issued its regulation 
on Payment of Premiums (29 CFR part 4007). Under Sec.  4007.3 of the 
premium payment regulation, the plan administrator of each pension plan 
covered by title IV of ERISA is required to file a premium payment and 
information prescribed by PBGC for each premium payment year. Premium 
information is filed electronically using ``My Plan Administration 
Account'' (``My PAA'') through PBGC's website. Under Sec.  4007.10 of 
the premium payment regulation, plan administrators are required to 
retain records about premiums and information submitted in premium 
filings.
    Premium filings report (i) the flat-rate premium and related data 
(all plans), (ii) the variable-rate premium and related data (single-
employer plans), and (iii) additional data such as identifying 
information and miscellaneous plan-related or filing-related data (all 
plans). PBGC needs this information to identify the plans for which 
premiums are paid, to verify whether the amounts paid are correct, to 
help PBGC determine the magnitude of its exposure in the event of plan 
termination, to help track the creation of new plans and transfer of 
participants and plan assets and liabilities among plans, and to keep 
PBGC's insured-plan inventory up to date. That information and the 
retained records are also needed for audit purposes.
    PBGC is intending to update the premium rates, as required by 
statute, and make conforming, clarifying, and editorial changes to the 
premium filing instructions. These changes are non-material.
    The collection of information under the regulation has been 
approved through February 29, 2024, under OMB control number 1212-0009. 
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 estimates that it will receive 31,303 premium filings per year 
from plan administrators under this collection of information. PBGC 
further estimates that the annual burden of this collection of 
information is 13,565 hours and $21,661,676.
    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.

    Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2023-16536 Filed 8-2-23; 8:45 am]
BILLING CODE 7709-02-P