Proposed Submission of Information Collection for OMB Review; Comment Request; Special Financial Assistance Information, 88138-88139 [2023-27970]

Agencies

• Pension Benefit Guaranty Corporation

[Federal Register Volume 88, Number 243 (Wednesday, December 20, 2023)]
[Notices]
[Pages 88138-88139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27970]


=======================================================================
-----------------------------------------------------------------------

PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Special Financial Assistance 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 collection of information 
contained in PBGC's regulation on special financial assistance. The 
purpose of the information collection is to gather information 
necessary for PBGC to operate this special financial assistance 
program. 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 February 20, 2024.

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 OMB control 
number 1212-0074 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 OMB control number 
1212-0074. 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 the collection of information 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: Hilary Duke ([email protected]), 
Assistant General Counsel for Regulatory Affairs, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, 
Washington, DC 20024-2101; 202-229-3839. 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 4262 of the Employee Retirement 
Income Security Act of 1974 (ERISA) requires PBGC to provide special 
financial assistance (SFA) to certain financially troubled 
multiemployer plans upon application for assistance. Part 4262 of 
PBGC's regulations, ``Special Financial Assistance by PBGC,'' provides 
guidance to multiemployer pension plan sponsors on eligibility, 
determining the amount of SFA, content of an application for SFA, the 
process of applying, PBGC's review of applications, restrictions and 
conditions, and reporting and notice requirements.
    To apply for SFA, a plan sponsor must file an application with PBGC 
and include information about the plan, plan documentation, and 
actuarial information, as specified in Sec. Sec.  4262.6 through 
4262.9. Also, if the plan is changing certain assumptions for purposes 
of demonstrating its requested amount of SFA, then the plan sponsor may 
use PBGC's SFA assumptions guidance. PBGC needs the application 
information to review a plan's eligibility for SFA and amount of 
requested SFA. PBGC estimates that over the next 3 years an annual 
average of 45 plan sponsors will file applications for SFA with an 
average annual hour burden of 540 (45 x 12) hours and an average annual 
cost burden of $1,530,000 (45 x $34,000).

[[Page 88139]]

    Under Sec.  4262.10(g), a plan sponsor may, but is not required to, 
file a lock-in application as a plan's initial application. The lock-in 
application contains basic information about the plan and a statement 
of intent to lock-in base data. PBGC needs the information in the lock-
in application to ensure that a plan sponsor intends to lock-in the 
plan's data. PBGC estimates that over the next 3 years an annual 
average of 6 plan sponsors will file lock-in applications for SFA with 
an average annual hour burden of 6 (6 x 1) hours and an average annual 
cost burden of $4,800 (6 x $800).
    Under Sec.  4262.16(i), a plan sponsor of a plan that has received 
SFA must file an Annual Statement of Compliance with the restrictions 
and conditions under section 4262 of ERISA and part 4262 once every 
year through 2051. PBGC needs the information in the Annual Statement 
of Compliance to ensure that a plan is compliant with the imposed 
restrictions and conditions. PBGC estimates that over the next 3 years 
an annual average of 150 plan sponsors will file Annual Statements of 
Compliance with an average annual hour burden of 300 (150 x 2) hours 
and an average annual cost burden of $360,000 (150 x $2,400).
    Under Sec.  4262.15(c), a plan sponsor of a plan with benefits that 
were suspended under sections 305(e)(9) or 4245(a) of ERISA must issue 
notices of reinstatement to participants and beneficiaries whose 
benefits were suspended and are being reinstated. Participants and 
beneficiaries need the notice of reinstatement to better understand the 
calculation and timing of their reinstated benefits and, if applicable, 
make-up payments. PBGC estimates that over the next 3 years an average 
of 2 plans per year will be required to send notices to participants 
with suspended benefits. PBGC estimates that these notices will impose 
an average annual hour burden of 4 (2 x 2) hours and average annual 
cost burden of $4,000 (2 x $2,000).
    Finally, under Sec.  4262.16(d), (f), (g) and (h) a plan sponsor 
must file a request for a determination from PBGC for approval for an 
exception under certain circumstances for SFA conditions under Sec.  
4262.16 relating to reductions in contributions, transfers or mergers, 
and withdrawal liability. PBGC needs the information required for a 
request for determination to determine whether to approve an exception 
from the specified condition of receiving SFA. PBGC estimates that over 
the next 3 years, PBGC will receive an average of 4.2 requests per year 
for determinations. PBGC estimates an average annual hour burden of 
13.6 hours and average annual cost burden of $33,000.
    The estimated aggregate average annual hour burden for the next 3 
years for the information collection in part 4262 is 863.6 (540 + 6 + 
300 + 4 + 13.6) hours for employer and fund office administrative, 
clerical, and supervisory time. The estimated aggregate average annual 
cost burden for the next 3 years for the information collection request 
in part 4262 is $1,931,800 ($1,530,000 + $4,800 + $360,000 + $4,000 + 
$33,000) for approximately 4,830 contract hours assuming an average 
hourly rate of $400 for work done by outside actuaries and attorneys. 
The actual hour burden and cost burden per plan will vary depending on 
plan size and other factors.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0074 (expires May 31, 2024). 
PBGC intends to request that OMB extend its approval of the collection 
of information without change 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 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. 2023-27970 Filed 12-19-23; 8:45 am]
BILLING CODE 7709-02-P