Request for Approval of a Modification in an Approved Collection of Information; PBGC Form 10-SP, Optional Reportable Event Form for Small Plans

PENSION BENEFIT GUARANTY CORPORATION

Request for Approval of a Modification in an Approved Collection

of Information; PBGC Form 10-SP, Optional Reportable Event Form for

Small Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of Request for OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation has requested that

the Office of Management and Budget approve, under the Paperwork

Reduction Act, a modification in its currently approved collection of

information for the reporting requirements under section 4043 of the

Employee Retirement Income Security Act of 1974 (OMB control number

1212-0013; expires February 28, 1996). This modification would simplify

compliance for small plans by providing the plan administrator and

contributing [[Page 25934]] sponsor of a single-employer plan with

fewer than 500 participants with the option of using PBGC Form 10-SP

when notifying the PBGC that a reportable event has occurred. The

effect of this notice is to advise the public of the PBGC's request for

OMB approval of and to solicit public comment on the modification.

ADDRESSES: All written comments (at least three copies) should be

addressed to Office of Management and Budget, Paperwork Reduction

Project (1212-0013), Washington, DC 20503. The PBGC's request for

approval will be available for inspection at the PBGC's Communications

and Public Affairs Department, Suite 240, 1200 K Street, NW.,

Washington, DC 20005-4026, between 9 a.m. and 4 p.m., Monday through

Friday.

FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General

Counsel, Office of the General Counsel, Pension Benefit Guaranty

Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-

4024 (202-326-4179 for TTY and TDD).

SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation

administers the pension plan termination insurance program under Title

IV of the Employee Retirement Income Security Act of 1974, as amended

(29 U.S.C. 1301 et seq.). Part 2615, Subpart A, of the PBGC's

regulations (29 CFR part 2615, subpart A) implements the requirements

of ERISA section 4043 (29 U.S.C. 1343). In particular, the regulations

prescribe rules for the notice that, except where expressly waived,

must be provided to the PBGC no later than 30 days after a single-

employer plan administrator knows or has reason to know a reportable

has occurred. These reporting requirements currently are approved by

the Office of Management and Budget (``OMB'') (control number 1212-

0013; expires February 28, 1996).

The PBGC has now developed an information collection instrument--

PBGC Form 10-SP, Optional Reportable Event Form for Small Plans--that

it believes will facilitate and simplify compliance with regulatory

requirements. In particular, Form 10-SP (including its instructions)

will help contributing sponsors and plan administrators of small plans

(fewer than 500 participants) understand what events must be reported.

In addition, it will provide a simple reporting mechanism. The form

takes into account certain recent amendments to section 4043 made by

the Retirement Protection Act of 1994 (Title VII, Subtitle F of Pub. L.

103-465).

To provide plan administrators and contributing sponsors of such

plans with the option of using Form 10-SP when notifying the PBGC that

a reportable event has occurred, the PBGC has asked OMB to approve this

information collection instrument as a modification in its currently

approved collection of information. The PBGC believes that Form 10-SP

would increase the likelihood that it will receive initial critical

information within the prescribed time period, and it anticipates that

in most cases the plan administrators and contributing sponsors of

small plans would not provide any further information to the PBGC.

However, the PBGC is not at this time predicting a reduction in the

total burden hours under its reportable events regulation (40 hours per

year, based on 80 filings at \1/2\ hour per filing). The PBGC is in the

process of determining whether and to what extent to revise its burden

hour estimate to reflect the new RPA reportable events, and plans to

note any decrease resulting from Form 10 when it requests OMB paperwork

approval for its proposed amendments to its reportable events

regulation to implement RPA.

Issued in Washington, DC this 9th day of May, 1995.

Martin Slate,

Executive Director, Pension Benefit Guaranty Corporation.

[FR Doc. 95-11841 Filed 5-12-95; 8:45 am]

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