# Request for Approval of a Modification in an Approved Collection of Information; PBGC Form 10-SP, Optional Reportable Event Form for Small Plans > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/fr%3A95-11841 ## Record - **Collection:** Federal Register - **Document type:** Notice - **Published:** May 15, 1995 - **Citation:** 60 FR 25933 ## Text 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. ----------------------------------------------------------------------- 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] BILLING CODE 7708-01-M --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A95-11841. Public record. Not legal advice.