Submission of Information Collection for OMB Review; Comment Request; Termination of Single Employer Plans; Missing Participants; PBGC Forms 500-501, 600-602

PENSION BENEFIT GUARANTY CORPORATION

Submission of Information Collection for OMB Review; Comment

Request; Termination of Single Employer Plans; Missing Participants;

PBGC Forms 500-501, 600-602

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is

requesting that the Office of Management and Budget (``OMB'') extend

its approval, under the Paperwork Reduction Act, of a collection of

information in its regulations on Termination of Single Employer Plans

and Missing Participants (29 CFR Parts 4041 and 4050) and implementing

forms and instructions (PBGC Forms 500-501 and 600-602). This notice

informs the public of the PBGC's request and solicits public comment on

the collection of information.

DATES: Comments should be submitted by December 8, 1997.

ADDRESSES: Comments should be mailed to the Office of Information and

Regulatory Affairs of the Office of Management and Budget, Attention:

Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC

20503. The request for extension will be available for public

inspection at the Communications and Public Affairs Department of the

Pension Benefit Guaranty Corporation, suite 240, 1200 K Street, NW.,

Washington, DC, 20005-4026, between 9 a.m. and 4 p.m. on business days.

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

Counsel, or Catherine B. Klion, Attorney, Office of the General

Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,

Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, call 800-

877-8339 and request connection to 202-326-4024).

SUPPLEMENTARY INFORMATION: The PBGC administers the pension plan

termination insurance programs under Title IV of the Employee

Retirement Income Security Act of 1974, as amended (``ERISA''). Under

section 4041 of ERISA, a single-employer pension plan may terminate

voluntarily only if it satisfies the requirements for either a standard

or a distress termination. Pursuant to ERISA section 4041(b), for

standard terminations, and section 4041(c), for distress terminations,

and the PBGC's termination regulation (29 CFR part 4041), a plan

administrator wishing to terminate a plan is required to submit

specified information to the PBGC in support of the proposed

termination and to provide specified information regarding the proposed

termination to third parties (participants, beneficiaries, alternate

payees, and employee organizations). In the case of a plan with

participants or beneficiaries who cannot be located when their benefits

are to be distributed, the plan administrator is subject to the

requirements of ERISA section 4050 and the PBGC's missing participants

regulation (29 CFR part 4050).

Elsewhere in today's Federal Register, the PBGC published a final

rule that extends standard termination deadlines and otherwise

simplifies the standard termination process, requires that plan

administrators provide participants with information on state guaranty

association coverage of annuities, and makes conforming changes to the

distress termination process. The final rule also makes conforming and

simplifying changes to the missing participants regulation. In

addition, the PBGC made clarifying and other changes (related to the

final rule) to its implementing forms and instructions under the

termination and missing participants regulations.

Terminations initiated before the effective date of the final rule

generally will be subject to the existing collection of information

requirements. (The PBGC specified in the final rule certain portions of

the final rule that plan administrators may apply to terminations in

process at the time the final rule becomes effective.) Thus, even after

the effective date of the final rule, there will be a period of time

during which the existing collection of information requirements will

apply for some terminations.

The PBGC is asking OMB to (1) approve for three years the revised

collection of information requirements contained in the new final

termination and missing participants regulations and implementing forms

and instructions; and (2) extend its approval for three years of the

collection of information requirements in the existing termination and

missing participants regulations and implementing forms and

instructions. To facilitate OMB's consideration of these requests, the

PBGC is combining the final rule and rollover submissions.

Much of the work associated with terminating a plan is performed

for purposes other than meeting the collection of information

requirements in the PBGC's termination and missing participants

regulations. The PBGC estimates that 3,750 plan administrators will be

subject to the collection of information requirements each year, and

that the total annual burden of complying with these requirements is

5,231 hours and $2,761,672.

Issued in Washington, DC, this 3rd day of November, 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty Corporation.

[FR Doc. 97-29499 Filed 11-6-97; 8:45 am]

BILLING CODE 7708-01-P