Pension Benefit Guaranty Corporation.
Notice of intention to request extension of OMB approval.
The Pension Benefit Guaranty Corporation (“PBGC”) intends to request that the Office of Management Start Printed Page 58830and Budget (“OMB”) extend its approval (with modifications) of a collection of information under the Paperwork Reduction Act. The purpose of the information collection is to enable the PBGC to pay benefits to participants and beneficiaries in plans covered by the PBGC insurance program. This notice informs the public of the PBGC's intent and solicits public comment on the collection of information.
Comments may be mailed to the Office of the General Counsel, suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, or delivered to that address between 9 a.m. and 4 p.m. on business days. Copies of the collection of information may be obtained without charge by visiting or writing to the PBGC's Communications and Public Affairs Department at Suite 240 at the above address or by calling that office at 202-326-4040 during normal business hours. (For TTY and TDD, call 800-877-8339 and request connection to 202-326-4040).
Comments should be submitted by November 18, 2002.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4024. (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)End Further Info End Preamble Start Supplemental Information
The PBGC intends to request that OMB extend its approval (with modifications) of a collection of information needed to pay participants and beneficiaries who may be entitled to pension benefits under a defined benefit plan that has terminated. The collection consists of information participants and beneficiaries are asked to provide in connection with an application for benefits. In addition, in some instances, as part of a search for participants and beneficiaries who may be entitled to benefits, the PBGC requests individuals to provide identifying information that the individual would provide as part of an initial contact with the PBGC. All requested information is needed to enable the PBGC to determine benefit entitlements and to make appropriate payments. The collection also includes pages on the PBGC's web site, www.pbgc.gov, that, for certain large plans, provide respondents with specific information about their pension plan and enable them to obtain a rough estimate of their benefit, either by using an online benefit estimate calculator or by completing an online form and submitting it to the PBGC to compute an estimate.
The existing collection of information under the regulation was approved under control number 1212-0055 (expires February 28, 2003). The PBGC intends to request that OMB extend its approval for another 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.
The PBGC estimates that 125,750 benefit application or information forms will be filed annually by individuals entitled to benefits from the PBGC and that the associated burden is 69,500 hours (an average of about one-half hour per response) and about $46,500. The PBGC further estimates that 5,500 individuals annually will provide the PBGC with identifying information as part of an initial contact and that the associated burden is 1,500 hours (an average of about one-quarter hour per response) and $1,100. Thus, the total estimated annual burden associated with this collection of information is 71,000 hours and about $47,600.
The PBGC is soliciting public comments to—
- Evaluate whether the 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 collection of information, including the validity of the methodology 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 at Washington, DC, this 12th day of September, 2002.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit Guaranty Corporation.
[FR Doc. 02-23688 Filed 9-17-02; 8:45 am]
BILLING CODE 7708-01-P