Pension Benefit Guaranty Corporation.
Notice of request for extension of OMB approval.
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of the collection of information under Part 4043 of its regulations relating to Notice of Failure to Make Required Contributions (OMB control number 1212-0041; expires January 31, 2003). This notice informs the public of the PBGC's request and solicits public comment on the collection of information.
Comments should be submitted by December 26, 2002.
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.
Copies of the request for extension (including the collection of information) may be obtained without charge by writing to the PBGC's Communications and Public Affairs Department, suite 240, 1200 K Street, NW., Washington, DC 20005-4026, or by visiting that office or calling 202-326-4040 during normal business hours. (TTY and TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4040.) The regulations, forms, and instructions relating to the notice of failure to make required contributions may be accessed on the PBGC's Web site at http://www.pbgc.gov.Start Further Info
FOR FURTHER INFORMATION CONTACT:
James L. Beller, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4024. (TTY and 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
Section 302(f) of the Employee Retirement Income Security Act of 1974 (“ERISA”) and section 412(n) of the Internal Revenue Code of 1986 (“Code”) impose a lien in favor of an underfunded single-employer plan that is covered by the termination insurance program if (1) any person fails to make a required payment when due, and (2) the unpaid balance of that payment (including interest), when added to the aggregate unpaid balance of all preceding payments for which payment was not made when due (including interest), exceeds $1 million. (For this purpose, a plan is underfunded if its funded current liability percentage is less than 100 percent.) The lien is upon all property and rights to property belonging to the person or persons who are liable for required contributions (i.e., a contributing sponsor and each member of the controlled group of which that contributing sponsor is a member).
Only the PBGC (or, at its direction, the plan's contributing sponsor or a member of the same controlled group) may perfect and enforce this lien. Therefore, ERISA and the Code require persons committing payment failures to notify the PBGC within 10 days of the due date whenever there is a failure to make a required payment and the total of the unpaid balances (including interest) exceeds $1 million.
PBGC Form 200, Notice of Failure to Make Required Contributions, and related filing instructions, implement the statutory notification requirement. Submission of Form 200 is required by 29 CFR § 4043.81.
The collection of information under the regulation has been approved through January 31, 2003, by OMB under control number 1212-0041. The PBGC is requesting that OMB extend approval for another three years. An agency may not conduct or sponsor, and Start Printed Page 70776a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number.
The PBGC estimates that it will receive 30 Form 200 filings per year under this collection of information. The PBGC further estimates that the average annual burden of this collection of information is 64.5 hours and $12,900.Start Signature
Issued in Washington, DC, this 20th day of November, 2002.
Director, Corporate Policy and Research Department, Pension Benefit Guaranty Corporation.
[FR Doc. 02-29959 Filed 11-25-02; 8:45 am]
BILLING CODE 7708-01-P