Disclosure to Participants

ICR 200611-1212-005

OMB: 1212-0050

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2006-11-30
IC Document Collections
IC ID
Document
Title
Status
13586 Modified
ICR Details
1212-0050 200611-1212-005
Historical Active 200410-1212-001
PBGC
Disclosure to Participants
Revision of a currently approved collection   No
Regular
Approved with change 01/10/2007
Retrieve Notice of Action (NOA) 11/30/2006
  Inventory as of this Action Requested Previously Approved
01/31/2010 36 Months From Approved 01/31/2007
764 0 3,917
1,057 0 8,428
290,675 0 579,000

Under PBGC regulations implementing section 4011 of ERISA, plan administrators of certain underfunded single-employer pension plans must provide notice to participants and beneficiaries of the plan's funding status and the limits on the PBGC's guarantee. The notice provides recipients with meaningful, understandable, and timely information.

US Code: 29 USC 1311 Name of Law: ERISA
  
PL: Pub.L. 109 - 280 501(b)(1) Name of Law: Pension Protection Act of 2006

Not associated with rulemaking

  71 FR 30968 05/31/2006
71 FR 67932 11/24/2006
No

1
IC Title Form No. Form Name
Disclosure to Participants

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 764 3,917 -3,153 0 0 0
Annual Time Burden (Hours) 1,057 8,428 -6,737 0 -634 0
Annual Cost Burden (Dollars) 290,675 579,000 -462,730 0 174,405 0
No
No
The Pension Protection Act of 2006 (PPA) repealed ERISA section 4011, for plan years beginning after December 31, 2006. Although plan administrators of non-calendar year plans in most cases will be required to provide a Participant Notice for the 2006 plan year in calendar year 2007, and a small number of plan administrators will issue late or corrected Participant Notices for 2006 or earlier plan years in calendar year 2007 and later, the repeal of ERISA section 4011 will result in a sharp decline in the number of Participant Notices provided by plan administrators for the 2007-2009 period. In addition to this program change, PBGC also changed its assumption as to what portion of the Participant Notice burden will be handled by plan administrators themselves and how much will be contracted to third parties. Previously, PBGC assumed plan administrators would handle 80% of the burden themselves, and contract the remainder to third parties. Based on information received by PBGC, PBGC now assumes that only 50% of the burden will be handled by plan administrators themselves, with the rest contracted to third parties.

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Jo Amato Burns 202-326-4223 ext. 3072 burns.joamato@pbgc.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
11/30/2006


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