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.
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2006 (PPA) repealed ERISA section 4011, for plan years beginning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.