Liability for Termination of Single-Employer Plans

Forms and Documents

Document Name	Status
2020 Supporting Statement 1212-0017, 7.20.2020.docx Supporting Statement A	2020-07-20

IC Document Collections

IC ID	Document Title	Status
13525	Liability for Termination of Single-Employer Plans	Modified

ICR Details

OMB Control No: 1212-0017	ICR Reference No: 202006-1212-001
Status: Active	Previous ICR Reference No: 201705-1212-001
Agency/Subagency: PBGC	Agency Tracking No:
Title: Liability for Termination of Single-Employer Plans
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 08/19/2020
	Date Received in OIRA: 06/10/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2023	36 Months From Approved	08/31/2020
Responses	29	0	30
Time Burden (Hours)	348	0	360
Cost Burden (Dollars)	156,600	0	133,200

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Abstract: A contributing sponsor of a terminating single-employer plan or member of its controlled group ("employer") that believes ERISA 4062(b) liabiity exceeds 30% of the employer's net worth is required to so notify PBGC and submit net worth information; the amount of employer liability subject to the statutory lien and the payment terms are affected by whether and to what extent such liability exceeds 30% of the employer's net worth.

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Authorizing Statute(s): US Code: 29 USC 1368 Name of Law: ERISA
   US Code: 29 USC 1362 Name of Law: ERISA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 13953	03/10/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 35445	06/10/2020
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Liability for Termination of Single-Employer Plans

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ICR Summary of Burden

	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	29	30	0	0	-1	0
Annual Time Burden (Hours)	348	360	0	0	-12	0
Annual Cost Burden (Dollars)	156,600	133,200	0	0	23,400	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 06/10/2020

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