Termination of Multiemployer Plans (29 CFR Part 4041A)

ICR 202205-1212-002

OMB: 1212-0020

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2022-05-17
IC Document Collections
ICR Details
1212-0020 202205-1212-002
Received in OIRA 201905-1212-002
PBGC
Termination of Multiemployer Plans (29 CFR Part 4041A)
Revision of a currently approved collection   No
Regular 05/17/2022
  Requested Previously Approved
36 Months From Approved 06/30/2022
817 2,300
61 229
39,400 114,000

Plan sponsors of terminating multiemployer pension plans give notices to PBGC about plan terminations and to plan participants about electing benefit options, and apply to PBGC for permission to pay lump sums greater than $1,750 or to pay nonvested plan benefits. PBGC uses information submitted to it to assess the likelihood of benefit reductions or suspensions and risks to PBGC and participants and to estimate the need for financial assistance to plans. Participants use information sent to them to make personal financial decisions. Plans terminated by mass withdrawal, plans terminated by plan amendment that are expected to become insolvent, and insolvent plans receiving financial assistance from PBGC are required to file actuarial valuations and withdrawal liability information with PBGC.

US Code: 29 USC 1341a Name of Law: ERISA
  
None

Not associated with rulemaking

  87 FR 13020 03/08/2022
87 FR 29899 05/17/2022
No

1
IC Title Form No. Form Name
Termination of Multiemployer Plans (29 CFR Part 4041A) 002, 003, 001 Notice of Termination ,   Actuarial Valuation ,   Withdrawal Liability

  Total Request 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 817 2,300 0 0 -1,483 0
Annual Time Burden (Hours) 61 229 0 0 -168 0
Annual Cost Burden (Dollars) 39,400 114,000 0 0 -74,600 0
No
No
The decrease in the estimated annual burden of this collection of information results from the establishment of the special financial assistance program which results in PBGC receiving fewer termination notices plans. In addition, there is a decrease in the number of plans filing withdrawal liability information from an estimated 140 plans to 10 plans. The majority of plans filed withdrawal liability information once stating that the plan does not receive withdrawal liability payments. PBGC estimates that the annual hour burden will decrease from 229 hours to 61 hours and the annual cost burden will decrease from $114,000 to $39,400.

$3,000
No
    Yes
    No
No
No
No
No
Karen Levin 202 326-4400 ext. 3559 levin.karen@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.
05/17/2022


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