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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1212-0064
ICR Reference No:
200710-1212-001
Status:
Historical Active
Previous ICR Reference No:
200611-1212-002
Agency/Subagency:
PBGC
Agency Tracking No:
Title:
Termination Premium
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/23/2007
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/22/2007
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2010
36 Months From Approved
Responses
50
0
0
Time Burden (Hours)
40
0
0
Cost Burden (Dollars)
264,000
0
0
Abstract:
In certain cases where a PBGC-insured pension plan terminates in a distress or involuntary termination, the plans sponsor group must pay termination premiums to PBGC for three years under 29 USC 1307 and 29 CFR Part 4007, which also requires retention and production of records necessary to support premium payments. The information in this collection identifies the plan and sponsor group and lets PBGC verify premium computations. The retained records facilitate audits.
Authorizing Statute(s):
US Code:
29 USC 1302(b)(3), 1306, 1307
Name of Law: ERISA
Citations for New Statutory Requirements:
PL: Pub.L. 109 - 171 8101 Name of Law: Deficit Reduction Act of 2005
PL: Pub.L. 109 - 280 401, 402 Name of Law: Pension Protection Act of 2006
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1212-AB10
Final or interim final rulemaking
72 FR 7755
02/20/2007
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Form T and instructions
T
TERMINATION PREMIUM DECLARATION
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
50
0
50
0
0
0
Annual Time Burden (Hours)
40
0
40
0
0
0
Annual Cost Burden (Dollars)
264,000
0
264,000
0
0
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:
Annual Cost to Federal Government:
$20,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Deborah Murphy 202 326-4024
Common Form ICR:
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:
(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:
10/22/2007
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