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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:
1212-0009
ICR Reference No:
201402-1212-010
Status:
Historical Active
Previous ICR Reference No:
201209-1212-002
Agency/Subagency:
PBGC
Agency Tracking No:
Title:
Payment of Premiums (29 CFR part 4007)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/06/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/06/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2016
36 Months From Approved
10/31/2015
Responses
25,700
0
29,900
Time Burden (Hours)
8,900
0
8,200
Cost Burden (Dollars)
59,300,000
0
54,387,000
Abstract:
Administrators of PBGC-insured pension plans file with PBGC premium information and premium payments required under 29 USC 1307 and 29 CFR Part 4007, which also requires retention and production of records necessary to support premium filings. The information identifies payers and lets PBGC verify premium computations and perform premium audits. It also helps PBGC estimate its exposure if plans terminate, track movement of participants and assets, determine whether new plans are being created, and update its insured-plan inventory. The retained records facilitate audits.
Authorizing Statute(s):
US Code:
29 USC 1302(b)(3), 1303(a),1306, 1307
Name of Law: ERISA
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1212-AB26
Final or interim final rulemaking
79 FR 347
01/03/2014
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
Payment of Premiums (29 CFR part 4007)
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
25,700
29,900
0
-4,200
0
0
Annual Time Burden (Hours)
8,900
8,200
0
-850
1,550
0
Annual Cost Burden (Dollars)
59,300,000
54,387,000
0
-5,652,500
10,565,500
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:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The change in the estimated annual burden of this collection of information from about 8,200 hours and about $54,387,000 (the currently approved burden) to about 8,900 hours and about $59,300,000 (the burden for which approval is requested) is attributable to an upward adjustment of about 1,550 hours and about $10,600,000 due to re-estimation and a downward change of about 850 hours and about $5,700,000 resulting from the elimination of the early large-plan flat-rate filing. The upward adjustment and downward change both reflect remarks made by practicing actuaries when the topic of premium due dates and their impact on the burden of filing was raised during a session on PBGC premiums at an actuaries' meeting. Heretofore, PBGC has relied on burden estimates by PBGC staff actuaries familiar with the work required to prepare premium filings. PBGC believes that the views of actuaries currently in private practice are an appropriate "real-world" source to draw from in estimating the burden of this information collection.
Annual Cost to Federal Government:
$12,500,000
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]?
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?
Uncollected
Agency Contact:
Deborah Murphy 202 326-4400 ext. 3451 murphy.deborah@pbgc.gov
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:
11/21/2013
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