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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:
1212-0017
ICR Reference No:
201403-1212-003
Status:
Historical Active
Previous ICR Reference No:
201101-1212-017
Agency/Subagency:
PBGC
Agency Tracking No:
Title:
Liability for Termination of Single-Employer Plans
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
05/02/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/20/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2017
36 Months From Approved
05/31/2014
Responses
30
0
5
Time Burden (Hours)
360
0
60
Cost Burden (Dollars)
126,000
0
19,980
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.
Authorizing Statute(s):
US Code:
29 USC 1362
Name of Law: ERISA
US Code:
29 USC 1368
Name of Law: ERISA
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
78 FR 76332
12/17/2013
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 14756
03/17/2014
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
Liability for Termination of Single-Employer Plans
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
30
5
0
0
25
0
Annual Time Burden (Hours)
360
60
0
0
300
0
Annual Cost Burden (Dollars)
126,000
19,980
0
0
106,020
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:
The change in the estimate of the annual burden of this collection of information (from 60 hours and $19,980 in the current OMB inventory to 360 hours and $126,000 requested) reflects revisions in PBGC's estimates of the costs of contracted services (from $333 an hour to $350 per hour) as well as an increase in the number of employers expected to provide net worth information to PBGC (based on better PBGC familiarity with the employers). The change in the cost to the Federal government, from $74 to $80 per hour, reflects revisions in pay. These revisions are unrelated to program changes.
Annual Cost to Federal Government:
$19,200
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?
Yes
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:
Daniel Liebman 202 326-4000 ext. 6510
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:
03/20/2014
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