View Information Collection Request (ICR) Package

OMB Control No: 1212-0074	ICR Reference No: 202205-1212-008
Status: Historical Active	Previous ICR Reference No: 202112-1212-003
Agency/Subagency: PBGC	Agency Tracking No:
Title: Special Financial Assistance by PBGC
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 08/08/2022
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/11/2022
	Date Received in OIRA: 07/08/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2023	6 Months From Approved	01/31/2025
Responses	219	0	122
Time Burden (Hours)	1,043	0	723
Cost Burden (Dollars)	2,648,134	0	1,946,600

Abstract: Under section 4262 of the Employee Retirement Income Security Act of 1974 (ERISA) PBGC operates the Special Financial Assistance program for financially troubled multiemployer plans. The statute sets forth the requirements for this program, including specifying which plans are eligible to apply, the cutoff date for applications, actuarial assumptions, determinations on applications, restrictions and conditions on plans that receive SFA, and the requirements for certain plans with suspended benefits to reinstate those benefits and provide make-up payments to restore previously suspended benefits. Unlike financial assistance under section 4261 of ERISA, which is provided in the form of a loan and in periodic payments, a plan receiving SFA under section 4262 has no obligation to repay SFA. This information collection contains the requirements necessary to implement the SFA program and to provide proper stewardship of taxpayer funds. These information requirements include: • An application for SFA (including calculating the amount of SFA) that the plan sponsor of an eligible multiemployer plan must file with PBGC to receive payment of SFA. PBGC needs the information in the application to review a plan’s eligibility for SFA, priority group status (if applicable), and amount of requested SFA. • A lock-in application that plan may, but is not required, to use to lock in its base data. PBGC needs the information in the lock-in application to garner a plan's base data when the plan files a full application for SFA> • An Annual Statement of Compliance (with the restrictions and conditions under section 4262 of ERISA and 29 CFR part 4262) that a plan that has received SFA is required to file with PBGC. PBGC needs the information in the Annual Statement of Compliance to ensure that a plan is compliant with the imposed restrictions and conditions. • A notice of reinstatement that a plan sponsor of a plan with benefits that were suspended under sections 305(e)(9) or 4245(a) of ERISA must issue to participants and beneficiaries whose benefits are reinstated. Participants and beneficiaries need the notice of reinstatement to better understand the calculation and timing of their reinstated benefits and, if applicable, make-up payments. • A request for a determination from PBGC for approval for an exception under certain circumstances for SFA conditions under § 4262.16 relating to reductions in contributions, transfers or mergers, benefit increases, and settlement of withdrawal liability. PBGC needs the information required for a request for determination to determine whether to approve an exception from the specified condition.

Emergency Justfication: On July 9, 2021, PBGC issued an interim final rule adding to its regulations a new part 4262 to implement the requirements under section 9704 of the American Rescue Plan (ARP) Act of 2021 (P.L. 117-2), “Special Financial Assistance Program for Financially Troubled Multiemployer Plans.” This program provides eligible multiemployer defined benefit pension plans with special financial assistance (SFA) in the amounts required for the plans to pay all benefits due during the period beginning on the date of payment of SFA through the plan year ending in 2051. On July 8, 2022, PBGC issued a final rule revising part 4262 to become effective August 8, 2022. With the final rule, PBGC is issuing revised application requirements and instructions necessary for the sponsor of an eligible plan to apply for SFA, including a supplemented application for plans that received SFA under the terms of the interim final rule. The revised ICR also includes a new lock-in application, a revised annual compliance statement, additional requests for a determination for an exception from certain conditions, and editorial changes to the notice to participants and beneficiaries whose benefits will be reinstated. All components of this revised ICR are necessary or helpful for plan sponsors to know before applying for SFA under the final rule and therefore are integral to the application process.

Authorizing Statute(s): PL: Pub.L. 117 - 2 9704 Name of Law: American Rescue Plan Act of 2021

Citations for New Statutory Requirements: US Code: 29 USC 1432 Name of Law: American Rescue Plan Act of 2021

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1212-AB53	Final or interim final rulemaking	87 FR 40968	07/08/2022

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Annual Statement of Compliance	SFA 300
Application for Special Financial Assistance	SFA 205-B, SFA 206-A, SFA 207, SFA 208, SFA 209, SFA 100-Supplemented , SFA Filing Instructions, General Application, SFA 202, SFA 201, SFA 203, SFA 204-A, SFA 204-B, SFA 205-A, SFA Filing Instructions, Addendum A, SFA Filing Instructions, Addendum C, Model Plan Amendment, Compliance, SFA Filing Instructions, Addendum D, PBGC E-filing Portal, Model Plan Amendment, Reinstatement, Model Certification , SFA 206-B, SFA 100	, , , , , , , , , , , , , , , , , , ,
Lock-In Application	SFA Lock-In Application
Notice of reinstatement	SFA Filing Instructions, Addendum B
Requests for determination

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	219	122	97
Annual Time Burden (Hours)	1,043	723	320
Annual Cost Burden (Dollars)	2,648,134	1,946,600	701,534

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The changes in burden are due to changes to the calculation methods and other information collection requirements in part 4262 of PBGC’s regulations.

Annual Cost to Federal Government: $16,000,000

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. Yes

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. 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? No

Agency Contact: Melissa Rifkin 202 326-4400 rifkin.melissa@pbgc.gov

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