Termination of Single Employer Plans

Forms and Documents

Document Name	Status
Final rule 4041SupportingStmt.d1.docx Supporting Statement A	2020-02-04

IC Document Collections

IC ID	Document Title	Status
13567	Termination of Single Employer Plans Instruction	Modified

ICR Details

OMB Control No: 1212-0036	ICR Reference No: 201911-1212-004
Status: Historical Active	Previous ICR Reference No: 201906-1212-001
Agency/Subagency: PBGC	Agency Tracking No:
Title: Termination of Single Employer Plans
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: 03/16/2020
	Date Received in OIRA: 02/04/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2023	36 Months From Approved	03/31/2021
Responses	1,513	0	1,426
Time Burden (Hours)	30,941	0	29,890
Cost Burden (Dollars)	6,178,200	0	5,963,400

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Abstract: Plan administrators of plans terminating voluntarily must submit certain information to the PBGC and provide certain information to affected third parties. The PBGC needs the information required to be submitted to ensure that a voluntary termination if completed in accordance with statutory and regulatory requirements and to facilitate the payment of benefits to missing participants. Participants need the information required to be disclosed so that they will be informed about the status of the proposed termination of their plan and about their benefits upon termination.

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Authorizing Statute(s): US Code: 29 USC 1341 Name of Law: ERISA
   US Code: 29 USC 1350 Name of Law: ERISA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1212-AB34	Final or interim final rulemaking	85 FR 6046	02/04/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Termination of Single Employer Plans	PBGC Form 500, Schedule MP (to forms 501 and 602), PBGC Form 600, 601, 602, PBGC Form 501	Post-Distribution Certification for Standard Termination ,   Standard Termination Notice Single-Employer Plan Termination ,   Missing Participant Information ,   Distress Termination - Notice to PBGC of Intent to Terminate; Distress Termination - Single-Employer Plan; Post-Distribution Certification for Distress Termination

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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	1,513	1,426	0	87	0	0
Annual Time Burden (Hours)	30,941	29,890	0	1,051	0	0
Annual Cost Burden (Dollars)	6,178,200	5,963,400	0	214,800	0	0

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 Miscellaneous Corrections, Clarifications and Improvements final rule amended 29 CFR 4041.29 to provide an alternative filing date for the post-distribution certification (Form 501), which gives filers more time to file the Form 501. The alternative filing option would require a plan administrator to certify to PBGC in an email by the statutory deadline that all assets have been distributed. Filers then would have an additional 30 days to file a completed Form 501.

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Annual Cost to Federal Government: $0

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.     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

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Common Form ICR:  No

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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: 02/04/2020

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