Termination Premium

Forms and Documents

Document Name	Status
Form T Form T and instructions Form and Instruction	Modified
Form T sptgstmt.pdf Supporting Statement A	2007-10-22

IC Document Collections

IC ID	Document Title	Status
45940	Form T and instructions Form and Instruction	Modified

ICR Details

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
	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

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Abstract: In certain cases where a PBGC-insured pension plan terminates in a distress or involuntary termination, the plan’s 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.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1212-AB10	Final or interim final rulemaking	72 FR 7755	02/20/2007

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Form T and instructions	T	TERMINATION PREMIUM DECLARATION

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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	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:

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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

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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: 10/22/2007

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