The revised
portions of this ICR associated with the PBGC proposed rule on
reportable events are not approved at this time. PBGC will resubmit
the request at the final rule stage after considering public
comment. The existing approval continues.
Inventory as of this Action
Requested
Previously Approved
03/31/2012
36 Months From Approved
03/31/2012
637
0
637
2,676
0
2,676
936,600
0
936,600
Under PBGC regulations implementing 29
CFR Part 4043 of ERISA, plan administrators and contributing
sponsors must notify the PBGC of certain reportable events. The
reporting requirements give the PBGC timely notice of events that
indicate plan or contributing sponsor financial problems. The PBGC
uses the information provided in determining what, if any, action
it needs to take.
The change in burden reflects
changes in PBGCs estimate of the number of filings, the amount of
time spent on each filing, and (for advance reporting) the split
between work performed in-house and by contractors. PBGC is
proposing to eliminate most automatic waivers and to add two new
reportable events. In addition, plan funding requirements have
become more stringent and the economic downturn has led to
reductions in plan funding levels. Accordingly, PBGC is projecting
that, in comparison to previous estimates, the annual number of
post-event notice filings and the annual number of advance notice
filings will be greater. PBGC has also reviewed its estimates of
the amount of time required to prepare filings and the allocation
of that time between in-house employees of the filer and outside
contractors. PBGC has concluded that its previous estimate for a
post-event notice is too low. Advance notices call for more or less
the same documentation as post-event notices, but because the event
being reported has not yet occurred, some additional work is
required to describe the event. Thus PBGC believes that a slihgtly
lower estimate per advance notice is more reasonable than the
estiamteit previously used. And PBGC now believes that the burden
for advance notice preparation is probably split two-thirds
in-house and one-third outside (rather than half-and-half).
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:
(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;
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.
Form 10 Reportable Events
Form 10 SptgStmt (2009 revisions) to OMB 11_09.pdf
Reportable Events