Termination Premium

Forms and Documents

Document	Type	Status	Availability
Form T Form T and instructions	Form and Instruction	Modified	Repair queued
2010 Form T sptgstmt OMB.pdf	Supporting Statement A	Uploaded 2010-08-30	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
45940	Form T and instructions	Form and Instruction	Modified

ICR Details

OMB Control No: 1212-0064	ICR Reference No: 201003-1212-002
Status: Historical Active	Previous ICR Reference No: 200710-1212-001
Agency/Subagency: PBGC	Agency Tracking No:
Title: Termination Premium
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 without change	Conclusion Date: 12/05/2010
	Date Received in OIRA: 09/07/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2013	36 Months From Approved	12/31/2010
Responses	3	0	50
Time Burden (Hours)	3	0	40
Cost Burden (Dollars)	16,625	0	264,000

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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: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 32517	06/08/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 54400	09/07/2010
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	3	50	0	0	-47	0
Annual Time Burden (Hours)	3	40	0	0	-37	0
Annual Cost Burden (Dollars)	16,625	264,000	0	0	-247,375	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: Estimated hour and cost burden on the public have gone down from 40 hours to two-and-a-half hours and from $264,000 to $16,625 since this collection of information was first submitted for OMB approval three years ago. The change reflects primarily a lower estimate of the number of filings, based on actual experience. The resultant decrease in the estimated cost burden is somewhat offset by an increase in the assumed hourly cost for outside consultants (from $275 to $350).

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Annual Cost to Federal Government: $1,200

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? 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: 09/07/2010

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