In certain cases where a PBGC-insured
pension plan terminates in a distress or involuntary termination,
the plans 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.
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).
$1,200
No
No
No
No
No
Uncollected
Deborah Murphy 202
326-4024
No
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.