Payment of Premiums (29 CFR part 4007)

Forms and Documents

Document Name	Status
Form 1-C Payment of Premiums (29 CFR part 4007) Form and Instruction	Modified
2014 SptgStmt.d8.OMB.pdf Supporting Statement A	2013-05-14

IC Document Collections

IC ID	Document Title	Status
13518	Payment of Premiums (29 CFR part 4007) Form and Instruction	Modified

ICR Details

OMB Control No: 1212-0009	ICR Reference No: 201304-1212-001
Status: Historical Inactive	Previous ICR Reference No: 201209-1212-002
Agency/Subagency: PBGC	Agency Tracking No:
Title: Payment of Premiums (29 CFR part 4007)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 11/20/2013
	Date Received in OIRA: 07/23/2013
Terms of Clearance: Comment Filed

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2015	36 Months From Approved	10/31/2015
Responses	29,900	0	29,900
Time Burden (Hours)	8,200	0	8,200
Cost Burden (Dollars)	54,387,000	0	54,387,000

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Abstract: Administrators of PBGC-insured pension plans file with PBGC premium information and premium payments required under 29 USC 1307 and 29 CFR Part 4007, which also requires retention and production of records necessary to support premium filings. The information identifies payers and lets PBGC verify premium computations and perform premium audits. It also helps PBGC estimate its exposure if plans terminate, track movement of participants and assets, determine whether new plans are being created, and update its insured-plan inventory. The retained records facilitate audits.

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Authorizing Statute(s): US Code: 29 USC 1302(b)(3), 1303(a),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:
1212-AB26	Proposed rulemaking	78 FR 44056	07/23/2013

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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
Payment of Premiums (29 CFR part 4007)	1-C, 1-C	2014 Comprehensive Premium Filing ,   2014 Comprehensive Premium Filing Screens

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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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The change in the estimated annual burden of this collection of information from about 8,200 hours and about $54,387,000 (the currently approved burden) to about 8,000 hours and about $53,200,000 (the burden for which approval is requested) is attributable to an upward adjustment of about 1,550 hours and about $10,413,000 due to re-estimation and a downward change of about 1,750 hours and about $11,600,000 resulting from the amendments in PBGC's proposed rule. The upward adjustment and downward change both reflect remarks made by practicing actuaries when the topic of premium due dates and their impact on the burden of filing was raised during a session on PBGC premiums at an actuaries' meeting. Heretofore, PBGC has relied on burden estimates by PBGC staff actuaries familiar with the work required to prepare premium filings. PBGC believes that the views of actuaries currently in private practice - notwithstanding the absence of unanimity among them - are an appropriate "real-world" source to draw from in estimating the burden of this information collection (both in its current form and as it would be changed by the proposed rule).

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Annual Cost to Federal Government: $12,500,000

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]? 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: 07/23/2013

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