Payment of Premiums (29 CFR part 4007)

Forms and Documents

Document Name	Status
Form 1-C Payment of Premiums (29 CFR part 4007) Form	Modified
2014 SptgStmt.d3.final.pdf Supporting Statement A	2014-02-10

IC Document Collections

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

ICR Details

OMB Control No: 1212-0009	ICR Reference No: 201402-1212-011
Status: Historical Active	Previous ICR Reference No: 201402-1212-010
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: Approved without change	Conclusion Date: 04/11/2014
	Date Received in OIRA: 03/11/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2017	36 Months From Approved	02/29/2016
Responses	25,700	0	25,700
Time Burden (Hours)	8,000	0	8,900
Cost Burden (Dollars)	53,200,000	0	59,300,000

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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	Final or interim final rulemaking	79 FR 13547	03/11/2014

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 44056	07/23/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 13547	03/11/2014
Did the Agency receive public comments on this ICR? Yes

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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	Comprehensive Premium Filing

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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	25,700	25,700	0	0	0	0
Annual Time Burden (Hours)	8,000	8,900	0	-900	0	0
Annual Cost Burden (Dollars)	53,200,000	59,300,000	0	-6,100,000	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The change in the estimated annual burden of this collection of information from about 8,900 hours and about $59,300,000 (the currently approved burden) to about 8,000 hours and about $53,200,000 (the burden for which approval is requested) is attributable to a change in the estimated time required for premium filings reporting UVBs from eight or nine hours to seven hours resulting from the amendments to the premium regulations made by the final 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: 03/11/2014

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