BEA Public Comment PRA

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BUREAU OF ECONOMIC ANALYSIS
L.S DEPART tENfO CvMM~RC~

U.S. Department of Commerce
Economics and Statistics Administration

April 3, 2014
Regulatory Affairs Group
Office of the General Counsel
Pension Benefit Guarantee Corporation
1200 K Street, NW
Washington, DC 20005-4026
RE:

Federal Register notice of February 21, 2014, for Pension Benefit Guarantee Corporation
(PBGC) Form 5500 Annual Return/Report for Employee Benefit Plan; (OMB Number:
1212-0057)

Dear Sir or Madam:
The Bureau of Economic Analysis (BEA) strongly supports the continued collection of data by
the PBGC, the Department of Labor, and the Internal Revenue Service on Form 5500. This form
is our main data source for key components of BEA's economic statistics.
BEA uses data from Schedules H (Financial Information) and I (Financial Information - Small
Plan) to prepare estimates of employer contributions to private pension and profit-sharing plans;
a component of compensation of employees in the national income and product accounts. These
data are also used to prepare estimates of employee contributions to 401 (k) savings plans,
interest received by persons, and benefits paid by private pension and profit-sharing plans.
BEA also uses data from Schedules MB (Multiemployer Defined Benefit Plan and Certain
Money Purchase Plan Actuarial Information) and SB (Single-Employer Defined Benefit Plan
Actuarial Information) to prepare actuarial estimates of pension plan assets and accrued
liabilities. The proposed modifications to these schedules will not impact BEA's use of the data.
See the attachment for BEA's uses for these data.
Please keep BEA informed about any modifications to this form. We are particularly interested
in any modifications proposed during the approval process that would substantially affect our use
of these data. For additional information, please contact Tiffany Burrell, Source Data
Coordinator, on 202-606-9618 or by e-mail at [email protected]. Should you need
assistance in justifying thi s form to the Office of Management and Budget, please do not hesitate
to contact BEA.
Sincerely,

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Dennis J. Fixler
Chief Statistician
Attachment

1441 L Street NW

Washington, DC 20230

p. 202.606.9900

www.bea.gov

SUMMARY OF BEA'S USE OF FORM 5500 AND SCHEDULES
Schedule H (Financial Information): Many items are used to derive cash estimates of large
pension plan contributions and expenses, including but not limited to the following: cash
contributions (by employers, participants, and others); earnings on investments (interest,
dividends, and rents); benefit payments; interest expense; and administrative expenses.
Schedule I (Financial Information-Small Plan): Many items are used to derive cash estimates
of small pension plan contributions and expenses, including but not limited to the following:
cash contributions (by employers, participants, and others); other income; benefit payments; and
other expenses.
Schedules MB and SB (Actuarial Information): Many items are used to derive actuarial
estimates of assets and accrued liabilities, including but not limited to the following: actuarial
value of assets; normal cost of accrued liability under entry age normal method; RPA '94
liability information; contributions; liquidity shortfall; assumed interest rates; and weighted
average retirement age.