Liability for Termination of Single-Employer Plans

Forms and Documents

Document Name	Status
Suppporting Statemen 30-Day Notice 050214.docx Supporting Statement A	2014-05-02

IC Document Collections

IC ID	Document Title	Status
13525	Liability for Termination of Single-Employer Plans	Modified

ICR Details

OMB Control No: 1212-0017	ICR Reference No: 201403-1212-003
Status: Historical Active	Previous ICR Reference No: 201101-1212-017
Agency/Subagency: PBGC	Agency Tracking No:
Title: Liability for Termination of Single-Employer Plans
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 with change	Conclusion Date: 05/02/2014
	Date Received in OIRA: 03/20/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2017	36 Months From Approved	05/31/2014
Responses	30	0	5
Time Burden (Hours)	360	0	60
Cost Burden (Dollars)	126,000	0	19,980

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Abstract: A contributing sponsor of a terminating single-employer plan or member of its controlled group ("employer") that believes ERISA 4062(b) liabiity exceeds 30% of the employer's net worth is required to so notify PBGC and submit net worth information; the amount of employer liability subject to the statutory lien and the payment terms are affected by whether and to what extent such liability exceeds 30% of the employer's net worth.

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Authorizing Statute(s): US Code: 29 USC 1362 Name of Law: ERISA
   US Code: 29 USC 1368 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:
	78 FR 76332	12/17/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 14756	03/17/2014
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
Liability for Termination of Single-Employer Plans

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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	30	5	0	0	25	0
Annual Time Burden (Hours)	360	60	0	0	300	0
Annual Cost Burden (Dollars)	126,000	19,980	0	0	106,020	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: The change in the estimate of the annual burden of this collection of information (from 60 hours and $19,980 in the current OMB inventory to 360 hours and $126,000 requested) reflects revisions in PBGC's estimates of the costs of contracted services (from $333 an hour to $350 per hour) as well as an increase in the number of employers expected to provide net worth information to PBGC (based on better PBGC familiarity with the employers). The change in the cost to the Federal government, from $74 to $80 per hour, reflects revisions in pay. These revisions are unrelated to program changes.

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Annual Cost to Federal Government: $19,200

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? Yes

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: 03/20/2014

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