Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281)

ICR 201812-1212-003

OMB: 1212-0032

Federal Form Document

Forms and Documents
IC Document Collections
ICR Details
1212-0032 201812-1212-003
Historical Inactive 201811-1212-004
PBGC
Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281)
Revision of a currently approved collection   No
Regular
Comment filed on proposed rule and continue 04/01/2019
Retrieve Notice of Action (NOA) 12/11/2018
In accordance with 5 CFR 1320, the information collection is not approved at this time. Prior to publication of the final rule, the agency should provide to OMB a summary of all comments received on the proposed information collection and identify any changes made in response to these comments.
  Inventory as of this Action Requested Previously Approved
11/30/2021 36 Months From Approved 11/30/2021
167,547 0 167,547
1,300 0 1,300
615,400 0 615,400

Plan sponsors of multiemployer pension plans terminated by mass withdrawal give notices to PBGC and plan participants about plan insolvency and benefit reductions; notices to participants about electing benefit options; and requests to PBGC for financial assistance or permission to distributee benefits in different amounts or forms than otherwise allowed. PBGC uses information submitted to it to make statutory determinations and estimate the need for financial assistance to plans. Participants use information sent to them to make personal financial decisions.

US Code: 29 USC 1441 Name of Law: ERISA
  
None

1212-AB38 Proposed rulemaking 83 FR 32815 07/16/2018

No

No
Yes
Cutting Redundancy
The proposed rule would reduce filing requirements by allowing a plan sponsor to combine the notice of insolvency and notice of insolvency benefit level and by eliminating most of the annual updates to the notice of insolvency benefit level. Generally, the plan sponsor would provide an updated notice to participants and beneficiaries only if there is a change in the amount of benefits paid to participants and beneficiaries.

$0
No
    No
    No
No
No
No
Uncollected
Hilary Duke 202 326-4000 ext. 3839 [email protected]

  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.
12/11/2018


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