Notice of Insolvency (29 CFR Part 4245)

Forms and Documents

Document Name	Status
Form 001 Notice of Insolvency (29 CFR Part 4245) Form	Modified
multi ss 0033 part 4245 final rule 4-25-19.docx Supporting Statement A	2019-05-08

IC Document Collections

IC ID	Document Title	Status
13555	Notice of Insolvency (29 CFR Part 4245) Form	Modified

ICR Details

OMB Control No: 1212-0033	ICR Reference No: 201905-1212-005
Status: Active	Previous ICR Reference No: 201811-1212-003
Agency/Subagency: PBGC	Agency Tracking No:
Title: Notice of Insolvency (29 CFR Part 4245)
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: 06/04/2019
	Date Received in OIRA: 05/08/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2022	36 Months From Approved	11/30/2021
Responses	1,038	0	2,598
Time Burden (Hours)	16	0	20
Cost Burden (Dollars)	10,000	0	12,000

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Abstract: These notices, mandated by section 4245(e) of the Employee Retirement Income Security Act of 1974 and 29 CFR Part 2674, provide information PBGC needs to estimate cash requirements for financial assistance to troubled mutliemployer pension plans, and other interested parties need for financial planning or to bargain over contribution increases. Multiemployer plans that are or may become insolvent give these notices.

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Authorizing Statute(s): US Code: 29 USC 1441 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-AB38	Final or interim final rulemaking	84 FR 18715	05/02/2019

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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
Notice of Insolvency (29 CFR Part 4245)	002, 001, 003	Notice of Insolvency Benefit Level ,   Notice of Insolvency ,   Combined Notice of Insolvency and Notice of Insolvency Benefit Level

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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	1,038	2,598	0	-1,560	0	0
Annual Time Burden (Hours)	16	20	0	-4	0	0
Annual Cost Burden (Dollars)	10,000	12,000	0	-2,000	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 final rule reduces burden by allowing plans to combine the notice of insolvency and the notice of insolvency benefit level and by eliminating most of the unnecessary annual updates of the notice of insolvency benefit level to participants and beneficiaries.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 05/08/2019

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