Justification for No Material or Nonsubstantive Change to Currently-Approved Collection
AGENCY: Pension Benefit Guaranty Corporation (PBGC)
TITLE: Application for Special Financial Assistance (29 CFR part 4262)
STATUS: OMB control number 1212‑0074; expires 01/31/2023
CONTACT: Hilary Duke (202-229-3839), Melissa Rifkin (202-229-6563)
The Pension Benefit Guaranty Corporation (PBGC) is making changes that are not material to two currently-approved documents used by multiemployer plans to apply for Special Financial Assistance (SFA) under section 4262 of the Employee Retirement Income Security Act of 1974 (ERISA) and part 4262 of PBGC’s regulations. A plan must submit an application to PBGC, so that PBGC can review the plan’s eligibility for SFA and amount of requested SFA. These changes are intended only for purposes of clarity and do not add any new burden for filers.
When applying for SFA, filers are categorized as either “MPRA plans” or “non-MPRA plans.” Non-MPRA plans complete templates 5A and 6A to show their baseline assumptions and their reconciliations. MPRA plans use templates 5B and 6B to show their baselines assumptions and reconciliations. Templates 5A and 6A include language to instruct filers that certain assumption changes for “missing” terminated vested participants should not be reflected in template 5A, but instead should be reflected in template 6A. PBGC seeks to add this language to templates 5B and 6B to clarify that MPRA plans must also reflect these assumption changes in template 6B, as part of their reconciliation, rather than in template 5B, as part of their baseline assumptions.
The added language is highlighted in the attached Templates 5B and 6B instructions.
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| Author | Murphy Deborah |
| File Modified | 0000-00-00 |
| File Created | 2022-08-04 |