Plan administrators of plans terminating voluntarily must submit certain information to PBGC and provide certain information to affected third parties. PBGC needs the information required to be submitted to ensure that a voluntary termination is completed in accordance with statutory and regulatory requirements and to facilitate the payment of benefits to missing participants. Participants need the information required to be disclosed so that they will be informed about the status of the proposed termination of their plan and about their benefits upon termination.
In the final rule published on August 15, 2025, PBGC made changes to the standard termination instructions, distress termination instructions, Form 500, and Form 501. However, the changes to these materials do not create any additional burden. For calendar years 2026-2028, PBGC determined that there will be an increase in the expected number of standard termination filings from 1,647 to 1,868, and a decrease in the expected number of distress termination filings from 7 to 2. The increase in the expected number of standard termination filings results in an increase in the estimated total annual cost burden from $8,509,740 to $9,558,240.
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.
Termination of Single Employer Plans