On March 24, the Pension Benefit Guaranty Corporation (PBGC) announced that it seeks to revise forms that allow it to collect information it needs to implement Section 303(k) of ERISA and Internal Revenue Code Section 430(k). It also seeks that the Office of Management and Budget (OMB) extend its approval of forms whose approval is about to expire.
PBGC uses Forms 10, 10-Advance and 200 to enforce the rules under Section 303(k) of ERISA and Internal Revenue Code Section 430(k) applicable to underfunded single-employer plans that are covered by the termination insurance program under title IV of ERISA. OMB approval of these forms and their instructions expires March 31, 2015. PBGC is requesting that OMB extend its approval for three years, with modifications.
PBGC also seeks to revise these forms. PBGC is developing a final rule, but because OMB approval of the current information collection will expire before that rule is published, it is necessary for PBGC to request that OMB extend its approval.
On Jan. 23, 2015, PBGC notified the public that it intended to submit revised forms and instructions to OMB for review. PBGC intends to revise the current forms and instructions to:
1. Require that additional supporting and identifying information be provided (e.g., separating filer’s name from title, filer’s email address, event date, notice due date, filing date, and why a filing is late, if applicable).
2. Require more description of the pertinent facts relating to an event (e.g., reason for a late contribution) and on information being included or missing with filing.
3. Add an information requirement included in the regulation to Forms 10 and 10-A (for change in contributing sponsor or controlled group event).
4. Provide enhanced instructions on the type of actuarial information required to be submitted.
5. Include a note in the Form 10-A instructions stating that PBGC typically asks for additional information (which will be specified) to be submitted within seven days (or sooner, in some cases).
6. Remove information requirements that PBGC no longer needs or can gather from public sources.
7. Require additional information for certain events (e.g., cumulative amounts missed for missed contribution events, actuarial information for liquidation events, additional loan documentation such as waivers and cross-defaults for loan default events).
8. Require a signature and certification on Form 10 and Form 10-A regarding the completeness and accuracy of the contents of the filing.
PBGC is soliciting public comments to help it:
1. Evaluate whether the proposed collections of information are necessary for the proper performance of the functions of the agency, including whether the information will have practical utility.
2. Evaluate the accuracy of the agency’s estimate of the burden of the proposed collections of information, including the validity of the methodologies and assumptions used.
3. Enhance the quality, utility, and clarity of the information to be collected.
4. Minimize the burden of the collections of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses.
Comments must be submitted by April 30, 2015. They can be submitted by any of the following methods:
Federal eRulemaking Portal at http://www.regulations.gov.
E-mail: comments should be submitted to [email protected]
Fax: comments can be faxed to (202) 326-4224.
Mail or Hand Delivery: comments should be sent to Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW, Washington, DC 20005-4026.
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