The Pension Benefit Guaranty Corporation (PBGC) is seeking the approval of the Office of Management and Budget (OMB) of a collection of information that will help it to determine if certain plans are covered by Title IV of ERISA.
Plan sponsors or plan administrators would use the proposed form and instructions to request a coverage determination and would be suitable for all types of requests. It would highlight the four plan types for which coverage determinations are most frequently requested:
- church plans as listed in Section 4021(b)(3) of ERISA;
- plans that are established and maintained exclusively for the benefit of plan sponsors’ substantial owners as listed in Section 4021(b)(9);
- plans covering, since Sept. 2, 1974, no more than 25 active participants that are established and maintained by professional services employers as listed in section 4021(b)(13); and
- Puerto Rico-based plans under Section 1022(i)(1) of ERISA.
The PBGC says that it needs this information collection to determine whether a plan is covered or not covered under Title IV. It wants OMB approval to collect this data for three years.
The PBGC also is asking for public comment on this data collection. Comments must be submitted by June 7, 2019 to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Pension Benefit Guaranty Corporation, via electronic mail at OIRA_submission@omb.eop.gov or by fax to 202–395–6974.