The Pension Benefit Guaranty Corporation (PBGC) intends to ask the Office of Management and Budget (OMB) to extend its approval of the PBGC’s collection of information to enable it to find participants and beneficiaries and pay benefits to them.
The PBGC had sought OMB approval in August 2020 for an extension of this effort; OMB’s approval of this collection of information is set to expire on Oct. 31, 2021.
The information collection includes My Pension Benefit Account (MyPBA), an application on the PBGC’s website, through which plan participants and beneficiaries may conduct electronic transactions with the PBGC, including applying for pension benefits, designating a beneficiary, electing or changing federal income tax withholding from periodic payments, changing contact information and applying for or changing electronic direct deposit.
The PPBC proposes modifications to various forms as part of the information collection effort. It suggests eliminating Form 709 and adding four forms. The new forms are as follows:
Proposed New Forms
| Form | Purpose |
| 700RN | Would be used by participants when spousal consent is not required. |
| 700RSC | Would be used by participants when spousal consent is required. |
| 703RBD | Would be used in rare situations by trusteed plan participants who have reached their required beginning date and are eligible to elect a lump sum payment in lieu of an annuity. |
| 703RBD-MP | Would be used for participants claiming benefits under the Missing Participants Program; would require notarization of the participant’s signature as a fraud prevention measure. |
The PBGC is also proposing that revisions be made to other forms. The proposed revisions are as follows:
| Proposed Revisions | Form Revision(s) |
| 700 | Removal of the question that asks participants to designate beneficiaries for amounts owed at death and collect this information only on Form 707. |
| 701 |
Addition of a question asking for the gender of the participant’s spouse. Elimination of a question and information about Electronic Transfer Accounts (ETA), as this Department of the Treasury sponsored program ended. |
| 702 | Clarification of the requested information about beneficiaries’ owed benefits upon the participant’s death. |
| 705 |
Clarification of the requested information about beneficiaries’ owed benefits upon the participant’s death. Elimination of a question and information about Electronic Transfer Accounts (ETA), as this Department of the Treasury sponsored program ended. |
| 706 |
Clarification of the requested information about beneficiaries’ owed benefits upon the participant’s death. Elimination of a question and information about Electronic Transfer Accounts (ETA), as this Department of the Treasury sponsored program ended. |
| 707 | Clarification of the requested information about beneficiaries’ owed benefits upon the participant’s death. |
| 708 | Clarification of the requested information about beneficiaries’ owed benefits upon the participant’s death. |
| 710 | Elimination of a question and information about Electronic Transfer Accounts (ETA), as this Department of the Treasury sponsored program ended. |
| 711 | Addition of a question for notarized spousal consent to the change in a beneficiary for a certain and continuous annuity. |
| 715 | Clarification of instructions. |
| 717 |
Elimination of questions asking for gender, the branch or division where the employee worked, lump sum amount and date paid, whether the lump sum was rolled over to an IRA, and whether the employee is currently receiving retirement benefits. Addition of requests for the last dates of employment, information on the type of retirement plan, and information appearing on SSA Form L-99-C1. |
Comments Invited
The PBGC will accept comments on these proposals. Comments must be received on or before May 7, 60 days after March 9, the date that the proposals will be published in the Federal Register.
Comments may be submitted by any of the following methods:
- Via that Federal eRulemaking Portal at http://www.regulations.gov.
- Via Email to: [email protected].
- By mail or hand delivery to: Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW, Washington, DC 20005–4026.
All submissions received must include the agency’s name (Pension Benefit Guaranty Corporation, or PBGC) and refer to Locating and Paying Participants information collection.
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