Compliance

PBGC Requests Extension on Information Collection

November 15, 2013 (PLANSPONSOR.com) – The Pension Benefit Guaranty Corporation (PBGC) has requested an extension for collecting termination premium information.

By Kevin McGuinness editors@plansponsor.com | November 15, 2013

The PBGC submitted a request on November 13 to the Office of Management and Budget (OMB) to extend “the collection of information for the termination premium under its regulation of Payment of Premiums (29 CFR Part 4007),” with some minor changes. The PBGC also asks for comments from the public about this collection of information.

The PBGC administers a pension plan termination insurance program under the Employee Retirement Income Security Act (ERISA). ERISA Section 4006(a)(7) provides for a termination premium that is payable for three years after certain “distress and involuntary plan terminations.” Regulations from the PBGC (29 CFR, Parts 4006 and 4007) implement the termination premium.

The OMB previously approved the termination premium collection of information through December 31, 2013. The request by the PBGC asks that this collection period be extended to December 31, 2016. In addition, the PBGC is removing, from its information collection process, a requirement to report the method of payment, along with other minor editorial changes.

The full text of the PBGC’s request for an extension can be downloaded here.

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