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