The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval of two collections of information under PBGC’s regulation for reportable events.
In a public notice of its request, the agency explains that provisions of section 4043 of the Employee Retirement Income Security Act (ERISA) and of sections 303(k) of ERISA and 430(k) of the Internal Revenue Code have been implemented in PBGC’s regulation on Reportable Events and Certain Other Notification Requirements (see “A Review of PBGC Reportable Events”). Subparts B and C of the regulation deal with reportable events, and subpart D deals with failures to make required contributions.
Approval of the forms for collection of information under subparts B, C and D expires March 31, 2015. PBGC is requesting that OMB extend its approval for three years, with modifications. According to the agency, it is developing a final rule for reportable events, and OMB approval of the current information collection will expire before the final rule is published.
On January 23, PBGC notified the public that it intended to submit revised forms and instructions to OMB for review, and the agency received no comments about the notice. PBGC intends to revise the current forms and instructions to:
- 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).
- Require more description of the pertinent facts relating to an event (e.g., reason for a late contribution) and about information being included or missing with filing.
- Add an information requirement included in the regulation to Forms 10 and 10-A (for change in contributing sponsor or controlled group event).
- Provide enhanced instructions about the type of actuarial information required to be submitted.
- 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).
- Remove information requirements that PBGC no longer needs or can gather from public sources.
- 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).
- Require a signature and certification on Form 10 and Form 10-A as to the completeness and accuracy of the contents of the filing.
The text of the PBGC’s request notice is here.