90 FR 113 pg. 25091 - Submission of Information Collection for OMB Review; Comment Request; Notices Following a Substantial Cessation of Operations
Type: NOTICEVolume: 90Number: 113Page: 25091
Page: 25091FR document: [FR Doc. 2025-10818 Filed 6-12-25; 8:45 am]
Agency: Pension Benefit Guaranty Corporation
Official PDF Version: PDF Version
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment Request; Notices Following a Substantial Cessation of Operations
AGENCY:
Pension Benefit Guaranty Corporation.
ACTION:
Notice of request for extension of OMB approval of information collection.
SUMMARY:
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval under the Paperwork Reduction Act, of a collection of information that is necessary to fulfill various reporting obligations following a cessation of operations at a facility. This notice informs the public of PBGC's request and solicits public comment on the collection of information.
DATES:
Comments must be submitted by July 14, 2025 to be assured of consideration.
ADDRESSES:
Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting "Currently under 30-day Review-Open for Public Comments" or by using the search function.
All comments received will be posted without change to PBGC's website, www.pbgc.gov, including any personal information provided. Do not submit comments that include any personally identifiable information or confidential business information.
A copy of the request will be posted on PBGC's website at www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment. It may also be obtained without charge by writing to the Disclosure Division ( disclosure@pbgc.gov ), Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101; or, calling 202-229-4040 during normal business hours. If you are deaf or hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
FOR FURTHER INFORMATION CONTACT:
Monica O'Donnell ( odonnell.monica@pbgc.gov ), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101, 202-229-8706. If you are deaf or hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION:
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval under the Paperwork Reduction Act, of a collection of information that is necessary to fulfill various reporting obligations following a cessation of operations at a facility (OMB control number 1212-0073; expires August 31, 2025). This notice informs the public of PBGC's request and solicits public comment on the collection of information.
Section 4062(e) of the Employee Retirement Income Security Act of 1974 (ERISA) imposes reporting obligations in the event of a "substantial cessation of operations." A substantial cessation of operations occurs when a permanent cessation at a facility causes a separation from employment of more than 15 percent of all "eligible employees." "Eligible employees" are employees eligible to participate in any of the facility's employer's employee pension benefit plans. Following a substantial cessation of operations, the facility's employer is treated, with respect to its single-employer pension plans covered by title IV of ERISA that are covering participants at the facility, as if the employer were a withdrawing substantial employer under a multiple employer plan. Under section 4063(a) of ERISA, the Pension Benefit Guaranty Corporation (PBGC) must receive notice of the substantial cessation of operations and a request to determine the employer's resulting liability.
To fulfill such resulting liability, the employer may elect, under section 4062(e)(4)(A), to make additional contributions annually for seven years to plans covering participants at the facility where the substantial cessation of operations took place. Under sections 4062(e)(4)(E)(i)(I), (II), (III), (IV), and (V) respectively, an employer that is making the election for annual additional contributions must give notice to PBGC of: (1) its decision to make the election, (2) its payment of an annual contribution, (3) its failure to pay an annual contribution, (4) its receipt of a funding waiver from the Internal Revenue Service, and (5) the ending of its obligation to make additional annual contributions
The existing collection of information is approved through August 31, 2025, under OMB control number 1212-0073. On April 8, 2025, PBGC published in the Federal Register (at 90 FR 15164) a notice informing the public of its intent to request an extension of this collection of information. No comments were received. PBGC is requesting that OMB extend approval of the collection for 3 years. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number.
PBGC estimates that, over the next 3 years, it will receive 3 forms in this series each year. PBGC estimates that these forms will be completed by a combination of plan office staff and outside professionals: attorneys and actuaries. PBGC further estimates that the average burden of this information collection will be 8 hours per filer, with a total burden of 24 hours (8 hours × 3 filers). PBGC also estimates that each filer will spend an average of $8,000 in contractor costs, for an estimated total annual cost burden of $24,000 ($8,000 × 3 filers).
Issued in Washington, DC.
Hilary Duke
Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation.
[FR Doc. 2025-10818 Filed 6-12-25; 8:45 am]
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