| The PBGC needs this information, which is required to be submitted under part 4010, to enable it (1) to detect and monitor financial problems with the contributing sponsors that maintain severely underfunded pension plans and their controlled group members, (2) to respond quickly when it learns that a controlled group with severely underfunded pension plans intends to engage in a transaction that may significantly reduce the assets available to pay plan liabilities, and (3) to take action to protect participant and premium-payer interests.
The information provided to the PBGC under part 4010 is protected from disclosure as provided in 29 CFR § 4010.12. That section provides that in accordance with 29 CFR § 4901.21(a)(3) (part of the PBGC's regulation on Examination and Copying of PBGC Records) and section 4010(c) of ERISA, any information or documentary material that is not publicly available and is submitted to the PBGC pursuant to part 4010 shall not be made public, except as may be relevant to any administrative or judicial action or proceeding or for disclosures to either body of Congress or to any duly authorized committee or subcommittee of the Congress.
The PBGC estimates that the average annual burden of this collection of information is 8.7 hours and $13,750 per controlled group. These are estimates and the actual time will vary depending on the circumstances of a given filing. If you have any comments concerning the accuracy of these burden estimates or suggestions for making it simpler to submit the information, please send your comments to the Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street, N.W., Washington, D.C. 20005-4026.
This collection of information has been approved by the Office of Management and Budget (OMB) under control number 1212-0049 (expires February 29, 2008). Under the Paperwork Reduction Act, 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. |