Nov 7 -- The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval, without modifications, of a collection of information contained in its regulation on Annual Financial and Actuarial Information Reporting. This notice informs the public of PBGC's intent and solicits public comment on the collection of information. Comments must be submitted on or before January 6, 2023.
Section 4010 of the Employee Retirement Income Security Act of 1974 (ERISA) and PBGC's regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010) require each member of a controlled group to submit financial and actuarial information to PBGC under certain circumstances. Section 4010 specifies that each controlled group member must provide PBGC with certain financial information, including audited (if available) or (if not) unaudited financial statements. Section 4010 also specifies that the controlled group must provide PBGC with certain actuarial information necessary to determine the liabilities and assets for all PBGC-covered plans.
PBGC's 4010 regulation specifies the items of identifying, financial, and actuarial information that filers must submit under section 4010, through PBGC's e-filing portal. Computer-assisted analysis of this information helps PBGC to anticipate possible major demands on the pension insurance system and to focus PBGC resources on situations that pose the greatest risks to that system. Because other sources of information are usually not as current as the section 4010 information and do not reflect a plan's termination liability, the section 4010 filing plays a major role in PBGC's ability to protect participant and premium-payer interests.
PBGC estimates that 400 controlled groups will submit filings under part 4010 each year. The collection of information has been approved under OMB control number 1212-0049 (expires March 31, 2023). PBGC intends to request that OMB extend its approval, without modifications, for another 3 years.
PBGC 4010 Reporting:
https://www.pbgc.gov/prac/reporting-and-disclosure/4010-reporting
2020 PBGC submission to OMB:
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201911-1212-003 Click IC List for information collection instrument, View Supporting Statement for technical documentation.
FRN:
https://www.federalregister.gov/d/2022-24233
