The Pension Benefit Guaranty Corporation (PBGC), an agency that provides benefit insurance for participants in certain defined benefit (DB) pension plans, has amended its request for authority to collect information from retirement plan sponsors.
The previously-granted permission request—approved through June 30, 2021—allows PBGC to solicit information from plan sponsors that is pertinent to PBGC’s role as insurer of these plans. Such routinely granted approvals give an agency like PBGC the authority to require a response from recipients—in this case, retirement plan sponsors—to whom an information collection request has been directed.
PBGC is seeking amended authority because the agency has changed the information it wishes to collect. The information relates to PBGC’s risk exposure in the event that an insured DB plan terminates with unsatisfied benefit obligations. Among the items of information being sought is the number of participants in a plan that were already receiving periodic DB benefits and were subsequently offered and elected to receive their plan benefits in a lump sum. This change in the information being sought is claimed to be a reflection of recent IRS guidance.
Comments in response to this PBGC request for amended information collection authority must be submitted to the Office of Management and Budget (OMB) by November 29, 2019.