Overview
Title
Announcement of OMB Approvals of Information Collections
Agencies
ELI5 AI
The Pension Benefit Guaranty Corporation got the thumbs up from a special office called the Office of Management and Budget to collect certain important information. It's like getting permission to ask questions, and now they can use these special numbers to make sure they do it right and tell everyone about it.
Summary AI
The Pension Benefit Guaranty Corporation (PBGC) has received approval from the Office of Management and Budget (OMB) for several information collections related to their regulations. The notice provides details on these collections, including their OMB control numbers and expiration dates. The Paperwork Reduction Act requires these control numbers to be displayed and informs the public about the approved information collections. This ensures compliance and transparency regarding the PBGC's management of regulatory information.
Abstract
The Office of Management and Budget (OMB) has approved Pension Benefit Guaranty Corporation (PBGC) information collections under the Paperwork Reduction Act. This notice lists the approved information collections and provides their corresponding OMB control number and current expiration date.
Keywords AI
Sources
AnalysisAI
Overview
The document is an official notice from the Pension Benefit Guaranty Corporation (PBGC), announcing the approval of several information collections by the Office of Management and Budget (OMB). This approval is part of a routine compliance measure under the Paperwork Reduction Act, which ensures that federal agencies manage and display information collection practices transparently. Each approved information collection is assigned a unique OMB control number, along with an expiration date to validate their current status.
Significant Issues and Concerns
The notice is largely a procedural update, meant to inform the public and stakeholders that certain information collections have been officially approved and are compliant with federal requirements. There are no significant issues or immediate concerns highlighted in the document. However, the emphasis on displaying OMB control numbers is critical because it ensures accountability and makes it clear that these processes are authorized and legal.
Public Impact
The document may not have an immediate or obvious impact on the general public in their daily lives. However, it underscores a layer of regulatory transparency, ensuring that government agencies like the PBGC operate within established legal frameworks. The approved collections deal with specialized financial procedures related to pensions, which while not affecting everyone directly, plays a crucial role in the broader context of retirement benefits.
Stakeholder Impact
For stakeholders such as multiemployer pension plans and organizations involved in pension management, this notice has more direct implications. It provides clear guidelines and legal validation for key processes such as mergers, terminations, and the handling of qualified domestic relations orders.
Pension Plan Administrators: These stakeholders are directly impacted as they must ensure compliance with these regulations and maintain awareness of the expiration dates of these information collections.
Employers and Pension Beneficiaries: Employers involved in managing pension plans need to understand the regulations governing mergers and partitions to make informed decisions. For beneficiaries, this ensures that their pensions are handled according to approved legal standards.
The document reflects ongoing regulatory diligence, aimed at maintaining the integrity and reliability of pension-related activities managed by PBGC. It fosters trust in the system for both stakeholders and the general public, ensuring that the framework within which these programs operate is both lawful and transparent.