The Pension Benefit Guaranty Corporation (PBGC) is seeking to renew an approval from the Office of Management and Budget (OMB) for collecting information on the disclosure of termination information under its regulations for distress and PBGC-initiated terminations. This notice invites public feedback on this information collection by February 26, 2021. The PBGC estimates that around 70 pension plans will undergo such terminations annually, with requests for information expected from participants or other parties related to approximately 16 of these plans per year. The OMB control number for this collection is 1212-0065, and it expires on March 31, 2021.
Simple Explanation
In a government notice, the Pension Benefit Guaranty Corporation is asking to keep gathering some information about certain pension plans ending, but they need permission to continue doing so. They want people to share what they think about this by February 26, 2021.