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Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Notices public comment on the collection of information, as modified.
DATES: Comments must be received on or before May 10, 2021 to be assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http
www.regulations.gov. Follow the instructions for submitting comments.
Email: paperwork.comments@
pbgc.gov. Refer to Locating and Paying Participants information collection in the subject line.
Mail or Hand Delivery: Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 200054026.
All submissions received must include the agencys name Pension Benefit Guaranty Corporation, or PBGC
and refer to Locating and Paying Participants information collection. All comments received will be posted without change to PBGCs website, http www.pbgc.gov, including any personal information provided.
A copy of the request will be posted on PBGCs website at https
www.pbgc.gov/prac/laws-andregulation/
federal-register-notices-openforcomment. It may also be obtained by writing to Disclosure Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 200054026, or calling 2023264040 during normal business hours. TTY users may call the Federal Relay Service toll-free at 800
8778339 and ask to be connected to 2023264040.
FOR FURTHER INFORMATION CONTACT:
Melissa Rifkin rifkin.melissa@
pbgc.gov, Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington DC
200054026; 2022296563. TTY users may call the Federal Relay Service tollfree at 8008778339 and ask to be connected to 2022296563.
SUPPLEMENTARY INFORMATION: This information collection is needed to pay participants and beneficiaries who may be entitled to pension benefits from plans that have terminated. Participants and beneficiaries are asked to provide information in connection with an application for benefits. This includes requests to individuals to provide identifying information so that PBGC
may determine whether the individuals are entitled to benefits. All requested information is needed so that PBGC may determine benefit entitlements and make appropriate payments.

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This information collection includes My Pension Benefit Account MyPBA, an application on PBGCs website, http www.pbgc.gov, through which plan participants and beneficiaries may conduct electronic transactions with PBGC, including applying for pension benefits, designating a beneficiary, electing or changing federal income tax withholding from periodic payments, changing contact information, and applying for or changing electronic direct deposit.
PBGC is proposing to eliminate one form the Form 709, add four forms form 700RN, form 700RSC, form 703RBD and form 703RBDMP and revise several other forms in this collection, specifically Forms: 700, 701, 702, 705, 706, 707, 708, 710, 711, 715
and 717. The proposed revisions include the following.
PBGC is proposing the addition of four new forms: Form 700RN, Form 700RSC, Form 703RBD and Form 703RBDMP. Each is intended to improve customer service.
1 Form 700RN and Form 700RSC
will be used in rare situations when participants who are already receiving benefits choose to elect a retroactive annuity starting state. Form 700RN will be used by participants where spousal consent is not required, and Form 700RSC will be used by participants where spousal consent is required.
PBGC will use this information to provide eligible participants an option to change their annuity starting date and receive reduced monthly benefits.
2 Form 703RBD and Form 703RBD
MP will be used in rare situations by participants who have reached their required beginning date RBD and are eligible to elect a lump sum payment in lieu of an annuity. Form 703RBD will be used for trusteed plan participants.
Form 703RBDMP will be used for participants claiming benefits under the Missing Participants Program and requires notarization of the participants signature as a fraud prevention measure.
PBGC is separating participants who have reached their RBD from other participants able to elect a lump sum payment to ensure that appropriate information is communicated to participants who have reached their RBD.
To Form 700, PBGC is proposing to remove the question that asks participants to designate beneficiaries for amounts owed at death and collect this information only on Form 707. This change is intended to reduce errors with customers completing Form 700.
To Form 701, PBGC is proposing to add a question asking for the gender of the participants spouse. PBGC will use
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this information for actuarial calculations required to operate the single-employer insurance program.
To Forms 701, 702, 705, 706, 707, and 708, PBGC is proposing to clarify the requested information about beneficiaries owed benefits upon the participants death.
To Forms 701, 705, 706 and 710, PBGC is proposing to eliminate a question and information about Electronic Transfer Accounts ETA, as this Department of the Treasury sponsored program ended.
To Form 711, PBGC is proposing to add a question for notarized spousal consent to the change in a beneficiary for a certain and continuous annuity.
This change is intended to comply with applicable requirements under the Internal Revenue Code.
To Form 715, PBGC is proposing to clarify the instructions to improve customer service.
To Form 717, PBGC is proposing to eliminate questions asking for gender, the branch or division where the employee worked, lump sum amount and date paid, whether the lump sum was rolled over to an individual retirement account IRA, and whether the employee is currently receiving retirement benefits. PBGC is proposing to add requests for the last dates of employment, information on the type of retirement plan, and information appearing on SSA Form L99C1. This addition will decrease the need for PBGC to follow up with customers for additional, required information and increase processing efficiency.
PBGC is making editorial and formatting changes as well, including changing the design and appearance of MyPBA. PBGC believes these revisions will provide greater clarity to customers and improve their experience with the online system.
The existing collection of information was approved under OMB control number 12120055 expires October 31, 2021. PBGC intends to request that OMB extend its approval with modifications for three years. 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.
PBGC estimates that it will receive 170,521 benefit application or information forms annually. The total annual burden associated with this collection of information is estimated to be 58,376 hours and an estimated $58,682, which is the total average maximum cost of notary services for participants or participants spouses signatures on applicable forms.

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