Pension & Benefits News PBGC requests comments on modified information collection for locating and paying participants
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Thursday, July 29, 2021

PBGC requests comments on modified information collection for locating and paying participants

By Pension and Benefits Editorial Staff

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, with modifications, for a collection of information needed to pay participants and beneficiaries who may be entitled to pension benefits under defined benefit plans that have terminated. The PBGC seeks public comment on the collection of information, as modified.

The collection consists of information participants and beneficiaries are asked to provide in connection with an application for benefits. In addition, in some instances, as part of an effort to identify participants and beneficiaries who may be entitled to benefits, the PBGC requests individuals to provide identifying information that the individual would provide as part of an initial contact with the PBGC. All requested information is needed to enable the PBGC to determine benefit entitlements and to make appropriate payments.

The information collection includes My Pension Benefit Account (MyPBA), an application on the PBGC’s website, http://www.pbgc.gov, through which plan participants and beneficiaries may conduct electronic transactions with the PBGC. The PBGC is proposing to eliminate one form (the Form 709), add four forms (Form 700RN, Form 700RSC, Form 703RBD, and Form 703RBD-MP) and revise several other forms in this collection, specifically: Forms 700, 701, 702, 705, 706, 707, 708, 710, 711, 715 and 717. The PBGC is making editorial and formatting changes as well, including changing the design and appearance of MyPBA. The PBGC believes that these revisions will provide greater clarity to customers and improve their experience with the online system.

Written comments should be submitted by August 6, 2021. Comments should be sent to www.reginfo.gov/public/do/PRAMain. Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.

Source: 86 FR 35838.

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