📜PBGC Requests OMB Review for Information Collection on Operations Cessation
Submission of Information Collection for OMB Review; Comment Request; Notices Following a Substantial Cessation of Operations
Summary
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval under the Paperwork Reduction Act, of a collection of information that is necessary to fulfill various reporting obligations following a cessation of operations at a facility. This notice informs the public of PBGC's request and solicits public comment on the collection of information.
Agencies
- Pension Benefit Guaranty Corporation
Business Impact
$$$ - High
The text outlines the PBGC’s request for information collection concerning retirement plan liabilities following substantial cessation of operations, impacting compliance and regulatory obligations for businesses. Employers must comply with specific notification requirements under ERISA, which can have significant financial ramifications.