In mass withdrawals, ERISA Sec. 4219(c)(1)(D) requires multiemployer plan sponsors to redetermine withdrawal liability and fully allocate unfunded vested benefits. In substantially all employers withdraw, Sec. 4209(c) requires collection of de minimis amounts. This regulation explains how to redetermine and allocate liabilities and requires notices to PBGC of mass withdrawal or if substantially all employers withdraw and of the required determinations.
The hour burden increased from 18 hours to 45 hours and the cost burden increased from $13,106 to $132,000 due to a change in the methodology for estimating the cost and hour burden.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
multi0034ss - 6-2017.pdf
Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR Part 4219)