Agenda of Regulations Under Development--4/27/98[Page 22851-22853]PENSION BENEFIT GUARANTY CORPORATION (PBGC) [[Page 22851]] Part XLPension Benefit Guaranty Corporation Semiannual Regulatory Agenda[[Page 22852]]PENSION BENEFIT GUARANTY CORPORATION29 CFR Ch. XXVIAgenda of Regulations Under DevelopmentAGENCY: Pension Benefit Guaranty Corporation (PBGC).ACTION: Semiannual regulatory agenda._______________________________________________________________________ SUMMARY: This document sets forth the Pension Benefit Guaranty Corporation's regulatory agenda issued under Executive Order 12866 and the Regulatory Flexibility Act. The agenda lists regulations that are currently under development or review or that PBGC expects to have under development or review during the next 12 months. The effect of this agenda is to advise the public of PBGC's current and future regulatory activities.ADDRESSES: Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026. FOR FURTHER INFORMATION CONTACT: For further information on the agenda in general, contact Harold J. Ashner, Assistant General Counsel, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, (202) 326-4024. (For TTY/TDD users, call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.) For information about a specific regulation project listed on the agenda, contact the person designated in the agenda for that regulation.SUPPLEMENTARY INFORMATION: Under the President's order on Regulatory Planning and Review, Executive Order 12866 (58 FR 51735, October 4, 1993), each agency is required to prepare an agenda of all regulations under development or review. The Regulatory Flexibility Act, Public Law 98-354, 5 U.S.C. 601, has a similar agenda requirement. Under that law, the agenda must list any regulation that is likely to have a significant economic impact on a substantial number of small entities. The Office of Management and Budget has issued guidelines prescribing the form and content of the regulatory agenda. Under those guidelines, the agenda must list all regulatory activities being conducted or reviewed in the next 12 months and provide certain specified information on each regulation. All of the items on this agenda are current or projected rulemakings.David M. Strauss,Executive Director, Pension Benefit Guaranty Corporation. Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3874 Valuation and Payment of Lump Sum Benefits........................................... 1212-AA88 3875 Treatment of Substantial Cessation of Operations..................................... 1212-AA84 3876 Payment of Benefits in PBGC-Trusteed Plans........................................... 1212-AA35 3877 Calculation and Payment of Unfunded Nonguaranteed Benefits (Reg Plan Seq. No. 150)... 1212-AA54 3878 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets...... 1212-AA55 ---------------------------------------------------------------------------------------------------------------- References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register. Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3879 Mergers and Transfers Between Multiemployer Plans.................................... 1212-AA69 3880 PBGC Recoupment and Reimbursement of Overpayments and Underpayments................. 1212-AA82 ---------------------------------------------------------------------------------------------------------------- Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3881 Payment of Premiums.................................................................. 1212-AA58 3882 Miscellaneous Statutory Amendments................................................... 1212-AA79 ---------------------------------------------------------------------------------------------------------------- Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3883 Termination of Single Employer Plans................................................ 1212-AA82 ---------------------------------------------------------------------------------------------------------------- [Page 22853]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage_______________________________________________________________________3874. VALUATION AND PAYMENT OF LUMP SUM BENEFITSPriority: Substantive, NonsignificantLegal Authority: 29 USC 1302; 29 USC 1311; 29 USC 1322; 29 USC 1341a; 29 USC 1350; 29 USC 1441CFR Citation: 29 CFR 4022Legal Deadline: NoneAbstract: The Taxpayer Relief Act of 1997 increased the maximum amount private pension plans may pay to a participant or surviving spouse in a lump sum (i.e., payment in a single installment) without the participant's consent (effective for plan years beginning after August 5, 1997). To reflect this change, the PBGC proposes to amend its regulations to increase from $3,500 to $5,000 the maximum value of benefits that the PBGC may pay in lump sum form.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 05/00/98 NPRM Comment Period End 07/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Marc L. Jordan, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA88 _______________________________________________________________________ [Page 22853]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage_______________________________________________________________________3875. TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONSPriority: Substantive, NonsignificantLegal Authority: 29 USC 1302(b)(3); 29 USC 1362; 29 USC 1363; 29 USC 1364; 29 USC 1365CFR Citation: 29 CFR 4062Legal Deadline: NoneAbstract: Section 4062(e) of ERISA imposes a contingent liability upon an employer in the case of certain cessations of operations at a facility. This rulemaking will address various issues that may arise under this section.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 10/00/98 NPRM Comment Period End 12/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA84 [Page 22853]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage_______________________________________________________________________3876. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANSPriority: Substantive, NonsignificantLegal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1342CFR Citation: 29 CFR 4022Legal Deadline: NoneAbstract: When the PBGC assumes trusteeship of a terminated pension plan pursuant to sections 4041 and 4042 of ERISA, it pays benefits to participants pursuant to plan provisions and section 4022 of ERISA. Many of the rules and procedures for benefit payments, while of interest to participants, are inappropriate for inclusion in a regulation. The PBGC already provides much of this information to participants in other appropriate forms, such as letters and pamphlets, and will continue to do so. However, rules governing certain aspects of benefit payments are appropriately established by regulation (or otherwise addressed through a Federal Register issuance). This regulation will enable the PBGC to process and administer PBGC-trusteed plans more efficiently with resultant cost savings by filling gaps in the rules and otherwise clarifying matters that had been handled on a case-by-case basis in the past.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 09/00/98 NPRM Comment Period End 11/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA35 ______________________________________________________________________________________________________________________________________________ [Page 22853-22854]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage_______________________________________________________________________3877. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITSPriority: Other SignificantLegal Authority: 29 USC 1302(b)(3); 29 USC 1322(c)CFR Citation: 29 CFR 4022 subpart CLegal Deadline: NoneAbstract: In the Pension Protection Act, Congress created a scheme by which to channel employer liability recoveries to plan participants and beneficiaries (amended ERISA section 4022(c)). Under section 4022(c), participants no longer have a direct claim for employer liability. Instead, the PBGC's claim covers both its shortfall (unfunded guaranteed benefits) and participants' losses (unfunded nonguaranteed benefits (UNBs)). In turn, the PBGC is to use a portion of its employer liability recovery to pay UNBs to participants and beneficiaries. Section 4022(c) contains several ambiguities and also leaves to the PBGC the development of specific rules and procedures necessary to make this system work.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 10/00/98 NPRM Comment Period End 12/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Peter H. Gould, Senior Counsel, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4020 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA54[[Page 22854]] [Page 22854]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage_______________________________________________________________________3878. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF BENEFITS AND ASSETSPriority: Substantive, NonsignificantReinventing Government: This rulemaking is part of the Reinventing Government effort. It will revise text in the CFR to reduce burden or duplication, or streamline requirements.Legal Authority: 29 USC 1302(b)(3); 29 USC 1341CFR Citation: 29 CFR 4044 subpart BLegal Deadline: NoneAbstract: Statutory changes necessitate several amendments to the PBGC's allocation and valuation regulation (29 CFR part 4044). The PBGC also plans to update its mortality tables.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________Notice of Intent to Propose Rulemaking 03/19/97 62 FR 12982 NPRM 09/00/98 NPRM Comment Period End 11/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA55 [Page 22854]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage_______________________________________________________________________3879. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANSPriority: Substantive, NonsignificantLegal Authority: 29 USC 1302(b)(3); 29 USC 1411CFR Citation: 29 CFR 4231Legal Deadline: NoneAbstract: ERISA section 4231 sets basic guidelines for mergers and transfers between multiemployer plans, including a provision for a 120- day notice to the PBGC. The PBGC's regulation on Mergers and Transfers Between Multiemployer Plans contains implementing rules. Neither the statute nor the regulation makes clear whether or how the merger and transfer rules apply where one or more of the plans involved is terminated. This rule amends 29 CFR part 4231 to clarify its application to mergers and transfers involving one or more terminated multiemployer plans and to specify the criteria that a merger or transfer involving terminated plans must satisfy in order to protect participants and beneficiaries in the affected plans, as well as the PBGC, from risk of loss as a result of the merger or transfer. The rule also liberalizes the 120-day notice requirement for all multiemployer mergers and transfers so that such transactions can proceed more expeditiously.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 05/01/97 62 FR 23700 NPRM Comment Period End 06/30/97 Final Action 04/00/98 Final Action Effective 05/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA69 _______________________________________________________________________ [Page 22854-22855]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage 3880. PBGC RECOUPMENT AND REIMBURSEMENT OF BENEFIT OVERPAYMENTS AND UNDERPAYMENTSPriority: Substantive, NonsignificantReinventing Government: This rulemaking is part of the Reinventing Government effort. It will revise text in the CFR to reduce burden or duplication, or streamline requirements.Legal Authority: 29 USC 1302; 29 USC 1322; 29 USC 1322b; 29 USC 1341(c)(3)(D); 29 USC 1344CFR Citation: 29 CFR 4022Legal Deadline: NoneAbstract: Under the current PBGC regulation on recoupment of benefit overpayments, unless the participant elects to repay the overpayment in a lump sum, the PBGC recoups the overpayment through an actuarial reduction of all future monthly benefit payments. This amendment provides that recoupment will stop when the total amount collected equals the amount of the overpayment and makes other related changes.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 12/18/97 62 FR 66319 NPRM Comment Period End 01/20/98 Final Action 04/00/98 Final Action Effective 05/00/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA87[[Page 22855]] [Page 22855]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Long-Term Actions_______________________________________________________________________3881. PAYMENT OF PREMIUMSPriority: Other SignificantReinventing Government: This rulemaking is part of the Reinventing Government effort. It will revise text in the CFR to reduce burden or duplication, or streamline requirements.CFR Citation: 29 CFR 4006; 29 CFR 4007Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 04/10/92 57 FR 12666 NPRM Comment Period End 05/26/92 NPRM Comment Period Extended to 11/16/92 09/17/92 57 FR 42910 Final Action 00/00/00Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Deborah Murphy Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA58 _______________________________________________________________________[Page 22855]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Long-Term Actions3882. MISCELLANEOUS STATUTORY AMENDMENTSPriority: Substantive, NonsignificantReinventing Government: This rulemaking is part of the Reinventing Government effort. It will revise text in the CFR to reduce burden or duplication, or streamline requirements.CFR Citation: 29 CFR 4000 et seqTimetable: Next Action UndeterminedSmall Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Marc L. Jordan Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112RIN: 1212-AA79 _______________________________________________________________________[Page 22855]PENSION BENEFIT GUARANTY CORPORATION (PBGC) Completed Actions 3883. TERMINATION OF SINGLE EMPLOYER PLANSPriority: Substantive, NonsignificantReinventing Government: This rulemaking is part of the Reinventing Government effort. It will revise text in the CFR to reduce burden or duplication, or streamline requirements.Legal Authority: 29 USC 1302(b)(3); 29 USC 1341CFR Citation: 29 CFR 4041Legal Deadline: NoneAbstract: The PBGC's termination regulation (29 CFR part 4041) provides rules and procedures plan administrators must follow to voluntarily terminate a defined benefit pension plan. The PBGC is amending its termination regulation to extend standard termination deadlines and otherwise to simplify the standard termination process, to require that plan administrators provide participants with information on State guaranty association coverage of annuities, and to make conforming changes to the distress termination process. The amendments also make conforming and simplifying changes to the missing participants regulation.Timetable: ________________________________________________________________________Action Date FR Cite________________________________________________________________________NPRM 03/14/97 62 FR 12507 NPRM Comment Period End 05/13/97 Final Action 11/07/97 62 FR 60424 Final Action Effective 01/01/98Small Entities Affected: NoneGovernment Levels Affected: NoneAgency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 800 877-8339RIN: 1212-AA82 [FR Doc. 98-7569 Filed 04-24-98; 8:45 am] BILLING CODE 7708-01-F Send comments about this Web site to webmaster@pbgc.gov