[June 28, 2004 (Volume 69, Number 123)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua040439.wais] [Page 38422-38423] Pension Benefit Guaranty Corporation ----------------------------------------------------------------------- Part XXXIX ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 38422]] PENSION BENEFIT GUARANTY CORPORATION (PBGC) _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION 29 CFR Ch. XL Agenda of Regulations Under Development AGENCY: 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, (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. Dated: May 14, 2004. Bradley D. Belt, Executive Director, Pension Benefit Guaranty Corporation. Pension Benefit Guaranty Corporation--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3698 Assessment Of and Relief From Penalties............................................... 1212-AA95 3699 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets....... 1212-AA55 3700 Payment of Benefits in PBGC-Trusteed Plans............................................ 1212-AA98 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3701 Ethical Conduct of Employees.......................................................... 1212-AA99 3702 Participant Notice Voluntary Correction Program....................................... 1212-AB00 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3698. ASSESSMENT OF AND RELIEF FROM PENALTIES Priority: Substantive, Nonsignificant Legal Authority: 28 USC 2461 note; 29 USC 1302(b)(3); 29 USC 1303(a); 29 USC 1306; 29 USC 1307; 29 USC 1371 CFR Citation: 29 CFR 4003; 29 CFR 4007; 29 CFR 4071 Legal Deadline: None Abstract: The PBGC has issued a number of policy statements about penalties over the last few years. For the convenience of the public, the PBGC proposes to replace those policy statements with an updated and expanded set of penalty policies codified in its regulations. In a related notice, RIN 1212-AB00, the PBGC announced the Participant Notice Voluntary Correction Program. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/12/01 66 FR 2856 NPRM Comment Period End 03/13/01 Supplemental NPRM (Participant Notice) 05/07/04 69 FR 25797 NPRM Comment Period End 07/06/04 Final Action 12/00/04 Final Action Effective 01/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 [[Page 38423]] Fax: 202 326-4112 Related RIN: Related to 1212-AB00 RIN: 1212-AA95 _______________________________________________________________________ 3699. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF BENEFITS AND ASSETS Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1341; 29 USC 1301(a); 29 USC 1344; 29 USC 1362 CFR Citation: 29 CFR 4044, subpart B Legal Deadline: None Abstract: The PBGC is considering amending its benefit valuation and asset allocation regulations by adopting more current mortality tables and otherwise simplifying and improving its valuation assumptions and methods. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 03/19/97 62 FR 12982 ANPRM Comment Period End 05/19/97 NPRM 11/00/04 NPRM Comment Period End 01/00/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency 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 Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA55 _______________________________________________________________________ 3700. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1344 CFR Citation: 29 CFR 4022; 29 CFR 4044 Legal Deadline: None Abstract: When the PBGC assumes trusteeship of a terminated pension plan, it pays benefits to participants pursuant to plan provisions and title IV of ERISA. The PBGC is exploring how to improve its benefit payments rules. This regulation will fill in gaps in the rules, clarify matters that have been handled on a case-by-case basis in the past, and otherwise address issues relating to the determination of guarantee limits and the time, form, and manner of payment. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/04 NPRM Comment Period End 02/00/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Catherine B. Klion, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4024 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA98 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Completed Actions _______________________________________________________________________ 3701. [bullet][ls-thn-eq] ETHICAL CONDUCT OF EMPLOYEES Priority: Info./Admin./Other Legal Authority: 29 USC 1302(b); EO 11222; 30 FR 6469; 5 CFR 735.104 CFR Citation: 29 CFR 4904 Legal Deadline: None Abstract: The PBGC removed its regulations on the ethical conduct of employees (part 4904). The standards of ethical conduct issued by the Office of Government Ethics provide guidance for PBGC employees on this subject. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 02/13/04 69 FR 7120 Final Action Effective 02/13/04 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Thomas H. Gabriel, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA99 _______________________________________________________________________ 3702. [bullet][ls-thn-eq] PARTICIPANT NOTICE VOLUNTARY CORRECTION PROGRAM Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1311 CFR Citation: None Legal Deadline: None Abstract: The PBGC announced a Participant Notice Voluntary Correction Program. This program, which generally covers Participant Notices for the 2002 and 2003 plan year that were not issued as required, is designed to encourage plan administrators to correct recent compliance failures without penalty and to facilitate plan administrators' future compliance. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 05/07/04 69 FR 25792 Final Action Effective 05/07/04 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Catherine B. Klion, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4024 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 Related RIN: Related to 1212-AA95 RIN: 1212-AB00 [FR Doc. 04-11856 Filed 06-25-04; 8:45 am] BILLING CODE 7708-01-S