[May 16, 2005 (Volume 70, Number 93)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua050439.wais] [Page 27770-27773] ----------------------------------------------------------------------- Part XXXIX Pension Benefit Guaranty Corporation ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 27770]] 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: Legislative and Regulatory Department, 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 James J. Armbruster, Acting Director, Legislative and Regulatory Department, (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: March 24, 2005. Bradley D. Belt, Executive Director, Pension Benefit Guaranty Corporation. Pension Benefit Guaranty Corporation--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3494 Filing Rules.......................................................................... 1212-AB02 3495 Participant Notices................................................................... 1212-AB05 3496 Reportable Events..................................................................... 1212-AB06 3497 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets....... 1212-AA55 3498 Payment of Benefits in PBGC-Trusteed Plans............................................ 1212-AA98 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3499 Assessment Of and Relief From Premium Penalties....................................... 1212-AA95 3500 Liability Pursuant to Section 4062(e) of ERISA........................................ 1212-AB03 3501 Assessment Of and Relief From Information Penalties................................... 1212-AB04 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3502 Transparency of Information Related to Plan Liabilities............................... 1212-AB01 ---------------------------------------------------------------------------------------------------------------- [[Page 27771]] _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3494. FILING RULES Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1303(a); 29 USC 1306; 29 USC 1307 CFR Citation: 29 CFR 4000 Legal Deadline: None Abstract: The PBGC is considering requiring electronic filing of premium declarations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/09/05 70 FR 11592 NPRM Comment Period End 05/09/05 Review of Comments 06/00/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AB02 _______________________________________________________________________ 3495. [bull] PARTICIPANT NOTICES Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1311 CFR Citation: 29 CFR 4011 Legal Deadline: None Abstract: The PBGC proposes to amend its current regulation to make the funding status of underfunded plans more transparent to participants. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/05 NPRM Comment Period End 12/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4024 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 Related RIN: Split from 1212-AB01 RIN: 1212-AB05 _______________________________________________________________________ 3496. [bull] REPORTABLE EVENTS Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1343 CFR Citation: 29 CFR 4043 Legal Deadline: None Abstract: The PBGC proposes to amend its current regulation to add two new reportable events: (1) an event requiring filing of Form 8-K with the Securities and Exchange Commission (SEC) and (2) a decline in the credit rating of a controlled group member below investment grade. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/05 NPRM Comment Period End 07/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 Related RIN: Split from 1212-AB01 RIN: 1212-AB06 _______________________________________________________________________ 3497. 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 proposes to amend 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 03/14/05 70 FR 12429 NPRM Comment Period End 05/13/05 Review of Comments 06/00/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA55 _______________________________________________________________________ 3498. 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 [[Page 27772]] 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 08/00/05 NPRM Comment Period End 10/00/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 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) Final Rule Stage _______________________________________________________________________ 3499. ASSESSMENT OF AND RELIEF FROM PREMIUM PENALTIES Priority: Other Significant 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 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 is replacing those policy statements with an updated and expanded set of premium penalty policies codified in its regulations. 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 Supplemental NPRM Comment Period End 07/06/04 Final Action 08/00/05 Final Action Effective 09/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www/pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA95 _______________________________________________________________________ 3500. LIABILITY PURSUANT TO SECTION 4062(E) OF ERISA Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1362; 29 USC 1363 CFR Citation: 29 CFR 4062; 29 CFR 4063 Legal Deadline: None Abstract: The PBGC is amending its regulations to provide a rule for computing liability under section 4063(b) of ERISA when there is a substantial cessation of operations by an employer as described by section 4062(e) of ERISA. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/25/05 70 FR 9258 NPRM Comment Period End 04/26/05 Final Action 06/00/05 Final Action Effective 07/00/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AB03 _______________________________________________________________________ 3501. [bull] ASSESSMENT OF AND RELIEF FROM INFORMATION PENALTIES Priority: Other Significant Legal Authority: 28 USC 2461 note; 29 USC 1302(b)(3); 29 USC 1303(a); 29 USC 1371 CFR Citation: 29 CFR 4003; 29 CFR 4011; 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 is replacing those policy statements with an updated and expanded set of information penalty policies codified in its regulations. 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 Supplemental NPRM Comment Period End 07/06/04 Final Action 08/00/05 Final Action Effective 09/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4024 [[Page 27773]] Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 Related RIN: Split from 1212-AA95 RIN: 1212-AB04 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Completed Actions _______________________________________________________________________ 3502. TRANSPARENCY OF INFORMATION RELATED TO PLAN LIABILITIES Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1310 CFR Citation: 29 CFR 4010 Legal Deadline: None Abstract: The PBGC amended its regulations on required reporting or disclosure of certain plan actuarial and employer financial information to improve disclosure and provide for electronic filing of certain information. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/28/04 69 FR 77679 NPRM Comment Period End 01/27/05 Final Action 03/09/05 70 FR 11540 Final Action Effective 04/08/05 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AB01 [FR Doc. 05-6971 Filed 05-13-05; 8:45 am] BILLING CODE 7708-01-S