[November 22, 1999 (Volume 64, Number 224)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua22041.wais] [Page 65273-65277] Pension Benefit Guaranty Corporation [[Page 65273]] _______________________________________________________________________ Part XLI _______________________________________________________________________ Semiannual Regulatory Agenda [[Page 65274]] Pension Benefit Guaranty Corporation (PBGC) _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION 29 CFR Ch. XXVI 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. All of the items on this agenda are current or projected rulemakings. This edition of the Unified Agenda of Federal Regulatory and Deregulatory Actions includes The Regulatory Plan, which appears in part II of this issue of the Federal Register. The Pension Benefit Guaranty Corporation's Statement of Regulatory Priorities is included in part II. David M. Strauss, Executive Director, Pension Benefit Guaranty Corporation. Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4043 Premium Self-Audit................................................................. 1212-AA93 ---------------------------------------------------------------------------------------------------------------- Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4044 Filing Rules....................................................................... 1212-AA89 4045 Payment of Benefits in PBGC-Trusteed Plans......................................... 1212-AA35 4046 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets 1212-AA55 (Reg Plan Seq No. 146).............................................................. 4047 Lump Sum Payment Assumptions....................................................... 1212-AA92 4048 Assessment of and Relief from Penalties............................................ 1212-AA95 ---------------------------------------------------------------------------------------------------------------- References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register. Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4049 Valuation of Benefits; Use of Single Set of Assumptions for All Benefits........... 1212-AA91 4050 Payment of Premiums................................................................ 1212-AA94 ---------------------------------------------------------------------------------------------------------------- Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4051 Payment of Premiums................................................................ 1212-AA58 [[Page 65275]] 4052 Calculation and Payment of Unfunded Nonguaranteed Benefits......................... 1212-AA54 4053 Miscellaneous Statutory Amendments................................................. 1212-AA79 4054 Treatment of Substantial Cessation of Operations................................... 1212-AA84 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Prerule Stage _______________________________________________________________________ 4043. PREMIUM SELF-AUDIT Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302; 29 USC 1307 CFR Citation: 29 CFR 4007 Legal Deadline: None Abstract: The PBGC is considering whether to set up a premium ``self- audit'' program under which pension plans' premium payments could be reviewed by the plans' own independent auditors using ``agreed-upon procedures'' specified by the PBGC. The aim of the program would be to limit the need for full-scale PBGC audits for participating plans while improving voluntary compliance with premium payment rules. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 03/00/00 ANPRM Comment Period End 05/00/00 Regulatory Flexibility Analysis Required: Undetermined 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 Fax: 202 326-4112 RIN: 1212-AA93 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 4044. FILING RULES Priority: Substantive, Nonsignificant Reinventing 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 1301 et seq CFR Citation: 29 CFR 4000 Legal Deadline: None Abstract: The PBGC's rules governing the date of filing vary, depending on the regulation involved and the method of filing used (e.g., mail postmarked by the United States Postal Service, metered mail, commercial delivery service, facsimile). The PBGC intends to clarify and simplify its filing rules and to provide greater flexibility in methods of filing (including by electronic means). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/00 NPRM Comment Period End 05/00/00 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 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA89 _______________________________________________________________________ 4045. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1342 CFR Citation: 29 CFR 4022 Legal Deadline: None Abstract: 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. This regulation will fill gaps in the rules and otherwise clarify matters that had been handled on a case-by-case basis in the past. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/00 NPRM Comment Period End 06/00/00 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 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA35 [[Page 65276]] _______________________________________________________________________ 4046. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF BENEFITS AND ASSETS Regulatory Plan: This entry is Seq. No. 146 in Part II of this issue of the Federal Register. RIN: 1212-AA55 _______________________________________________________________________ 4047. LUMP SUM PAYMENT ASSUMPTIONS Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302; 29 USC 1322; 29 USC 1341; 29 USC 1344; 29 USC 1362; 29 USC 1301(a) CFR Citation: 29 CFR 4022; 29 CFR 4044 Legal Deadline: None Abstract: The PBGC is considering delinking the lump sum interest rates it uses for PBGC payments from those used for private-sector payments. The PBGC intends to make available indefinitely the PBGC rates based on the current rate-setting methodology (or a surrogate for those rates). However, the PBGC may in the future change the way it sets the rates it uses for its own payments. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Notice of Intent to Propose Rulemaking 10/26/98 63 FR 57228 NIPR Comment Period End 12/28/98 NPRM 12/00/99 NPRM Comment Period End 02/00/00 Regulatory Flexibility Analysis Required: Undetermined 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-AA92 _______________________________________________________________________ 4048. ASSESSMENT OF AND RELIEF FROM PENALTIES Priority: Substantive, Nonsignificant Reinventing 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: 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 set of penalty policies codified in its regulations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/00 NPRM Comment Period End 03/00/00 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 Fax: 202 326-4112 RIN: 1212-AA95 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 4049. VALUATION OF BENEFITS; USE OF SINGLE SET OF ASSUMPTIONS FOR ALL BENEFITS Priority: Substantive, Nonsignificant Reinventing 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 1301(a); 29 USC 1302; 29 USC 1322; 29 USC 1341; 29 USC 1344; 29 USC 1350; 29 USC 1362 CFR Citation: 29 CFR 4022; 29 CFR 4044; 29 CFR 4050; 29 CFR 4281 Legal Deadline: None Abstract: The Pension Benefit Guaranty Corporation is proposing to amend its regulations to provide for the use of a single set of valuation assumptions -- those currently used by the PBGC to value benefits to be paid as annuities -- for purposes of allocating assets to benefits under section 4044 of ERISA. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/26/98 63 FR 57229 NPRM Comment Period End 12/28/98 Final Action 12/00/99 Final Action Effective 01/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: 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-AA91 _______________________________________________________________________ 4050. PAYMENT OF PREMIUMS Priority: Substantive, Nonsignificant Reinventing 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 1303(a); 29 USC 1306; 29 USC 1307 CFR Citation: 29 CFR 4007 [[Page 65277]] Legal Deadline: None Abstract: The PBGC is proposing to amend its regulation on Payment of Premiums to encourage self-correction of premium underpayments. The amendments make it easier to qualify for ``safe-harbor'' relief from late payment penalty charges and codify the PBGC's current premium penalty policy (under which the penalty charge is lowered from 5 percent per month to 1 percent per month if a premium payor corrects an underpayment before PBGC notification). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/27/99 64 FR 22589 NPRM Comment Period End 06/28/99 Final Action 11/00/99 Final Action Effective 12/00/99 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 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA94 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Long-Term Actions _______________________________________________________________________ 4051. PAYMENT OF PREMIUMS Priority: Other Significant CFR Citation: 29 CFR 4006; 29 CFR 4007 Timetable: ________________________________________________________________________ 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 Extending Premium Due Dates 12/14/98 63 FR 68684 Final Action Extending Premium Due Dates Effective 02/12/99 Final Action To Be Determined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Deborah C. Murphy Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA58 _______________________________________________________________________ 4052. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS Priority: Other Significant CFR Citation: 29 CFR 4022 subpart C Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Peter H. Gould Phone: 202 326-4020 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA54 _______________________________________________________________________ 4053. MISCELLANEOUS STATUTORY AMENDMENTS Priority: Substantive, Nonsignificant CFR Citation: 29 CFR 4000 et seq Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Thomas H. Gabriel Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA79 _______________________________________________________________________ 4054. TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONS Priority: Substantive, Nonsignificant CFR Citation: 29 CFR 4062 Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: James L. Beller Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA84 [FR Doc. 99-24745 Filed 11-19-99; 8:45 am] BILLING CODE 7708-01-F