[April 26, 1999 (Volume 64, Number 77)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua26ap99_039-1] Part XLI Pension Benefit Guaranty Corporation _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION (PBGC) _______________________________________________________________________ [[Page 22171]] Semiannual Regulatory Agenda [[Page 22172]] 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 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. Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3876 Premium Self-Audit................................................................... 1212-AA93 ---------------------------------------------------------------------------------------------------------------- Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3877 Filing Rules......................................................................... 1212-AA89 3878 Payment of Benefits in PBGC-Trusteed Plans........................................... 1212-AA35 3879 Calculation and Payment of Unfunded Nonguaranteed Benefits........................... 1212-AA54 3880 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets...... 1212-AA55 3881 Treatment of Substantial Cessation of Operations..................................... 1212-AA84 3882 Lump Sum Payment Assumptions......................................................... 1212-AA92 3883 Payment of Premiums.................................................................. 1212-AA94 ---------------------------------------------------------------------------------------------------------------- Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3884 Valuation of Benefits; Use of Single Set of Assumptions for All Benefits............. 1212-AA91 ---------------------------------------------------------------------------------------------------------------- Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3885 Payment of Premiums.................................................................. 1212-AA58 3886 Miscellaneous Statutory Amendments................................................... 1212-AA79 ---------------------------------------------------------------------------------------------------------------- [[Page 22173]] ______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION (PBGC) Prerule Stage _______________________________________________________________________ 3876. 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 07/00/99 ANPRM Comment Period End 09/00/99 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: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA93 _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 3877. 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 05/00/99 NPRM Comment Period End 07/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4024 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA89 ______________________________________________________________________ 3878. 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 07/00/99 NPRM Comment Period End 09/00/99 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency 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: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA35 _______________________________________________________________________ 3879. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1322(c) CFR Citation: 29 CFR 4022 subpart C Legal Deadline: None Abstract: Under ERISA section 4022(c), plan participants and beneficiaries may receive a portion of their unfunded nonguaranteed benefits (UNBs). The PBGC's claim for employer liability covers both its shortfall (unfunded guaranteed benefits) and participants' losses (UNBs). In turn, the PBGC uses a portion of its employer liability recoveries to pay a portion of 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 10/00/99 NPRM Comment Period End 12/00/99 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Peter H. Gould, Senior Counsel, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4020 TDD: 800 877-8339 [[Page 22174]] Fax: 202 326-4112 RIN: 1212-AA54 _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 3880. 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 Pension Benefit Guaranty Corporation 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 ________________________________________________________________________ Notice of Intent to Propose Rulemaking 03/19/97 62 FR 12982 NPRM 08/00/99 NPRM Comment Period End 10/00/99 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: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA55 _______________________________________________________________________ 3881. TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONS Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302(b)(3); 29 USC 1362; 29 USC 1363; 29 USC 1364; 29 USC 1365 CFR Citation: 29 CFR 4062 Legal Deadline: None Abstract: 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 certain issues that may arise under this section. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/99 NPRM Comment Period End 12/00/99 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: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA84 _______________________________________________________________________ 3882. 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: (1) Discontinuing use of its existing lump sum assumptions for payment purposes and replacing them with a modified version of its existing annuity assumptions, effective sometime after December 2000, and (2) discontinuing calculation and publication of its existing lump sum interest rates at, or sometime after, the time the PBGC discontinues their use. 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 06/00/99 NPRM Comment Period End 08/00/99 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: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA92 _______________________________________________________________________ [Page 22174-22175] 3883. 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 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 04/00/99 NPRM Comment Period End 06/00/99 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: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA94 [[Page 22175]] _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage _______________________________________________________________________ 3884. 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 06/00/99 Final Action Effective 08/00/99 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 2005-4024 Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA91 _______________________________________________________________________ PENSION BENEFIT GUARANTY CORPORATION (PBGC) Long-Term Actions _______________________________________________________________________ 3885. PAYMENT OF PREMIUMS Priority: Other Significant 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. 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 Final Action Effective To Be Determined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Deborah Murphy Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA58 _______________________________________________________________________ 3886. MISCELLANEOUS STATUTORY AMENDMENTS 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. CFR Citation: 29 CFR 4000 et seq Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Marc L. Jordan Phone: 202 326-4024 TDD: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA79 [FR Doc. 99-5648 Filed 04-23-99; 8:45 am] BILLING CODE 7708-01-F