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                                              

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                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

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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  

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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 

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                                                Long-Term Actions                                               

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                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

----------------------------------------------------------------------------------------------------------------

3881         Payment of Premiums..................................................................    1212-AA58 

3882         Miscellaneous Statutory Amendments...................................................    1212-AA79 

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                                                Completed Actions                                               

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                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

----------------------------------------------------------------------------------------------------------------

3883         Termination of Single Employer Plans................................................     1212-AA82 

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[Page 22853]PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage_______________________________________________________________________3874. <bullet> 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. <bullet> 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 

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