[November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63335-63337] PENSION BENEFIT GUARANTY CORPORATION (PBGC) _______________________________________________________________________ [[Page 63335]] _______________________________________________________________________ Part XXXVII Pension Benefit Guaranty Corporation _______________________________________________________________________ Semiannual Regulatory Agenda [[Page 63336]] 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. 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. Martin Slate, Executive Director, Pension Benefit Guaranty Corporation. Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4143 Mergers and Transfers Between Multiemployer Plans..................................... 1212-AA69 4144 Submission of Premium-Related Information............................................. 1212-AA66 4145 Calculation and Payment of Unfunded Nonguaranteed Benefits (Reg Plan Seq. No. 142).... 1212-AA54 4146 Amendments to Valuation of Plan Benefits.............................................. 1212-AA55 4147 Miscellaneous Statutory Amendments.................................................... 1212-AA79 4148 Standard Terminations................................................................. 1212-AA82 ---------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------------------------------------- 4149 Payment of Premiums................................................................... 1212-AA58 4150 Reportable Events Requirements (Reg Plan Seq. No. 143)................................ 1212-AA80 ---------------------------------------------------------------------------------------------------------------- References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register. Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4151 Payment of Benefits in PBGC-Trusteed Plans............................................ 1212-AA35 ---------------------------------------------------------------------------------------------------------------- Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4152 Reorganization, Renumbering, and Reinvention of Regulations........................... 1212-AA75 [[Page 63337]] 4153 Reinvention........................................................................... 1212-AA83 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63337] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 4143. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302(b)(3); 29 USC 1411 CFR Citation: 29 CFR 4231 Legal Deadline: None Abstract: 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 regulation would amend 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 regulation would also liberalize 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 11/00/96 NPRM Comment Period End 01/00/97 Small Entities Affected: None Government Levels Affected: None Agency 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: 202 326-4179 RIN: 1212-AA69 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63337] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 4144. SUBMISSION OF PREMIUM-RELATED INFORMATION Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302(b)(3); 29 USC 1306; 29 USC 1307 CFR Citation: 29 CFR 4007 Legal Deadline: None Abstract: The PBGC's regulation on Payment of Premiums (29 CFR part 4007) currently requires plan administrators to retain, for six years, all records necessary to support or validate premium payments and to make those records available to the PBGC, upon request, for inspection and photocopying. The PBGC intends to propose amendments to provide for the submission to the PBGC of information in those records. The PBGC expects these changes to increase the agency's efficiency and effectiveness in conducting premium audits. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/96 NPRM Comment Period End 12/00/96 Small Entities Affected: None Government Levels Affected: None Agency Contact: Deborah Murphy, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4024 RIN: 1212-AA66 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63337] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 4145. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS Regulatory Plan: This entry is Seq. No. 142 in Part II of this issue of the Federal Register. RIN: 1212-AA54 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63337-63338] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 4146. AMENDMENTS TO VALUATION OF PLAN 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 1302(b)(3); 29 USC 1341 CFR Citation: 29 CFR 4044, subpart B Legal Deadline: None Abstract: Statutory changes necessitate several amendments to the PBGC's valuation of benefits regulation (29 CFR part 4044, subpart B). The PBGC also plans to update its mortality tables. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/00/97 NPRM Comment Period End 04/00/97 Small Entities Affected: None Government Levels Affected: None Agency Contact: Peter H. Gould, Senior Counsel, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4116 TDD: 202 326-4179 RIN: 1212-AA55 [[Page 63338]] _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63338] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 4147. 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. Legal Authority: 29 USC 1301 et seq CFR Citation: 29 CFR 4000 et seq Legal Deadline: None Abstract: Statutory amendments to various provisions of ERISA have modified rules that underlie certain PBGC regulations. The PBGC has undertaken several projects that address the effects of a number of these amendments. This rulemaking will address others. In particular, it will amend the regulations to reflect changes made by the Retirement Protection Act of 1994 that are not the subject of other PBGC rulemakings. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/97 NPRM Comment Period End 05/00/97 Small Entities Affected: None Government Levels Affected: None Agency Contact: Marc L. Jordan, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 202 326-4179 RIN: 1212-AA79 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63338] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage _______________________________________________________________________ 4148. STANDARD TERMINATIONS 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 1341 CFR Citation: 29 CFR 4041 Legal Deadline: None Abstract: The PBGC's standard termination regulations (29 CFR part 4041) provide rules and procedures plan administrators must follow to terminate a defined benefit pension plan that has sufficient assets to pay all benefit obligations to participants at the time of termination. The PBGC is reviewing experience under this regulation to determine whether the procedures and time periods for processing a standard termination are appropriate. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/96 NPRM Comment Period End 02/00/97 Small Entities Affected: None 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: 202 326-4179 Fax: 202 326-4112 RIN: 1212-AA82 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63338] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage _______________________________________________________________________ 4149. 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. Legal Authority: 29 USC 1302(b)(3); 29 USC 1306; 29 USC 1307 CFR Citation: 29 CFR 4006; 29 CFR 4007 Legal Deadline: None Abstract: Under sections 4006 and 4007 of ERISA, the PBGC has issued its regulation governing the payment of premiums for pension plans subject to Title IV of ERISA (29 CFR parts 4006 and 4007). The PBGC issued a proposed regulation to implement certain changes, relating mainly to filing due dates, treatment of short plan years, simplification of the alternative calculation method, and premium payment requirements for large plans (including what plans are considered large plans for this purpose). The purpose of the changes would be primarily to simplify the premium payment system for plans and the PBGC. 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 02/00/97 Small Entities Affected: None Government Levels Affected: None Agency Contact: Deborah Murphy, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 202 326-4179 RIN: 1212-AA58 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63338-63339] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage _______________________________________________________________________ 4150. REPORTABLE EVENTS REQUIREMENTS Regulatory Plan: This entry is Seq. No. 143 in Part II of this issue of the Federal Register. RIN: 1212-AA80 [[Page 63339]] _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63339] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Long-Term Actions _______________________________________________________________________ 4151. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS Priority: Substantive, Nonsignificant CFR Citation: 29 CFR 4022 Timetable: Next Action Undetermined Small Entities Affected: None Government Levels Affected: None Agency Contact: Peter H. Gould Phone: 202 326-4116 RIN: 1212-AA35 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63339] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Completed Actions _______________________________________________________________________ 4152. REORGANIZATION, RENUMBERING, AND REINVENTION OF REGULATIONS Priority: Info./Admin./Other 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 - 4907 Legal Deadline: None Abstract: This rule reorganizes and renumbers the PBGC's regulations to track the statutory provisions to which they relate so as to make it easier for the public to locate regulations implementing particular statutory provisions. The other agencies with significant regulatory responsibilities in the pension area (the Internal Revenue Service and the Department of Labor) already track statutory provisions in numbering their regulations, and practitioners are therefore accustomed to searching for pension regulations under statute-based numbering systems. The rule also reinvents certain of the PBGC's regulations by making nonsubstantive corrections and clarifications and deleting material that is unnecessary or that has been substantially superseded (or is no longer applicable). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Notice of Intent to Renumber Regulations 07/08/94 59 FR 35067 Notice of Intent Comment Period End 09/06/94 Final Action 07/01/96 61 FR 34001 Final Action Effective 07/01/96 Small Entities Affected: None Government Levels Affected: None Agency Contact: Marc L. Jordan, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 202 326-4179 RIN: 1212-AA75 _______________________________________________________________________ [November 29, 1996 (Volume 61, Number 231)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 63339] PENSION BENEFIT GUARANTY CORPORATION (PBGC) Completed Actions _______________________________________________________________________ 4153. REINVENTION Priority: Info./Admin./Other 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) CFR Citation: 29 CFR 2601 to 2677 Legal Deadline: None Abstract: Consistent with the President's Regulatory Reinvention Initiative, the PBGC has reviewed all of its regulations to determine whether they can be simplified or updated. The PBGC intends to make appropriate changes to its regulations to reflect the results of this review. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Withdrawn in light of completion of 1212-AA75 07/01/96 Small Entities Affected: None Government Levels Affected: None Agency Contact: Marc L. Jordan, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., Washington, DC 20005-4026 Phone: 202 326-4024 TDD: 202 326-4179 Fax: 202 326-4112 RIN: 1212-AA83 [FR Doc. 96-26276 Filed 11-27-96; 8:45 am] BILLING CODE 7708-01-F Send comments about this Web site to webmaster@pbgc.gov