[December 9, 2002 (Volume 67, Number 236)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[Page 75423-75426]
Pension Benefit Guaranty Corporation
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Part XL
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Semiannual Regulatory Agenda
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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: 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. For this edition
of the Pension Benefit Guaranty Corporation's regulatory agenda,
the most important significant regulatory action is included in The
Regulatory Plan, which appears in part II of this issue of the
Federal Register. The Regulatory Plan entries are listed in the
table of contents below and are denoted by a bracketed bold
reference, which directs the reader to the appropriate sequence
number in part II.
Dated: October 3, 2002.
Steven A. Kandarian,
Executive Director, Pension Benefit Guaranty Corporation.
Pension Benefit Guaranty Corporation--Proposed Rule Stage
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Regulation
Sequence Title Identification
Number Number
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3751 Filing Rules........................................................................ 1212-AA89
3752 Payment of Benefits in PBGC-Trusteed Plans.......................................... 1212-AA98
3753 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets (Reg 1212-AA55
Plan Seq No. 151)...................................................................
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References in boldface appear in the Regulatory Plan in part II of this issue of the Federal Register.
Pension Benefit Guaranty Corporation--Final Rule Stage
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Regulation
Sequence Title Identification
Number Number
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3754 Assessment Of and Relief From Penalties............................................. 1212-AA95
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Pension Benefit Guaranty Corporation--Completed Actions
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Regulation
Sequence Title Identification
Number Number
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3755 Rules for Administrative Review of Agency Decisions................................. 1212-AA97
3756 Cash Balance Plans With Variable Indices............................................ 1212-AA96
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_______________________________________________________________________
Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage
_______________________________________________________________________
3751. FILING RULES
Priority: Substantive, Nonsignificant
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
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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 11/00/02
NPRM Comment Period End 01/00/03
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Thomas H. Gabriel, 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-AA89
_______________________________________________________________________
3752. [bull] PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS
Priority: Substantive, Nonsignificant
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 has recently completed a rulemaking that
made several changes in how it pays benefits, including giving
participants more choices of annuity forms, clarifying (for certain
purposes under title IV of ERISA) what it means to be able to
``retire'' under plan provisions, and adding rules on who will get
certain payments the PBGC owes to a participant at the time of death.
Final Rule, 67 FR 16950 (April 8, 2002). The PBGC is continuing to
explore how to improve its benefit payments rules. This regulation will
fill in gaps 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 10/00/03
NPRM Comment Period End 12/00/03
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 20005-4024
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112
RIN: 1212-AA98
_______________________________________________________________________
3753. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF
BENEFITS AND ASSETS
Regulatory Plan: This entry is Seq. No. 151 in part II of this issue
of the Federal Register.
RIN: 1212-AA55
_______________________________________________________________________
Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage
_______________________________________________________________________
3754. ASSESSMENT OF AND RELIEF FROM PENALTIES
Priority: Substantive, Nonsignificant
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
and expanded set of 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
Final Action 11/00/02
Final Action Effective 12/00/02
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) Completed Actions
_______________________________________________________________________
3755. RULES FOR ADMINISTRATIVE REVIEW OF AGENCY DECISIONS
Priority: Substantive, Nonsignificant
Legal Authority: 29 USC 1302(b)(3)
CFR Citation: 29 CFR 4003
Legal Deadline: None
Abstract: The PBGC amended its administrative review regulation to
expedite the appeals process by authorizing a single member of the
PBGC's Appeals Board to decide routine appeals.
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Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/27/02 67 FR 14663
NPRM Comment Period End 05/28/02
Final Action 07/22/02 67 FR 47694
Final Action Effective 07/22/02
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Thomas H. Gabriel, 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-AA97
_______________________________________________________________________
3756. CASH BALANCE PLANS WITH VARIABLE INDICES
Priority: Substantive, Nonsignificant
Legal Authority: 29 USC 1301 et seq
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The PBGC is withdrawing this project pending clarification of
the rules governing cash balance plans.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Request for Comments 06/06/00 65 FR 41610
Comment Period End 09/22/00
Withdrawn 11/01/02
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 20005-4024
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112
RIN: 1212-AA96
[FR Doc. 02-25639 Filed 12-06-02; 8:45 am]
BILLING CODE 7708-01-S