[April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-1] [Page 23476] PENSION BENEFIT GUARANTY CORPORATION (PBGC) _______________________________________________________________________ ----------------------------------------------------------------------- Part XXXVIII Pension Benefit Guaranty Corporation ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 23476]] 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: Legislative and Regulatory Department, 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 John H. Hanley, Director, Legislative and Regulatory Department, (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. Proposed regulations that are open for public comment may be viewed and commented on at the centralized Government rulemaking Web site, www.regulations.gov, or on the Pension Benefit Guaranty Corporation's Web site, www.pbgc.gov/regs. Dated: March 2, 2006. Bradley D. Belt, Executive Director, Pension Benefit Guaranty Corporation. Pension Benefit Guaranty Corporation--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3496 Participant Notices................................................................... 1212-AB05 3497 Reportable Events..................................................................... 1212-AB06 3498 Multiemployer Amendments.............................................................. 1212-AB07 3499 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets....... 1212-AA55 3500 Payment of Benefits in PBGC-Trusteed Plans............................................ 1212-AA98 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3501 Assessment Of and Relief From Premium Penalties....................................... 1212-AA95 3502 Filing Rules.......................................................................... 1212-AB02 3503 Liability Pursuant to Section 4062(e) of ERISA........................................ 1212-AB03 3504 Assessment Of and Relief From Information Penalties................................... 1212-AB04 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-2] [Page 23476-23477] Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3496. PARTICIPANT NOTICES Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1311 CFR Citation: 29 CFR 4011 Legal Deadline: None Abstract: The PBGC proposes to amend its current regulation to make the funding status of underfunded plans more transparent to participants. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/06 NPRM Comment Period End 12/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs [[Page 23477]] Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Related RIN: Split from 1212-AB01 RIN: 1212-AB05 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-3] [Page 23477] Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3497. REPORTABLE EVENTS Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1343 CFR Citation: 29 CFR 4043 Legal Deadline: None Abstract: The PBGC proposes to amend its current regulation to add two new reportable events: (1) An event requiring filing of Form 8-K with the Securities and Exchange Commission (SEC) and (2) a decline in the credit rating of a controlled group member below investment grade. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/06 NPRM Comment Period End 12/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Related RIN: Split from 1212-AB01 RIN: 1212-AB06 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-4] [Page 23477] Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3498. MULTIEMPLOYER AMENDMENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 29 USC 1302(b)(3); 29 USC 1391(c)(1), (c)(2)(D), (c)(5)(A), (c)(5)(B), (c)(5)(D), and (f); 29 USC 1399(c)(6); 29 USC 1395; 29 USC 1412(c); 29 USC 1413 CFR Citation: 29 CFR 4211; 29 CFR 4215; 29 CFR 4219; 29 CFR 4232 Legal Deadline: None Abstract: PBGC is considering amending its multiemployer regulations to strengthen reporting requirements and make other clarifying changes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/06 NPRM Comment Period End 12/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AB07 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-5] [Page 23477] Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3499. 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 PBGC proposes to amend its benefit valuation and asset allocation regulations by improving its valuation assumptions and methods. Chief among the modifications the PBGC is considering are modifications to the structure of its retirement assumptions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 03/19/97 62 FR 12982 ANPRM Comment Period End 05/19/97 NPRM 03/14/05 70 FR 12429 NPRM Comment Period End 05/13/05 Final Rule 12/02/05 70 FR 72205 Final Rule Effective 01/01/06 Second NPRM 12/00/06 Second NPRM Comment Period End 02/00/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AA55 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-6] [Page 23477-23478] Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3500. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS Priority: Other Significant 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 is exploring 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 10/00/06 NPRM Comment Period End 12/00/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: [[Page 23478]] www.pbgc.gov/regs Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AA98 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-7] [Page 23478] Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 3501. ASSESSMENT OF AND RELIEF FROM PREMIUM PENALTIES Priority: Other Significant 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 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 is replacing those policy statements with an updated and expanded set of premium 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 Supplemental NPRM (Participant Notice) 05/07/04 69 FR 25797 Supplemental NPRM Comment Period End 07/06/04 Final Action 09/00/06 Final Action Effective 10/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www/pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AA95 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-8] [Page 23478] Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 3502. FILING RULES Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1303(a); 29 USC 1306; 29 USC 1307 CFR Citation: 29 CFR 4000 Legal Deadline: None Abstract: The PBGC is considering requiring electronic filing of premium declarations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/09/05 70 FR 11592 NPRM Comment Period End 05/09/05 Final Action 05/00/06 Final Action Effective 07/00/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AB02 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-9] [Page 23478] Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 3503. LIABILITY PURSUANT TO SECTION 4062(E) OF ERISA Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1362; 29 USC 1363 CFR Citation: 29 CFR 4062; 29 CFR 4063 Legal Deadline: None Abstract: The PBGC is amending its regulations to provide a rule for computing liability under section 4063(b) of ERISA when there is a substantial cessation of operations by an employer as described by section 4062(e) of ERISA. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/25/05 70 FR 9258 NPRM Comment Period End 04/26/05 Final Action 05/00/06 Final Action Effective 06/00/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AB03 _______________________________________________________________________ [April 24, 2006 (Volume 71, Number 78)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua24ap06_038-10] [Page 23478-23479] Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 3504. ASSESSMENT OF AND RELIEF FROM INFORMATION PENALTIES Priority: Other Significant Legal Authority: 28 USC 2461 note; 29 USC 1302(b)(3); 29 USC 1303(a); 29 USC 1371 CFR Citation: 29 CFR 4003; 29 CFR 4011; 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 is replacing those policy statements with an updated and expanded set of information 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 [[Page 23479]] Supplemental NPRM (Participant Notice) 05/07/04 69 FR 25797 Supplemental NPRM Comment Period End 07/06/04 Final Action 11/00/06 Final Action Effective 12/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs URL For Public Comments: www.pbgc.gov/regs Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Related RIN: Split from 1212-AA95 RIN: 1212-AB04 [FR Doc. 06-2465 Filed 04-21-06; 8:45 am] BILLING CODE 7709-01-S