[April 30, 2007 (Volume 72, Number 82)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua070439.wais] [Page 23388-23392] Pension Benefit Guaranty Corporation ----------------------------------------------------------------------- Part XXXIX ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 23388]] 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: 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. Dated: March 9, 2007. Vincent K. Snowbarger, Interim Director, Pension Benefit Guaranty Corporation. Pension Benefit Guaranty Corporation--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3221 Reportable Events; Pension Protection Act of 2006..................................... 1212-AB06 3222 Multiemployer Amendments; Pension Protection Act of 2006.............................. 1212-AB07 3223 Premium Rates; Payment of Premiums; Flat Premium Rates, Variable Rate Premium Cap, and 1212-AB10 Termination Premium; Deficit Reduction Act of 2005; Pension Protection Act of 2006.... 3224 Missing Participants; Pension Protection Act of 2006.................................. 1212-AB13 3225 Annual Financial and Actuarial Information Reporting; Pension Protection Act of 2006.. 1212-AB09 3226 Premium Rates; Payment of Premiums; Variable Rate Premium; Pension Protection Act of 1212-AB11 2006.................................................................................. 3227 Disclosure of Termination Information; Pension Protection Act of 2006................. 1212-AB14 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3228 Assessment Of and Relief From Information Penalties................................... 1212-AB04 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3229 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets....... 1212-AA55 3230 Payment of Benefits in PBGC-Trusteed Plans; Pension Protection Act of 2006............ 1212-AA98 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3231 Mortality Assumptions................................................................. 1212-AB08 3232 Disclosure to Participants............................................................ 1212-AB12 ---------------------------------------------------------------------------------------------------------------- [[Page 23389]] _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3221. REPORTABLE EVENTS; PENSION PROTECTION ACT OF 2006 Priority: Other Significant Legal Authority: 29 USC 1343; 29 USC 1302(b)(3) CFR Citation: 29 CFR 4010; 29 CFR 4043; 29 CFR 4047 Legal Deadline: None Abstract: The PBGC proposes to amend its current regulation on Reportable Events and Certain Other Notification Requirements (part 4043) to conform to proposed changes to the PBGC's regulations on Premium Rates (part 4006). The proposed changes to part 4006 implement certain provisions of the Pension Protection Act of 2006 that are effective beginning in 2008 and, among other things, change the way that unfunded vested benefits are determined. Under part 4043, unfunded vested benefits are determined with reference to part 4006. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/07 NPRM Comment Period End 10/00/07 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 _______________________________________________________________________ 3222. MULTIEMPLOYER AMENDMENTS; PENSION PROTECTION ACT OF 2006 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: This proposed rule would implement provisions of the Pension Protection Act of 2006 (PPA) that allow for changes in the methods for computing withdrawal liability and address adjustments in withdrawal liability if a plan is in critical status. The proposed rule would also amend PBGC's regulations pursuant to PBGC's authority to prescribe regulations (on matters unrelated to PPA) by providing for additional modifications in the withdrawal liability methods and fully allocating reallocation liability among all liable employers. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/07 NPRM Comment Period End 11/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.pbgc.gov/regs Agency Contact: Constance Markakis, Attorney, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 8008778339 Fax: 2023264224 Email: markakis.constance@pbgc.gov RIN: 1212-AB07 _______________________________________________________________________ 3223. PREMIUM RATES; PAYMENT OF PREMIUMS; FLAT PREMIUM RATES, VARIABLE RATE PREMIUM CAP, AND TERMINATION PREMIUM; DEFICIT REDUCTION ACT OF 2005; PENSION PROTECTION ACT OF 2006 Priority: Other Significant Legal Authority: 29 USC 1302, 1303, 1306, 1307; sec 8101, PL 109-171; sec 401, PL 109-280; sec 402, PL 109-280 CFR Citation: 29 CFR 4006; 29 CFR 4007 Legal Deadline: None Abstract: The PBGC is amending its regulations on Premium Rates and Payment of Premiums to implement certain provisions of the Deficit Reduction Act of 2005 and the Pension Protection Act of 2006 that are effective beginning in 2006 or 2007. The provisions that would be implemented by this rule change the flat premium rate, cap the variable-rate premium in some cases, and create a new ``termination premium'' that is payable in connection with certain distress and involuntary plan terminations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/20/07 72 FR 7755 NPRM Comment Period End 04/23/07 Final Rule 09/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None 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-AB10 _______________________________________________________________________ 3224. [bull] MISSING PARTICIPANTS; PENSION PROTECTION ACT OF 2006 Priority: Other Significant. Major status under 5 USC 801 is undetermined. Legal Authority: 29 USC 1350 CFR Citation: 29 CFR 4050 Legal Deadline: None Abstract: This is a proposed rule to implement section 410 of the Pension Protection Act of 2006, which allows certain terminating plans not covered by the existing Missing Participants program to participate in that program. Once final regulations are issued, the program will cover multiemployer plans, small professional service employer plans (25 or fewer active participants), and individual account plans. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/00/08 NPRM Comment Period End 04/00/08 [[Page 23390]] Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Deborah Forbes, Legislative and Policy Counsel, Pension Benefit Guaranty Corporation, Legislative and Regulatory Department, 1200 K Street NW, Washington, DC 20005 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Email: forbes.deborah@pbgc.gov RIN: 1212-AB13 _______________________________________________________________________ 3225. ANNUAL FINANCIAL AND ACTUARIAL INFORMATION REPORTING; PENSION PROTECTION ACT OF 2006 Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1310 CFR Citation: 29 CFR 4010 Legal Deadline: None Abstract: The Pension Protection Act of 2006 changes the rules for reporting under ERISA section 4010. The PBGC is amending its regulation on Annual Financial and Actuarial Information Reporting to implement these changes and to make clarifying changes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/07 NPRM Comment Period End 01/00/08 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None 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-AB09 _______________________________________________________________________ 3226. PREMIUM RATES; PAYMENT OF PREMIUMS; VARIABLE RATE PREMIUM; PENSION PROTECTION ACT OF 2006 Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1306; 29 USC 1307 CFR Citation: 29 CFR 4006; 29 CFR 4007 Legal Deadline: None Abstract: The Pension Protection Act of 2006 changes the rules for computing the variable-rate premium. PBGC is amending its regulations on Premium Rates and Payment of Premiums to implement these changes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/07 NPRM Comment Period End 07/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None 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-AB11 _______________________________________________________________________ 3227. [bull] DISCLOSURE OF TERMINATION INFORMATION; PENSION PROTECTION ACT OF 2006 Priority: Other Significant. Major status under 5 USC 801 is undetermined. Legal Authority: 29 USC 1341; 29 USC 1342 CFR Citation: 29 CFR 4041 Legal Deadline: None Abstract: Section 506 of PPA requires plan administrators and PBGC to provide to affected parties information, such as actuarial data or agency determinations, related to the process of terminating pension plans pursuant to title IV of ERISA. The proposed rule will clarify procedures, rights, and responsibilities with respect to obtaining and providing this termination information. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/07 NPRM Comment Period End 01/00/08 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Kenneth J. Cooper, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, 1200 K Street NW, Washington, DC 20005 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Email: cooper.kenneth@pbgc.gov Catherine B. Klion, Manager, Pension Benefit Guaranty Corporation, Regulatory and Policy Department, 1200 K Street NW, Washington, DC 20005 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Email: klion.catherine@pbgc.gov RIN: 1212-AB14 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 3228. 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. [[Page 23391]] 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 Rule 01/00/08 Final Rule Effective 02/00/08 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: Thomas H. Gabriel, Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4026 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 Related RIN: Split from 1212-AA95 RIN: 1212-AB04 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Long-Term Actions _______________________________________________________________________ 3229. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF BENEFITS AND ASSETS Priority: Other Significant CFR Citation: 29 CFR 4044, subpart B 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 NPRM To Be Determined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: James L. Beller Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AA55 _______________________________________________________________________ 3230. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS; PENSION PROTECTION ACT OF 2006 Priority: Other Significant CFR Citation: 29 CFR 4022; 29 CFR 4044 Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/08 NPRM Comment Period End 06/00/08 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Catherine B. Klion Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 RIN: 1212-AA98 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Completed Actions _______________________________________________________________________ 3231. MORTALITY ASSUMPTIONS Priority: Substantive, Nonsignificant Legal Authority: 29 USC 1302(b)(3), 1350; 29 USC 1302(b)(3), 1341a, 1399(c)(1)(D), and 1441 CFR Citation: 29 CFR 4050; 29 CFR 4281 Legal Deadline: None Abstract: The PBGC is amending its regulation on Missing Participants to conform the mortality assumptions in that regulation to the updated mortality assumptions under its regulation on Allocation of Assets in Single Employer Plans. The PBGC is also amending its regulation on Duties of Plan Sponsor Following Mass Withdrawal to make a minor change in the mortality assumptions used for deferred annuities. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/14/06 71 FR 75181 Direct Final Rule 12/14/06 71 FR 75115 NPRM Comment Period End 01/16/07 Direct Final Rule Effective 02/27/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None 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-AB08 _______________________________________________________________________ 3232. [bull] DISCLOSURE TO PARTICIPANTS Priority: Substantive, Nonsignificant Legal Authority: sec 501, PL 109-280 CFR Citation: 20 CFR 4011 Legal Deadline: None Abstract: Section 4011 of ERISA requires certain underfunded plans to notify participants of plan funding status and the limits on the PBGC's guarantee. The Pension Protection Act of 2006 repealed section 4011 for plan years beginning after 2006 and replaced the disclosure requirement under that section with a disclosure requirement under title I of ERISA. This rule [[Page 23392]] amends PBGC's regulation on Disclosure to Participants to reflect that statutory change. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 01/22/07 72 FR 2615 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Catherine B. Klion, Manager, Pension Benefit Guaranty Corporation, Regulatory and Policy Department, 1200 K Street NW, Washington, DC 20005 Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4224 Email: klion.catherine@pbgc.gov RIN: 1212-AB12 [FR Doc. 07-01294 Filed 04-27-07; 8:45 am] BILLING CODE 7709-01-S