<DOC>
[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
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Part XXXIX
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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
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[[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