WAIS Document Retrieval[April 24, 2000 (Volume 65, Number 79)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID: f:ua000439.wais]
[Page 23701-23705]
Pension Benefit Guaranty Corporation
[[Page 23701]]
Part XXXIX
_______________________________________________________________________
Semiannual Regulatory Agenda
[[Page 23702]]
PENSION BENEFIT GUARANTY CORPORATION (PBGC)
_______________________________________________________________________
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 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. All of the items
on this agenda are current or projected rulemakings.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
Pension Benefit Guaranty Corporation--Prerule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3789 Premium Self-Audit.................................................................. 1212-AA93
3790 Cash Balance Plans With Variable Indices............................................ 1212-AA96
----------------------------------------------------------------------------------------------------------------
Pension Benefit Guaranty Corporation--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3791 Filing Rules........................................................................ 1212-AA89
3792 Payment of Benefits in PBGC-Trusteed Plans.......................................... 1212-AA35
3793 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets..... 1212-AA55
3794 Assessment Of and Relief From Penalties............................................. 1212-AA95
----------------------------------------------------------------------------------------------------------------
Pension Benefit Guaranty Corporation--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3795 Payment of Premiums................................................................. 1212-AA58
3796 Calculation and Payment of Unfunded Nonguaranteed Benefits.......................... 1212-AA54
3797 Miscellaneous Statutory Amendments.................................................. 1212-AA79
3798 Treatment of Substantial Cessation of Operations.................................... 1212-AA84
----------------------------------------------------------------------------------------------------------------
Pension Benefit Guaranty Corporation--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identification
Number Number
----------------------------------------------------------------------------------------------------------------
3799 Valuation of Benefits; Use of Single Set of Assumptions for All Benefits............ 1212-AA91
3800 Lump Sum Payment Assumptions........................................................ 1212-AA92
3801 Payment of Premiums................................................................. 1212-AA94
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[[Page 23703]]
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Prerule Stage
_______________________________________________________________________
3789. PREMIUM SELF-AUDIT
Priority: Substantive, Nonsignificant
Legal Authority: 29 USC 1302; 29 USC 1307
CFR Citation: 29 CFR 4007
Legal Deadline: None
Abstract: The PBGC is considering whether to set up a premium ``self-
audit'' program under which pension plans' premium payments could be
reviewed by the plans' own independent auditors using ``agreed-upon
procedures'' specified by the PBGC. The aim of the program would be to
limit the need for full-scale PBGC audits for participating plans while
improving voluntary compliance with premium payment rules.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Request for Comments 12/00/00
Comment Period End 02/00/01
Regulatory Flexibility Analysis Required: Undetermined
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-AA93
_______________________________________________________________________
3790. <bullet> 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: Many cash balance plans use variable indices to determine
future retirement benefits. When such a plan terminates in a distress
or involuntary termination, the PBGC must make a number of
determinations that require it to project future retirement benefit
amounts. To do so, the PBGC must make assumptions about the future
performance of the variable index. The PBGC is soliciting public
comment on what assumptions it should make.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Request for Comments 06/00/00
Comment Period End 08/00/00
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
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
_______________________________________________________________________
3791. FILING RULES
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
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 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 10/00/00
NPRM Comment Period End 12/00/00
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
_______________________________________________________________________
3792. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS
Priority: Substantive, Nonsignificant
Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1342
CFR Citation: 29 CFR 4022
Legal Deadline: None
Abstract: When the PBGC assumes trusteeship of a terminated pension
plan pursuant to sections 4041 and 4042 of ERISA, it pays benefits to
participants pursuant to plan provisions and section 4022 of ERISA.
This regulation will fill gaps in the rules and otherwise clarify
matters that had been handled on a case-by-case basis in the past.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/00/00
NPRM Comment Period End 09/00/00
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-AA35
[[Page 23704]]
_______________________________________________________________________
3793. 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 Pension Benefit Guaranty Corporation is considering
amending its benefit valuation and asset allocation regulations by
adopting more current mortality tables and otherwise simplifying and
improving its valuation assumptions and methods.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 03/19/97 62 FR 12982
ANPRM Comment Period End 05/19/97
NPRM 11/00/00
NPRM Comment Period End 01/00/01
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: James L. Beller, 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-AA55
_______________________________________________________________________
3794. ASSESSMENT OF AND RELIEF FROM PENALTIES
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: 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
set of penalty policies codified in its regulations.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/00
NPRM Comment Period End 08/00/00
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) Long-Term Actions
_______________________________________________________________________
3795. PAYMENT OF PREMIUMS
Priority: Other Significant
CFR Citation: 29 CFR 4006; 29 CFR 4007
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 Extending Premium
Due Dates 12/14/98 63 FR 68684
Final Action Extending Premium
Due Dates Effective 02/12/99
Final Action To Be Determined
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Deborah C. Murphy
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112
RIN: 1212-AA58
_______________________________________________________________________
3796. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS
Priority: Other Significant
CFR Citation: 29 CFR 4022 subpart C
Timetable: Next Action Undetermined
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Peter H. Gould
Phone: 202 326-4020
TDD Phone: 800 877-8339
Fax: 202 326-4112
RIN: 1212-AA54
_______________________________________________________________________
3797. MISCELLANEOUS STATUTORY AMENDMENTS
Priority: Substantive, Nonsignificant
CFR Citation: 29 CFR 4000 et seq
Timetable: Next Action Undetermined
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Thomas H. Gabriel
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112
RIN: 1212-AA79
_______________________________________________________________________
3798. TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONS
Priority: Substantive, Nonsignificant
CFR Citation: 29 CFR 4062
Timetable: Next Action Undetermined
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: James L. Beller
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112
RIN: 1212-AA84
[[Page 23705]]
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Completed Actions
_______________________________________________________________________
3799. VALUATION OF BENEFITS; USE OF SINGLE SET OF ASSUMPTIONS FOR ALL
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 1301(a); 29 USC 1302; 29 USC 1322; 29 USC 1341;
29 USC 1344; 29 USC 1350; 29 USC 1362
CFR Citation: 29 CFR 4022; 29 CFR 4044; 29 CFR 4050; 29 CFR 4281
Legal Deadline: None
Abstract: The Pension Benefit Guaranty Corporation is amending its
regulations to provide for the use of a single set of valuation
assumptions -- those currently used by the PBGC to value benefits to be
paid as annuities -- for purposes of allocating assets to benefits
under section 4044 of ERISA.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/26/98 63 FR 57229
NPRM Comment Period End 12/28/98
Final Action 03/17/00 65 FR 14752
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: James L. Beller, 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-AA91
_______________________________________________________________________
3800. LUMP SUM PAYMENT ASSUMPTIONS
Priority: Substantive, Nonsignificant
Legal Authority: 29 USC 1302; 29 USC 1322; 29 USC 1341; 29 USC 1344; 29
USC 1362; 29 USC 1301(a)
CFR Citation: 29 CFR 4022; 29 CFR 4044
Legal Deadline: None
Abstract: The PBGC is delinking the lump sum interest rates it uses for
PBGC payments from those used for private-sector payments. The PBGC
intends to make available indefinitely the PBGC rates based on the
current rate-setting methodology (or a surrogate for those rates).
However, the PBGC may in the future change the way it sets the rates it
uses for its own payments.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Notice of Intent to Propose
Rulemaking 10/26/98 63 FR 57228
NIPR Comment Period End 12/28/98
Final Action 03/17/00 65 FR 14753
Final Action Effective 05/01/00
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: James L. Beller, 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-AA92
_______________________________________________________________________
3801. PAYMENT OF PREMIUMS
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 1303(a); 29 USC 1306; 29 USC
1307
CFR Citation: 29 CFR 4007
Legal Deadline: None
Abstract: The PBGC is amending its regulation on Payment of Premiums to
encourage self-correction of premium underpayments. The amendments make
it easier to qualify for ``safe-harbor'' relief from late payment
penalty charges and codify the PBGC's current premium penalty policy
(under which the penalty charge is lowered from 5 percent per month to
1 percent per month if a premium payor corrects an underpayment before
PBGC notification).
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 04/27/99 64 FR 22589
NPRM Comment Period End 06/28/99
Final Action 11/26/99 64 FR 66383
Final Action Effective 12/27/99
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-AA94
[FR Doc. 00-6926 Filed 04-21-00; 8:45 am]
BILLING CODE 7708-01-F