4/25/97 Unified Agenda[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22529-22531]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)                            



_______________________________________________________________________







[[Page 22529]]









Semiannual Regulatory Agenda



[[Page 22530]]









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 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.



John Seal,



Acting Executive Director, Pension Benefit Guaranty Corporation.



                                               Proposed Rule Stage                                              

----------------------------------------------------------------------------------------------------------------

                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

----------------------------------------------------------------------------------------------------------------

3748        Mergers and Transfers Between Multiemployer Plans.....................................   

1212-AA69 

3749        Treatment of Substantial Cessation of Operations......................................   

1212-AA84 

3750        Calculation and Payment of Unfunded Nonguaranteed Benefits............................   

1212-AA54 

3751        Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets.......   

1212-AA55 

----------------------------------------------------------------------------------------------------------------





                                                Final Rule Stage                                                

----------------------------------------------------------------------------------------------------------------

                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

----------------------------------------------------------------------------------------------------------------

3752        Payment of Premiums...................................................................    1212-AA58 

3753        Disclosure of Premium-Related Information.............................................    1212-AA66 

3754        Termination of Single Employer Plans..................................................    1212-AA82 

----------------------------------------------------------------------------------------------------------------





                                                Long-Term Actions                                               

----------------------------------------------------------------------------------------------------------------

                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

----------------------------------------------------------------------------------------------------------------

3755        Payment of Benefits in PBGC-Trusteed Plans............................................   

1212-AA35 

3756        Miscellaneous Statutory Amendments....................................................    1212-AA79 

----------------------------------------------------------------------------------------------------------------





                                                Completed Actions                                               

----------------------------------------------------------------------------------------------------------------

                                                                                                     Regulation 

 Sequence                                           Title                                            Identifier 

  Number                                                                                               Number   

----------------------------------------------------------------------------------------------------------------

3757        Reportable Events Requirements........................................................    1212-AA80 

----------------------------------------------------------------------------------------------------------------





[[Page 22531]]



_______________________________________________________________________



[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22531]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage



_______________________________________________________________________

 

3748. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS









Priority:  Substantive, Nonsignificant



Legal Authority:  29 USC 1302(b)(3); 29 USC 1411



CFR Citation:  29 CFR 4231



Legal Deadline: None



Abstract: ERISA section 4231 sets basic guidelines for mergers and 

transfers between multiemployer plans, including a provision for a 120-

day notice to the PBGC. The PBGC's regulation on Mergers and Transfers 

Between Multiemployer Plans contains implementing rules. Neither the 

statute nor the regulation makes clear whether or how the merger and 

transfer rules apply where one or more of the plans involved is 

terminated. This proposed rule would amend 29 CFR part 4231 to clarify 

its application to mergers and transfers involving one or more 

terminated multiemployer plans and to specify the criteria that a 

merger or transfer involving terminated plans must satisfy in order to 

protect participants and beneficiaries in the affected plans, as well 

as the PBGC, from risk of loss as a result of the merger or transfer. 

The proposed rule would also liberalize the 120-day notice requirement 

for all multiemployer mergers and transfers so that such transactions 

can proceed more expeditiously.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



NPRM                            04/00/97

NPRM Comment Period End         06/00/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty 

Corporation, Office of the General Counsel, 1200 K St. NW., Washington, 

DC 20005-4026

Phone: 202 326-4024

TDD: 202 326-4179



RIN: 1212-AA69

_______________________________________________________________________





[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22531]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage



_______________________________________________________________________

 

3749.  TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONS



Priority:  Substantive, Nonsignificant



Legal Authority:  29 USC 1302(b)(3); 29 USC 1362; 29 USC 1363; 29 USC 

1364; 29 USC 1365



CFR Citation:  29 CFR 4062



Legal Deadline: None



Abstract: Section 4062(e) of ERISA imposes a contingent liability upon 

an employer in the case of certain cessations of operations at a 

facility. This rulemaking will address various issues that may arise 

under this section.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



NPRM                            10/00/97

NPRM Comment Period End         12/00/97



Small Entities Affected: None



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: 202 326-4179

Fax: 202 326-4112

Email: Beller.James@PBGC.gov



RIN: 1212-AA84

_______________________________________________________________________







[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22531]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage



_______________________________________________________________________

 

3750. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS



Priority:  Other Significant



Legal Authority:  29 USC 1302(b)(3); 29 USC 1322(c)



CFR Citation:  29 CFR 4022 subpart C



Legal Deadline: None



Abstract: In the Pension Protection Act, Congress created a scheme by 

which to channel employer liability recoveries to plan participants and 

beneficiaries (amended ERISA section 4022(c)). Under section 4022(c), 

participants no longer have a direct claim for employer liability. 

Instead, the PBGC's claim covers both its shortfall (unfunded 

guaranteed benefits) and participants' losses (unfunded nonguaranteed 

benefits (UNBs)). In turn, the PBGC is to pay a portion of its employer 

liability recovery to pay UNBs to participants and beneficiaries.

Section 4022(c) contains several ambiguities and also leaves to the 

PBGC the development of specific rules and procedures necessary to make 

this system work. Thus, a regulation is needed to implement these 

statutory provisions.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



NPRM                            09/00/97

NPRM Comment Period End         11/00/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: Peter H. Gould, Senior Counsel, Pension Benefit 

Guaranty Corporation, Office of the General Counsel, 1200 K St. NW., 

Washington, DC 20005-4026

Phone: 202 326-4116

TDD: 202 326-4179



RIN: 1212-AA54

_______________________________________________________________________







[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22531-22532]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage



_______________________________________________________________________

 

3751. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF 

BENEFITS AND ASSETS



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 1341



CFR Citation:  29 CFR 4044 subpart B



Legal Deadline: None



Abstract: Statutory changes necessitate several amendments to the 

PBGC's allocation and valuation regulation (29 CFR part 4044). The PBGC 

also plans to update its mortality tables.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



Notice of Intent to Propose 

Rulemaking                      03/19/97                    62 FR 12982

NPRM                            10/00/97

NPRM Comment Period End         12/00/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty 

Corporation, Office of the General Counsel, 1200 K St. NW., Washington, 

DC 20005-4026

Phone: 202 326-4024

TDD: 202 326-4179



RIN: 1212-AA55



[[Page 22532]]



_______________________________________________________________________



[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22532]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage



_______________________________________________________________________

 

3752. PAYMENT OF PREMIUMS









Priority:  Other Significant



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 1306; 29 USC 1307



CFR Citation:  29 CFR 4006; 29 CFR 4007



Legal Deadline: None



Abstract: Under sections 4006 and 4007 of ERISA, the PBGC has issued 

its regulation governing the payment of premiums for pension plans 

subject to title IV of ERISA (29 CFR parts 4006 and 4007). The PBGC 

issued a proposed regulation to implement certain changes, relating 

mainly to filing due dates, treatment of short plan years, 

simplification of the alternative calculation method, and premium 

payment requirements for large plans (including what plans are 

considered large plans for this purpose). The purpose of the changes 

would be primarily to simplify the premium payment system for plans and 

the PBGC.



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                    11/00/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: Deborah Murphy, Attorney, Pension Benefit Guaranty 

Corporation, Office of the General Counsel, 1200 K St. NW., Washington, 

DC 20005-4026

Phone: 202 326-4024

TDD: 202 326-4179



RIN: 1212-AA58

_______________________________________________________________________





[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22532]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage



_______________________________________________________________________

 

3753. DISCLOSURE OF PREMIUM-RELATED INFORMATION



Priority:  Substantive, Nonsignificant



Legal Authority:  29 USC 1302(b)(3); 29 USC 1306; 29 USC 1307



CFR Citation:  29 CFR 4007



Legal Deadline: None



Abstract: The PBGC's regulation on Payment of Premiums (29 CFR part 

4007) currently requires plan administrators to retain, for six years, 

all records necessary to support or validate premium payments and to 

make those records available to the PBGC, upon request, for inspection 

and photocopying. The PBGC proposed amendments to provide for the 

submission to the PBGC of information in those records. The PBGC 

expects these changes to increase the agency's efficiency and 

effectiveness in conducting premium audits.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



NPRM                            12/17/96                    61 FR 66247

NPRM Comment Period End         02/18/97

Final Action                    06/00/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty 

Corporation, Office of the General Counsel, 1200 K St. NW., Washington, 

DC 20005-4026

Phone: 202 326-4024



RIN: 1212-AA66

_______________________________________________________________________





[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22532]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage



_______________________________________________________________________

 

3754. TERMINATION OF SINGLE EMPLOYER PLANS



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 1341



CFR Citation:  29 CFR 4041



Legal Deadline: None



Abstract: The PBGC's termination regulation (29 CFR part 4041) provides 

rules and procedures plan administrators must follow to voluntarily 

terminate a defined benefit pension plan. The PBGC is amending its 

termination regulation to extend standard termination deadlines and 

otherwise to simplify the standard termination process, to require that 

plan administrators provide participants with information on State 

guaranty association coverage of annuities, and to make conforming 

changes to the distress termination process. The amendments also make 

conforming and simplifying changes to the missing participants 

regulation.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



NPRM                            03/14/97                    62 FR 12507

NPRM Comment Period End         05/13/97

Final Action                    10/00/97

Final Action Effective          11/00/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty 

Corporation, Office of the General Counsel, 1200 K Street NW., 

Washington, DC 20005-4026

Phone: 202 326-4024

TDD: 202 326-4179

Fax: 202 326-4112



RIN: 1212-AA82

_______________________________________________________________________



[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22532-22533]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions



_______________________________________________________________________

 



[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22532]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions



_______________________________________________________________________

 

3755. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS









Priority:  Substantive, Nonsignificant



CFR Citation:  29 CFR 4022



Timetable: Next Action Undetermined



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: Peter H. Gould

Phone: 202 326-4116



RIN: 1212-AA35

_______________________________________________________________________







3756. MISCELLANEOUS STATUTORY AMENDMENTS



Priority:  Substantive, Nonsignificant



Reinventing Government: This rulemaking is part of the Reinventing 

Government effort. It will revise text in



[[Page 22533]]



the CFR to reduce burden or duplication, or streamline requirements.



CFR Citation:  29 CFR 4000 et seq



Timetable: Next Action Undetermined



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: Marc L. Jordan

Phone: 202 326-4024

TDD: 202 326-4179



RIN: 1212-AA79

_______________________________________________________________________



[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]



[Page 22533]

 

Part XXXIX

 

Pension Benefit Guaranty Corporation



_______________________________________________________________________

 

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Completed Actions



_______________________________________________________________________

 

3757. REPORTABLE EVENTS REQUIREMENTS









Priority:  Other Significant



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); 29 USC 1343



CFR Citation:  29 CFR 4043



Legal Deadline: None



Abstract: Section 4043 of ERISA requires reporting to the PBGC of 

certain events that may indicate a need for the PBGC to take action to 

protect pension plan participants and the plan termination insurance 

program. The Retirement Protection Act of 1994 amended the reportable 

event requirements in ERISA section 4043 by: (1) applying to 

contributing sponsors (as well as plan administrators) the requirement 

to notify the PBGC of a reportable event within 30 days after a person 

knows or has reason to know of its occurrence; (2) specifying four 

additional types of events for which notice is required (except as 

waived by the PBGC); and (3) requiring that, under limited 

circumstances, a contributing sponsor must notify the PBGC in advance 

of the occurrence of an event specified in the RPA or prescribed by 

PBGC regulations.

The PBGC issued a regulation to implement these statutory changes. The 

regulation contains extensive waivers and reporting extensions. In 

developing the proposed regulation, the PBGC for the first time used a 

negotiated rulemaking committee.



Timetable:

________________________________________________________________________



Action                            Date                      FR Cite



________________________________________________________________________



Notice of Intent (Negotiated 

Rulemaking)                     08/11/95                    60 FR 41033

Notice of Intent Comment/ 

Application Period End          09/15/95

Notice of First Meeting 

(Negotiated Rulemaking)         09/26/95                    60 FR 49531

Notice of Establishment of 

Negotiated Rulemaking Advisory 

Committee                       10/05/95                    60 FR 52135

Notice of Meetings (Negotiated 

Rulemaking)                     10/25/95                    60 FR 54619

Notice of Meeting (Negotiated 

Rulemaking)                     03/26/96                    61 FR 13117

NPRM                            07/24/96                    61 FR 38409

NPRM Comment Period End         09/23/96

Final Action                    12/02/96                    61 FR 63987

Final Action Effective          01/01/97



Small Entities Affected: None



Government Levels Affected: None



Agency Contact: James L. Beller, Attorney, Office of the General 

Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., 

Washington, DC 20005-4026

Phone: 202 326-4024

TDD: 202 326-4179



RIN: 1212-AA80

[FR Doc. 97-7858 Filed 04-24-97; 8:45 am]

BILLING CODE 7708-01-F