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