[Unified Agenda of Federal Regulatory and Deregulatory Actions] [Pension Benefit Guaranty Corporation Semiannual Regulatory Agenda] [From the U.S. Government Printing Office, www.gpo.gov] ----------------------------------------------------------------------- Part XL Pension Benefit Guaranty Corporation ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 31212]]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: 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. Dated: March 21, 2003. Steven A. Kandarian, Executive Director, Pension Benefit Guaranty Corporation. Pension Benefit Guaranty Corporation--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 3633 Payment of Benefits in PBGC-Trusteed Plans.......................................... 1212-AA98 3634 Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets..... 1212-AA55 ---------------------------------------------------------------------------------------------------------------- Pension Benefit Guaranty Corporation--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 3635 Filing Rules........................................................................ 1212-AA89 3636 Assessment Of and Relief From Penalties............................................. 1212-AA95 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage _______________________________________________________________________ 3633. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS Priority: Other Significant Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1344 CFR Citation: 29 CFR 4022; 29 CFR 4044 Legal Deadline: None Abstract: When the PBGC assumes trusteeship of a terminated pension plan, it pays benefits to participants pursuant to plan provisions and title IV of ERISA. The PBGC has recently completed a rulemaking that made several changes in how it pays benefits, including giving participants more choices of annuity forms, clarifying (for certain purposes under title IV of ERISA) what it means to be able to ``retire'' under plan provisions, and adding rules on who will get certain payments the PBGC owes to a participant at the time of death. Final Rule, 67 FR 16950 (April 8, 2002). The PBGC is continuing to explore how to improve its benefit payments rules. This regulation will fill in gaps in the rules, clarify matters that have been handled on a case-by-case basis in the past, and otherwise address issues relating to the determination of guarantee limits and the time, form, and manner of payment. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/03 NPRM Comment Period End 12/00/03 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 [[Page 31213]] Phone: 202 326-4024 TDD Phone: 800 877-8339 Fax: 202 326-4112 RIN: 1212-AA98 _______________________________________________________________________ 3634. 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 07/00/03 NPRM Comment Period End 09/00/03 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 _______________________________________________________________________ Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage _______________________________________________________________________ 3635. FILING RULES Priority: Substantive, Nonsignificant 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 02/14/03 68 FR 7454 NPRM Comment Period End 04/15/03 Final Action 09/00/03 Final Action Effective 10/00/03 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 _______________________________________________________________________ 3636. ASSESSMENT OF AND RELIEF FROM PENALTIES Priority: Substantive, Nonsignificant 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 and expanded set of penalty policies codified in its regulations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/12/01 66 FR 2856 NPRM Comment Period End 03/13/01 Final Action 05/00/03 Final Action Effective 06/00/03 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 [FR Doc. 03-7999 Filed 05-23-03; 8:45 am] BILLING CODE 7708-01-S