[Unified Agenda of Federal Regulations]
[Pension Benefit Guaranty Corporation Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]
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Part XXXIX
Pension Benefit Guaranty Corporation
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Semiannual Regulatory Agenda
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Ch. XXVI
Agenda of Regulations Under Development
AGENCY: Pension Benefit Guaranty Corporation (PBGC).
ACTION: Agenda of regulations.
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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 that PBGC expects to have under
development 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.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
Prerule Stage
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Regulation
Sequence Title Identifier
Number Number
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4435 Regulation Renumbering................................................................ 1212-AA75
4436 Annuity Contracts Distributed by Terminating Plans.................................... 1212-AA57
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Proposed Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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4437 Mergers and Transfers Between Multiemployer Plans..................................... 1212-AA69
4438 Financial Assistance to Multiemployer Plans........................................... 1212-AA74
4439 Disclosure and Amendment of Records Under the Privacy Act............................. 1212-AA63
4440 Funds for Administrative Expenses of Section 4049 Trusts.............................. 1212-AA65
4441 Submission of Premium-Related Information............................................. 1212-AA66
4442 Certain Reporting and Notification Requirements....................................... 1212-AA68
4443 Reporting Plan Funding Information.................................................... 1212-AA70
4444 Payment of Benefits in PBGC-Trusteed Plans............................................ 1212-AA35
4445 Calculation and Payment of Unfunded Nonguaranteed Benefits............................ 1212-AA54
4446 Amendments to Valuation of Plan Benefits (REA, SEPPAA, and PPA)....................... 1212-AA55
4447 Notice of State Guaranty Coverage of Annuities........................................ 1212-AA73
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Final Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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4448 Payment of Premiums................................................................... 1212-AA58
4449 Administrative Offset of Debts........................................................ 1212-AA64
4450 Tax Refund Offset..................................................................... 1212-AA72
4451 Disaster Relief--Rules for Administrative Review of Agency Decisions; Standard
Terminations of Single-Employer Plans................................................. 1212-AA71
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Completed Actions
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Regulation
Sequence Title Identifier
Number Number
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4452 Plan Rules for Reduction or Waiver of Complete Withdrawal Liability................... 1212-AA38
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Prerule Stage
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4435. REGULATION RENUMBERING
Legal Authority: 29 USC 1302(b)(3)
CFR Citation: 29 CFR ch 26
Legal Deadline: None
Abstract: The PBGC intends to renumber its regulations to track the
statutory provisions to which they relate so as to make it easier for
the public to locate regulations implementing particular statutory
provisions. The other agencies with significant regulatory
responsibilities in the pension area--the Internal Revenue Service and
the Department of Labor--already track statutory provisions in
numbering their regulations, and practitioners are therefore accustomed
to searching for pension regulations under statute-based numbering
systems. We expect to publish an advance notice of our intention to
renumber our regulations, together with a draft outline of the
proposal, requesting comments from the public.
Timetable:
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Action Date FR Cite
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Notice of Intent 05/00/94
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Renae R. Hubbard, Special Counsel, Pension Benefit
Guaranty Corporation, Office of the General Counsel, 1200 K Street NW.,
Washington, DC 20005-4026, 202 326-4024
RIN: 1212-AA75
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Prerule Stage
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4436. ANNUITY CONTRACTS DISTRIBUTED BY TERMINATING PLANS
Significance:
Subject to OMB review: Yes
Economically significant: Undetermined
Regulatory Plan entry: Undetermined
Legal Authority: 29 USC 1302(b); 29 USC 1341(b)
CFR Citation: 29 CFR 2617
Legal Deadline: None
Abstract: ERISA section 4041(b) requires terminating plans to provide
benefits that are payable in annuity form by purchasing and
distributing to plan participants (or beneficiaries) irrevocable
commitments from an insurer to pay the annuity benefits. Once the final
distribution of assets in accordance with section 4041(b) is completed,
PBGC's guarantee under ERISA section 4022 is extinguished. Under ERISA
section 4041(b), the only specific requirement dealing with irrevocable
commitments distributed upon plan termination is that they be purchased
from a licensed insurance company. (Such purchases are, of course,
subject generally to the fiduciary provisions of Title I of ERISA.)
Recent publicity about financial problems within the insurance industry
and, specifically, about the serious problems of a few insurers, has
sparked concerns about the security of pension annuities that are
being, or will be, paid by an insurer pursuant to an irrevocable
commitment. PBGC (with the Department of Labor) has been studying this
issue. (cont)
Timetable:
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Action Date FR Cite
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ANPRM 06/21/91 56 FR 28642
Next Action Undetermined
Small Entities Affected: Undetermined
Government Levels Affected: None
Additional Information: ABSTRACT CONT: As part of this ongoing study,
PBGC issued an ANPRM, in order to solicit comments and suggestions from
the public on the following two broad issues: (1) Are current or future
retirees, who are (or will be) receiving their benefits from an
insurance company pursuant to the insurer's irrevocable commitments, at
risk of losing some (or all) of their promised benefits because of the
insurer's financial inability to pay the full benefits? (2) If such
risk does exist, or can reasonably be expected to exist in the future,
what actions, either Federal or nonfederal, can be taken to reduce this
risk with respect to plans terminating under Title IV? After reviewing
the public comments in response to this ANPRM, as well as the other
information available to it, PBGC will decide whether to proceed with
this rulemaking by issuing an NPRM.
Agency Contact: Charles W. Vernon, Assistant General Counsel, Pension
Benefit Guaranty Corporation, Office of the General Counsel, 1200 K
Street NW., Washington, DC 20005-4026, 202 326-4125
RIN: 1212-AA57
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4437. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS
Legal Authority: 29 USC 1302(b)(3); 29 USC 1411
CFR Citation: 29 CFR 2672
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 regulation would amend 29 CFR Part 2672 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
regulation would also liberalize the 120-day notice requirement for all
multiemployer mergers and transfers so that such transactions can
proceed more expeditiously.
Timetable:
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Action Date FR Cite
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NPRM 05/00/94
NPRM Comment Period End 07/00/94
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, 202 326-4024
RIN: 1212-AA69
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4438. FINANCIAL ASSISTANCE TO MULTIEMPLOYER PLANS
Legal Authority: 29 USC 1302(b)(3); 29 USC 1431
CFR Citation: Not yet determined
Legal Deadline: None
Abstract: ERISA section 4261(a) provides that the PBGC shall pay
financial assistance to insolvent multiemployer plans described in
sections 4245(f) and 4281(d) who submit an application for the payment
of assistance. The PBGC's regulation on Powers and Duties of Plan
Sponsor of Plan Terminated by Mass Withdrawal (29 CFR Part 2675)
specifies the information that plans described in section 4281(d)
(i.e., a plan terminated by the withdrawal of all employers) are
required to submit in their application for financial assistance;
however, the PBGC has not prescribed regulations specifying the
information that a plan subject to section 4245(f) (i.e., a plan that
has not terminated by the withdrawal of all employers) is required to
file. This regulation would, among other things, (1) specify the
information for applications for financial assistance from plans
described in section 4245(f); (2) incorporate and revise, as
appropriate, the requirements in 29 CFR Part 2675 that relate to
applications for financial assistance for plans described in section
4281(d); and (3) specify (cont)
Timetable:
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Action Date FR Cite
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NPRM 01/00/95
NPRM Comment Period End 03/00/95
Small Entities Affected: None
Government Levels Affected: None
Additional Information: ABSTRACT CONT: the obligation of the sponsor of
a plan that has applied for financial assistance to maintain and make
available to the PBGC plan records and other information necessary for
the PBGC to determine the plan's eligibility for financial assistance
and where assistance has been provided, that such finds have been used
solely for the purposes of paying guaranteed benefits and reasonable
administrative expenses.
Agency Contact: Deborah C. Murphy, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4024
RIN: 1212-AA74
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4439. DISCLOSURE AND AMENDMENT OF RECORDS UNDER THE PRIVACY ACT
Legal Authority: 5 USC 552a
CFR Citation: 29 CFR 2607
Legal Deadline: None
Abstract: The PBGC is dividing one of its systems of records that are
subject to the Privacy Act into two systems, and therefore proposing to
amend its regulations to describe accurately the pertinent exemption
from statutory provisions under the systems of records as so modified.
In addition, the PBGC is proposing amendments to reflect its current
organization and to increase its standard copying fee (which has not
been modified since 1975). The proposed rule also will include several
editorial changes.
Timetable:
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Action Date FR Cite
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NPRM 06/00/94
NPRM Comment Period End 07/00/94
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Judith A. Neibrief, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4024
RIN: 1212-AA63
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4440. FUNDS FOR ADMINISTRATIVE EXPENSES OF SECTION 4049 TRUSTS
Legal Authority: 29 USC 1302(b)(3); 29 USC 1341(c)(3)(B) (Supp. IV
1986); 29 USC 1342(i) (Supp. IV 1986); 29 USC 1349(a) (Supp. IV 1986)
as amd. by sec. 9312, PL 100-203; 29 USC 1349(d) (Supp. IV 1986)
CFR Citation: 29 CFR 2626
Legal Deadline: None
Abstract: The Single-Employer Pension Plan Amendments Act of 1986
(``SEPPAA'') added to ERISA (in section 4049) a requirement that a
``4049 trust'' be set up to provide unfunded benefits not guaranteed by
the PBGC to participants and beneficiaries of terminated insufficient
single-employer plans; SEPPAA also added section 4062(c) to provide for
employer liability to a 4049 trust. These provisions were repealed by
the Pension Protection Act (``PPA''), but still apply to plans that
terminated while they were in effect (roughly 1986-87). PPA also added
to section 4049 a requirement that employers liable to a 4049 trust
provide funding for administrative expenses of the trust before the
section 4062(c) liability is collected, in accordance with regulations
to be issued by the PBGC. This regulation would provide a summary
procedure for collection of such administrative funding by a 4049
trustee.
Timetable:
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Action Date FR Cite
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NPRM 11/00/94
NPRM Comment Period End 01/00/95
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Thomas H. Gabriel, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4122
RIN: 1212-AA65
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4441. SUBMISSION OF PREMIUM-RELATED INFORMATION
Significance:
Subject to OMB review: Yes
Regulatory Plan entry: Undetermined
Legal Authority: 29 USC 1302(b)(3); 29 USC 1306; 29 USC 1307
CFR Citation: 29 CFR 2610
Legal Deadline: None
Abstract: The PBGC's regulation on Payment of Premiums (29 CFR part
2610) 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 intends to propose amendments to provide for
the submission to the PBGC of information in those records and for the
supplementation of information submitted in premium filings. By
improving the PBGC's ability to tailor its decisionmaking to the
variety of situations presented by the administration of premium
requirements, the PBGC expects these changes to increase the agency's
efficiency and effectiveness.
Timetable:
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Action Date FR Cite
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NPRM 10/00/95
NPRM Comment Period End 12/00/95
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Judith A. Neibrief, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4024
RIN: 1212-AA66
_______________________________________________________________________
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4442. CERTAIN REPORTING AND NOTIFICATION REQUIREMENTS
Significance:
Subject to OMB review: Undetermined
Economically significant: Undetermined
Regulatory Plan entry: Undetermined
Legal Authority: 29 USC 1082(f); 29 USC 1302(b)(3); 29 USC 1343; 29
USC 1365
CFR Citation: 29 CFR 2615
Legal Deadline: None
Abstract: The PBGC's regulation on Certain Reporting and Notification
Requirements (29 CFR Part 2615) includes rules for notification of
``reportable events'' under ERISA section 4043. The PBGC is considering
several possible changes to these requirements. These changes would
help to give the PBGC early warning of situations that may indicate the
need to terminate a plan and thus provide possible opportunities for
PBGC action to avert or limit increases in PBGC's liability.
Timetable:
_________________________________________________________________________
Action Date FR Cite
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NPRM 11/00/94
NPRM Comment Period End 01/00/95
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Judith A. Neibrief, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4024
RIN: 1212-AA68
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4443. REPORTING PLAN FUNDING INFORMATION
Legal Authority: 29 USC 1302(b)(3)
CFR Citation: Not yet determined
Legal Deadline: None
Abstract: The most significant threat of future claims against the PBGC
is from very large plans (both single-employer and multiemployer). This
regulation would improve the PBGC's ability to estimate its potential
exposure by requiring the plan administrator of each such plan to
submit information annually about the plan's funding status (regardless
of current funding level). In general, the required information would
be readily available to the plan administrator. The information would
be submitted (in most cases) by the time the annual premium payment
with PBGC Form 1 is due.
Timetable:
_________________________________________________________________________
Action Date FR Cite
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NPRM 02/00/95
NPRM Comment Period End 04/00/95
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Judith A. Neibrief, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4024
RIN: 1212-AA70
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4444. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS
Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1342
CFR Citation: 29 CFR 2624
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.
Many of the rules and procedures for benefit payments, while of
interest to participants, are inappropriate for inclusion in a
regulation. The PBGC already provides much of this information to
participants in other appropriate forms, such as letters and pamphlets,
and will continue to do so. However, rules governing certain aspects of
benefit payments are more appropriately established by regulation (or
otherwise addressed through a Federal Register issuance). This
regulation will enable the PBGC to process and administer PBGC-trusteed
plans more efficiently with resultant cost savings by filling gaps in
the rules and otherwise clarifying matters that had been handled on a
case-by-case basis in the past.
Timetable:
_________________________________________________________________________
Action Date FR Cite
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NPRM 10/00/94
NPRM Comment Period End 12/00/94
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Renae R. Hubbard, Special Counsel, Pension Benefit
Guaranty Corporation, Office of the General Counsel, 1200 K St. NW.,
Washington, DC 20005-4026, 202 326-4024
RIN: 1212-AA35
_______________________________________________________________________
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4445. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS
Significance:
Subject to OMB review: Yes
Regulatory Plan entry: Undetermined
Legal Authority: 29 USC 1302(b)(3); 29 USC 1322(c)
CFR Citation: 29 CFR 2623; 29 CFR 2627
Legal Deadline: None
Abstract: The Pension Protection Act repealed ERISA sections 4049 and
4062(c). Those provisions established new employer liability to plan
participants and beneficiaries in the event of a distress termination
or involuntary termination by the PBGC of a plan without sufficient
assets to pay all benefit commitments; the section 4049 trust was the
vehicle for collecting and distributing these liability amounts. This
system proved flawed in several respects, however, and Congress
therefore created a new 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
benefit liabilities in excess of guaranteed benefits). In turn, the
PBGC is to pay a portion of its employer liability recovery to
participants and beneficiaries. The amount to be paid is based on the
PBGC ``recovery ratio'' (as defined in amended sec. 4022(c)(3)).(cont)
Timetable:
_________________________________________________________________________
Action Date FR Cite
_________________________________________________________________________
NPRM 01/00/95
NPRM Comment Period End 03/00/95
Small Entities Affected: None
Government Levels Affected: None
Additional Information: ABSTRACT CONT: This new statutory rule contains
several ambiguities and also leaves to the PBGC the development of
specific rules and procedures necessary to make this system work. The
regulation will, for example, contain rules on how the PBGC will value
its employer liability recoveries for purposes of computing the
recovery ratio, whether the allocation of amounts payable under this
provision will be done as part of the regular section 4044 asset
allocation, and whether the PBGC will pay these benefits by increasing
the amount of annuity payments it is making to participants or making
lump sum payments.
Agency Contact: Peter H. Gould, Senior Counsel, Pension Benefit
Guaranty Corporation, Office of the General Counsel, 1200 K St. NW.,
Washington, DC 20005-4026, 202 326-4116
RIN: 1212-AA54
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
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4446. AMENDMENTS TO VALUATION OF PLAN BENEFITS (REA, SEPPAA, AND PPA)
Legal Authority: 29 USC 1302(b)(3); 29 USC 1341
CFR Citation: 29 CFR 2619
Legal Deadline: None
Abstract: The Retirement Equity Act of 1984 (``REA'') requires plans to
provide certain benefits, prohibits the elimination of benefit options
and certain early retirement benefits and retirement type subsidies,
and mandates the range of interest rates that may be used in
calculating the amount of a non-consensual lump sum benefit. The Tax
Reform Act of 1986 (``TRA '86'') slightly modified the interest rate
restrictions and extended them to the calculation of all lump sum
benefits.
These rules necessitate several amendments to the PBGC's valuation of
benefits regulation (29 CFR part 2619). The PBGC also plans to amend
the regulation to reflect changes in the termination rules made by the
Single-Employer Pension Plan Amendments Act of 1986 (SEPPAA) and the
Pension Protection Act of 1987 (PPA).
Timetable:
_________________________________________________________________________
Action Date FR Cite
_________________________________________________________________________
NPRM 05/00/94
NPRM Comment Period End 07/00/94
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, 202 326-4116
RIN: 1212-AA55
_______________________________________________________________________
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Proposed Rule Stage
_______________________________________________________________________
4447. NOTICE OF STATE GUARANTY COVERAGE OF ANNUITIES
Significance:
Subject to OMB review: Yes
Regulatory Plan entry: Undetermined
Legal Authority: 29 USC 1302(b)(3); 29 USC 1341; 29 USC 1344
CFR Citation: 29 CFR 2617
Legal Deadline: None
Abstract: Under title IV of ERISA, a single-employer plan covered by
the termination insurance program may terminate in a ``standard
termination'' if the plan has assets sufficient to provide for all
benefit liabilities under the plan. The termination process is
complete, and the PBGC's guarantee is extinguished, once the plan
administrator distributes benefit liabilities by purchasing
``irrevocable commitments'' (annuity contracts) from an insurer or by
distributing benefits in any other permitted form (generally a lump sum
cash payment). The recent and highly publicized financial difficulties
of certain insurers have focused public attention on the risks faced by
participants whose benefits under terminating plans are to be provided
through irrevocable commitments issued by such insurers. Under certain
circumstances, state guaranty associations may provide some or all of
the benefits otherwise lost. Nevertheless, some participants may not
know (1) which state guaranty association(s) (if any) cover(s) their
annuities, (2) the amount of coverage by the guaranty association(s),
and (3) that a change (cont)
Timetable:
_________________________________________________________________________
Action Date FR Cite
_________________________________________________________________________
NPRM 12/00/94
NPRM Comment Period End 02/00/95
Small Entities Affected: None
Government Levels Affected: None
Additional Information: ABSTRACT CONT: in state of residence can alter
their coverage. This regulation would require plan administrators to
provide certain information to participants, at the time of annuity
purchase, about state guaranty coverage.
Agency Contact: Charles W. Vernon, Assistant General Counsel, Pension
Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St.
NW., Washington, DC 20005-4026, 202 326-4125
RIN: 1212-AA73
_______________________________________________________________________
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage
_______________________________________________________________________
4448. PAYMENT OF PREMIUMS
Significance:
Subject to OMB review: Yes
Regulatory Plan entry: Undetermined
Legal Authority: 29 USC 1302(b)(3); 29 USC 1306; 29 USC 1307
CFR Citation: 29 CFR 2610
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 part 2610). PBGC studies of ways
to simplify premium calculation and filing and to improve premium
processing and accounting by PBGC have yielded suggestions for changes
in that regulation. As a result, the PBGC has 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 10/00/95
Final Action Effective 01/00/96
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, 202 326-4024
RIN: 1212-AA58
_______________________________________________________________________
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage
_______________________________________________________________________
4449. ADMINISTRATIVE OFFSET OF DEBTS
Legal Authority: 29 USC 1302(b)(3); 31 USC 3701; 31 USC 3716
CFR Citation: Not yet determined
Legal Deadline: None
Abstract: The PBGC does not have a program for the administrative
offset of debts (i.e., for satisfying debts owed to the PBGC by
withholding money that is payable to or held for the debtor by other
agencies of the federal government). Administrative offset may be an
effective tool for collecting debts such as premium payment
deficiencies, benefit overpayments, and employer liability. In addition
to the procedures in this rule, in instituting administrative offset,
the PBGC would develop an internal system for selecting and preparing
the debts to be collected by offset.
Timetable:
_________________________________________________________________________
Action Date FR Cite
_________________________________________________________________________
Interim Final Rule 05/00/94
Interim Final Rule Effective 06/00/94
Interim Final Rule Comment
Period End 07/00/94
Small Entities Affected: None
Government Levels Affected: Federal
Agency Contact: Catherine B. Klion, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4126
RIN: 1212-AA64
_______________________________________________________________________
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage
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4450. TAX REFUND OFFSET
Legal Authority: 29 USC 1302(b)(3); 31 USC 3701; 31 USC 3720A
CFR Citation: Not yet determined
Legal Deadline: None
Abstract: The PBGC does not have a program for offsetting debts owed to
the PBGC against federal tax refunds. Tax refund offset may be an
effective tool for collecting debts such as premium payment
deficiencies, benefit overpayments, and employer liability. In addition
to the procedures in this rule, in instituting tax refund offset, the
PBGC would enter into an agreement with the Internal Revenue Service
and develop an internal system for selecting and preparing the debts to
be collected by offset.
Timetable:
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Action Date FR Cite
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Interim Final Rule 11/00/94
Interim Final Rule Effective 12/00/94
Interim Final Rule Comment
Period End 01/00/95
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 St. NW., Washington,
DC 20005-4026, 202 326-4126
RIN: 1212-AA72
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Final Rule Stage
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4451. DISASTER RELIEF--RULES FOR ADMINISTRATIVE REVIEW OF AGENCY
DECISIONS; STANDARD TERMINATIONS OF SINGLE-EMPLOYER PLANS
Legal Authority: 29 USC 1302(b)(3); 29 USC 1341
CFR Citation: 29 CFR 2606; 29 CFR 2617
Legal Deadline: None
Abstract: The PBGC is amending its administrative review regulation to
include exceptions to the deadlines for filing requests for
reconsideration and appeals of agency determinations when the President
of the United States declares that a major disaster exists. The PBGC is
similarly amending its standard termination regulation to include both
an exception to the deadline for filing the standard termination notice
(and, hence, the deadline for issuing notices of plan benefits) and an
exception to the deadline for completing the distribution of plan
assets. Such exceptions will be provided by notice issued by the PBGC's
Executive Director. Because of the need for immediate action, an
interim rule was published on August 24, 1993.
Timetable:
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Action Date FR Cite
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Interim Final Rule 08/24/93 58 FR 44738
Interim Final Rule Effective 08/24/93
Interim Final Rule Comment
Period End 09/23/93
Final Action 04/00/94
Final Action Effective 05/00/94
Small Entities Affected: None
Government Levels Affected: None
Agency Contact: Renae R. Hubbard, Special Counsel, Pension Benefit
Guaranty Corporation, Office of the General Counsel, 1200 K St. NW.,
Washington, DC 20005-4026, 202 326-4024
RIN: 1212-AA71
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PENSION BENEFIT GUARANTY CORPORATION (PBGC) Completed Actions
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4452. PLAN RULES FOR REDUCTION OR WAIVER OF COMPLETE WITHDRAWAL LIABILITY
Legal Authority: 29 USC 1302(b)(3); 29 USC 1387(b)
CFR Citation: 29 CFR 2647 (Amendment)
Legal Deadline: None
Abstract: Under section 4207(a) of ERISA, the PBGC has issued a
regulation (29 CFR part 2647) providing for the reduction or waiver of
an employer's liability for complete withdrawal upon the employer's
resumption of participation under the plan from which it withdrew. The
statute also requires the PBGC to prescribe procedures and standards
under which multiemployer plans may adopt their own rules abating
complete withdrawal liability upon an employer's return to the plan
(section 4207(b)).
The purpose of letting plans adopt their own abatement rules is
obvious: a specific rule adopted by a plan may well work better under
the facts and circumstances of that particular plan than the broad
rules adopted by the PBGC. This regulation permits a plan to fashion
the rules it needs to encourage the return of withdrawn employers,
while at the same time protecting the plan from the loss of withdrawal
liability payments without a compensating resumption of contributions
to the plan by a formerly withdrawn employer. The PBGC is unable to
(cont)
Timetable:
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Action Date FR Cite
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NPRM 10/23/92 57 FR 48348
NPRM Comment Period End 12/22/92
Final Action 03/02/94 59 FR 9926
Final Action Effective 04/01/94
Small Entities Affected: None
Government Levels Affected: None
Additional Information: ABSTRACT CONT: quantify the benefits and costs
of this regulation because it cannot predict how many plans will
exercise the authority conferred by this regulation.
Agency Contact: Ralph Landy, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, 1200 K St. NW., Washington,
DC 20005-4026, 202 326-4127
RIN: 1212-AA38
[FR Doc. 94-6365 Filed 04-22-94; 8:45 am]
BILLING CODE 7708-01-F