[Federal Register Volume 59, Number 125 (Thursday, June 30, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-15927]


[[Page Unknown]]

[Federal Register: June 30, 1994]


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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Part 2647

 

Reduction of Waiver of Complete Withdrawal Liability

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule.

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SUMMARY: The Pension Benefit Guaranty Corporation recently issued a 
final rule that amended its regulations for the reduction or waiver of 
complete withdrawal liability by prescribing a procedure and standards 
for amending a multiemployer plan to provide alternative rules. Under 
the amended regulations, an amendment adopting such alternative rules 
may not be put into effect until approved by the PBGC. This technical 
amendment adds the control number assigned by the Office of Management 
and Budget to the collection of information in the amended regulations.

EFFECTIVE DATE: June 30, 1994.

FOR FURTHER INFORMATION CONTACT:
Judith Neibrief, Attorney, Office of the General Counsel, Pension 
Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-
4026, 202-326-4024 (202-236-4179 for TTY and TDD). (These are not toll-
free numbers.)

SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation 
(``PBGC'') administers the pension plan termination insurance programs 
under Title IV of the Employee Retirement Income Security Act of 1974, 
as amended (``ERISA'') (29 U.S.C. 1001 et seq.). Part 2647 of the 
PBGC's regulations (29 CFR Part 2647), Reduction or Waiver of Complete 
Withdrawal Liability, implements ERISA section 4207 (29 U.S.C. 1387) by 
providing rules for reducing or waiving the liability for complete 
withdrawal of an employer that subsequently resumes covered operations 
under or renews an obligation to contribute under a multiemployer plan.
    As amended on March 2, 1994 (59 FR 9926; effective April 1, 1994), 
Part 2647 includes, in Sec. 2647.9 (Plan rules for abatement), a 
procedure and standards for the amendment of a multiemployer plan to 
provide alternative rules for the reduction or waiver of complete 
withdrawal liability. An amendment adopting such alternative rules (and 
any subsequent modification thereof) may not be put into effect until 
approved by the PBGC (Sec. 2647.9(a)), and Sec. 2647.9(d) prescribes 
the information that a plan sponsor (or duly authorized representative 
thereof) must include in its request for PBGC approval.
    Pursuant to the Paperwork Reduction Act, the Office of Management 
and Budget (``OMB'') approved the collection of information in 
Sec. 2647.9 under control number 1212-0044 (expiration date: September 
30, 1994), and the PBGC is not issuing this technical amendment to 
display the OMB control number at the end of Sec. 2647.9. (A notice of 
the PBGC's request that OMB extend approval of this collection of 
information for another three years appears elsewhere in today's 
Federal Register.)
    Because this rule is limited to a technical change, the PBGC has 
for good cause found advance notice and public procedure thereon to be 
unnecessary under section 553 (b)(B) and (d)(3) of the Administrative 
Procedure Act (5 U.S.C. 553 (b)(B) and (d)(3)). Therefore, the PBGC is 
issuing this amendment as a final rule, effective upon publication.

E.O. 12866

    The PBGC has determined that this action is not a ``significant 
regulatory action'' under the criteria set forth in Executive Order 
12866 because it will not have an annual effect on the economy of $100 
million or more or adversely affect in a material way the economy, a 
sector of the economy, productively, competition, jobs, the 
environment, public health or safety, or State, local or tribal 
governments or communities; create a serious inconsistency or otherwise 
interfere with an action taken or planned by another agency; materially 
alter the budgetary impact of entitlements, grants, user fees, or loan 
programs or the rights and obligations of recipients thereof; or raise 
novel legal or policy issues arising out of legal mandates, the 
President's priorities, or the principles set forth in Executive Order 
12866.

List of Subjects in 29 CFR 2647

    Employee benefit plans, Pension insurance, Reporting requirements.

    For the reasons set forth above, the PBGC is amending 29 CFR Part 
2647 as follows:

PART 2647--REDUCTION OR WAIVER OF COMPLETE WITHDRAWAL LIABILITY

    1. The authority citation for Part 2647 is amended by removing 
``and'' and adding, in its place, ``,''.


Sec. 2647.9  [Amended]

    2. Section 2647.9 is amended by adding ``(Approved by the Office of 
Management and Budget under control number 1212-0044)'' at the end.

    Issued in Washington, DC this 27th day of June, 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-15927 Filed 6-29-94; 8:45 am]
BILLING CODE 7708-01-M