[Federal Register Volume 60, Number 138 (Wednesday, July 19, 1995)]
[Rules and Regulations]
[Page 36998]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17713]



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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Part 2627

RIN 1212-AA77


Disclosure to Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule; correction.

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SUMMARY: This document makes a clarifying correction to the final rule 
on disclosure to participants (29 CFR part 2627) that was published in 
the Federal Register of Friday, June 30, 1995 (60 FR 34412). The final 
regulations in that document implement a new notice requirement under 
section 4011 of the Employee Retirement Income Security Act of 1974, as 
amended by the Retirement Protection Act of 1994. The action is needed 
to clarify the final regulations.

EFFECTIVE DATE: July 31, 1995.

FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, or Catherine B. Klion, 
Attorney, Office of the General Counsel, PBGC, 1200 K Street, NW., 
Washington, DC 20005-4026, 202-326-4024 (202-326-4179 for TTY and TDD).

SUPPLEMENTARY INFORMATION: The following correction is made to the 
final rule that was the subject of FR Doc. No. 95-16196, which was 
published Friday, June 30, 1995 (60 FR 34412). The final regulations in 
that document implement section 4011 of ERISA, which requires plan 
administrators of certain underfunded plans to provide notice to plan 
participants and beneficiaries of the plan's funding status and the 
limits on the PBGC's guarantee.
    The PBGC is correcting Sec. 2627.3 of the final regulations to make 
clear that a plan does not have to provide the Participant Notice for a 
plan year if it meets the DRC Exception Test in Sec. 2627.3(b) for that 
plan year or for the prior plan year. Accordingly, on page 34414, in 
the second and third columns, paragraph (a) of Sec. 2627.3 is corrected 
to read as follows:


Sec. 2627.3   Notice requirement.

    (a) General. Except as otherwise provided in this part, the plan 
administrator of a plan must provide a Participant Notice for a plan 
year if a variable rate premium is payable for the plan under section 
4006(a)(3)(E) of the Act and part 2610 of this chapter for that plan 
year, unless, for that plan year or for the prior plan year, the plan 
meets the Deficit Reduction Contribution (``DRC'') Exception Test in 
paragraph (b) of this section. The DRC Exception Test may be applied 
using the Small Plan DRC Exception Test rules in Sec. 2627.4(b), where 
applicable.
* * * * *
    Issued in Washington, DC, this 12th day of July 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-17713 Filed 7-18-95; 8:45 am]
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