[Federal Register Volume 71, Number 105 (Thursday, June 1, 2006)]
[Rules and Regulations]
[Pages 31077-31082]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-8433]


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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Parts 4000, 4006, and 4007

RIN 1212-AB02


Electronic Premium Filing

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule.

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SUMMARY: The PBGC is changing its regulations to require that premium 
declarations be filed electronically. The requirement becomes effective 
for plans with 500 or more participants for the prior plan year 
starting with filings for plan years beginning in 2006 that are made on 
or after July 1, 2006, and for smaller plans starting with filings for 
plan years beginning after 2006. Plans may apply for exemptions on a 
case-by-case basis. Filings may be submitted through the PBGC's on-line 
e-filing application (``My Plan Administration Account,'' or ``My 
PAAA''). My PAA has data entry and editing screens that can be used to 
create and submit a filing, and can also accept uploaded files 
containing filing information that has been prepared and formatted 
using private-sector software in accordance with the PBGC's published 
standards.

DATES: Effective date: July 1, 2006. For a discussion of applicability 
of these amendments, see the Applicability section in SUPPLEMENTARY 
INFORMATION.

FOR FURTHER INFORMATION CONTACT: John H. Hanley, Director, or Deborah 
C. Murphy, Attorney, Legislative and Regulatory Department, Pension 
Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-
4026, 202-326-4024. (For TTY/TTD users, call the Federal relay service 
toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: This final rule is part of an ongoing 
implementation of the Government Paperwork Elimination Act by the 
Pension Benefit Guaranty Corporation (``PBGC'') and is consistent with 
the Office of Management and Budget's directive to remove regulatory 
impediments to electronic transactions. The rule addresses electronic 
submission of premium filings that are required under the regulation on 
Payment of Premiums (29 CFR part 4007) and builds in the flexibility 
needed to allow updating of the electronic filing process as technology 
advances.
    The PBGC administers the pension insurance programs under Title IV 
of the Employee Retirement Income

[[Page 31078]]

Security Act of 1974 (``ERISA''). Pension plans covered by Title IV 
must pay annual premiums to the PBGC. Premium filings must include 
information to identify the plans for which premiums are paid and to 
demonstrate that the amounts paid are correct.
    The PBGC has been processing premium filings for 30 years. The 
volume of filings processed annually is in the tens of thousands. 
Processing methods have become progressively more automated, and the 
specially designed premium forms that have been used for some years can 
be read by optical character recognition (``OCR'') devices. Even with 
OCR, however, the capture of data from paper premium forms and the 
translation of the data into electronic data files is an imperfect 
process that inevitably gives rise to errors that can be difficult and 
burdensome to detect and correct. These errors cause problems for both 
the PBGC and premium filers, because they can lead to the issuance of 
improper bills for premiums that have in fact been paid, to delays in 
the processing of refund requests, to erroneous filing histories, etc.
    With a view to reducing problems of this kind, and consistent with 
the Government Paperwork Elimination Act, optional electronic premium 
filing was introduced for plan years beginning in 2004 using an 
application on the PBGC's Web site (http://www.pbgc.gov) called ``My 
Plan Administration Account'' (``My PAA''). To make a premium filing 
using My PAA, a user logs onto a secure account on the Web site. My PAA 
has been enhanced since 2004 and now offers multiple methods for making 
premium filings.
    The filing method first introduced in 2004 enables users to create 
electronic premium filings by entering information in on-line data 
entry screens, route those premium filings among themselves 
electronically for editing and for electronic certification, and submit 
completed filings with the click of a mouse. The information submitted 
can be loaded directly into the PBGC's premium data processing systems, 
thus eliminating the errors inherent in the OCR data capture process. 
Premium payments can also be made online as part of the filing process.
    A second filing method, introduced in late summer 2005, 
accommodates pension practitioners who may prefer to continue using 
private-sector software--either purchased from a commercial developer 
or developed ``in-house''--for preparing premium filings. The PBGC has 
issued standards for structuring a computer file containing premium 
filing information; by incorporating those standards into their 
software, developers give software users the ability to create premium 
data files that they can upload through My PAA. (These standards are 
available on the PBGC's Web site, http://www.pbgc.gov.) Using this new 
method, practitioners can prepare premium filing information using 
their own software, which will put the information into files that meet 
the formatting standards, and can electronically transmit those files 
to the PBGC.
    Finally, My PAA was enhanced in early 2006 to permit importation of 
draft filings that have been prepared with private-sector software into 
the My PAA data entry and editing screens, thus combining features of 
the first two methods.
    E-filers using any of the My PAA filing methods can pay premiums 
either through My PAA (by credit card, electronic check, or Automated 
Clearing House (ACH) transfer) or outside My PAA (by paper check or 
wire transfer).
    My PAA streamlines the premium filing process for users and 
contributes to making the processing of premium filings faster and more 
accurate. Thus it has the potential to help reduce the number of 
erroneous bills, to speed up refund processing, and in general to 
improve premium collection functions while enhancing service to premium 
payers.
    On March 9, 2005 (at 70 FR 11592), a proposed rule was published 
that would require premium filings for large plans to be made 
electronically for plan years beginning after 2005, and premium filings 
for all plans to be made electronically for plan years beginning after 
2006; exemptions from the electronic filing requirement could be 
granted for good cause in appropriate circumstances. (The electronic 
filing requirement would not apply to submission of information 
specially requested in connection with a premium compliance review.)
    Four commenters submitted comments on the proposal. Changes to My 
PAA since the publication of the proposed rule address many of the 
comments on the proposed rule, and in most respects, the substance of 
the proposed rule has not been changed. However, to provide more time 
for software developers and filers to prepare for e-filing, 
applicability of the mandatory e-filing requirement has been delayed 
for six months. The comments are discussed below.

Payment Methods

    Two commenters urged that filers be permitted to make payment 
outside the e-filing system (e.g., by paper check). As noted above, My 
PAA has been enhanced to offer this feature. Like the proposed rule, 
the final rule does not require electronic payment, only electronic 
filing of premium information. However, the final rule clarifies that 
filing methods for payments (as well as for information) are governed 
by the premium filing instructions. While not anticipated, it is 
possible that at some future date, as e-filing becomes more prevalent, 
the electronic payment of premiums (via My PAA) may be required.

Certification

    A number of comments addressed the procedures for certifying 
filings. For filings created and edited within My PAA, My PAA provides 
an electronic certification method similar to that used historically 
for paper premium filings. Before such a filing can be submitted, the 
plan administrator--and, where appropriate, the plan actuary--must 
provide a certification using an authentication process that 
establishes the identity of the person making the certification. For 
uploaded filings, a different certification process is provided: The 
plan administrator--and, where appropriate, the plan actuary--provide 
certifications that must be preserved for six years (as is already 
required for the information supporting the premium filing) but that 
need not be transmitted to the PBGC at the time of upload. The identity 
of the uploader is authenticated in a manner similar to that used for 
filings created within My PAA.
    One commenter urged that the certification method used by those who 
create their filings within My PAA also be made available to filers who 
create their filings with private-sector software; another commenter 
urged that the certification method provided for uploaders be made 
available to those who create their filings within My PAA. The first of 
the two comments has already been addressed through the introduction of 
the import filing method in early 2006; filings created with private-
sector software and imported into the data entry and editing screens 
can be certified in the same manner as filings created using those 
screens. The second suggestion is also worthwhile and is being 
considered for a future My PAA enhancement.
    The same two commenters also objected to the logistical burden of 
obtaining and retaining plan administrator and enrolled actuary 
certifications of uploaded filings prepared with private-sector 
software. The upload certification process is no

[[Page 31079]]

more burdensome than the certification process for paper filings, 
especially if the plan administrator makes the upload. And the import 
filing method permits electronic certification of filings prepared with 
private-sector software. Nonetheless, consideration is being given to 
how the certification process (and indeed the whole premium filing 
process) can be further streamlined through future enhancements to My 
PAA. To provide more flexibility in improving the certification 
process, this final rule removes from the regulation on Premium Rates 
(29 CFR part 4006) the provisions for certification of specified items 
of information and replaces them with a centralized provision (in Sec.  
4007.3 of the premium payment regulation) for certifications in 
accordance with the premium instructions. This is a simplification from 
the current situation where some certification rules are in the 
regulations and others in the instructions.
    A final objection to the certification process by one of the same 
two commenters was that plan administrators without Internet access 
would be unable to log on to My PAA to certify filings created within 
My PAA. Filers can avoid this difficulty by using the upload method, 
which does not require the plan administrator to certify on-line. Thus, 
this problem does not present an obstacle to adoption of the e-filing 
requirement.

Moving Between Systems/Formats

    Three commenters raised issues about the need to move between 
different systems or formats in using the new premium e-filing methods. 
For example, one commenter noted that a filing for upload must be in a 
format (an XML computer file meeting prescribed specifications) that a 
plan administrator cannot typically read. Thus, the commenter noted, 
the filing data must be reproduced in another format for plan 
administrator review. The commenter suggested that there be a way to 
allow plan administrators to review (in My PAA) filings prepared with 
private-sector software, in the same way that filings created within My 
PAA can be reviewed. The recently introduced import filing method 
provides this capability.
    The same commenter pointed out that many pension service providers 
prepare only variable-rate premium information (information that would 
go on paper Schedule A) for their pension plan clients, and that this 
information must then be combined with other information (information 
that would go on paper Form 1) for submission to the PBGC. The 
commenter expressed concern that transcription errors could occur in 
the process of combining these two sets of data into a single 
uploadable file. The commenter recommended that there be a way to merge 
these two sets of data after upload. This data-merging problem can be 
avoided by having the service provider and the plan administrator enter 
their data into My PAA's data entry screens to produce a single filing 
that both parties can review. Nonetheless, the commenter's suggestion 
has merit and will be considered for a possible future enhancement to 
My PAA.
    A second commenter objected that if a plan prepared a filing with 
private-sector software and then decided to use My PAA's data entry 
screens, the data would have to be reentered into My PAA. Of course, if 
the private-sector software were designed to work with the upload and 
import systems, the filing as initially prepared could simply be 
uploaded or imported; if the software were not so designed, the plan 
might choose not to use it in the first place, and simply use My PAA 
from the beginning.
    A third commenter noted that My PAA neither performs actuarial 
calculations for determining the variable-rate premium nor produces 
Participant Notices required under the regulation on Disclosure to 
Participants (29 CFR part 4011), requiring the use of other systems for 
both purposes. Neither of these functions has been performed in the 
past by the paper filing system, and the information required for 
Participant Notices (e.g., the plan's current funded liability 
percentage and the guarantee limits under the pension insurance system) 
is different from the information required for premium filings. The 
2005 enhancements to My PAA do, however, automate many of the 
calculations that filers have heretofore done themselves.

Work Flow

    Two commenters raised work flow issues. One of them--a ``volume 
preparer'' of premium filings--recommended that a method be devised for 
accepting ``batch'' filings (multiple filings prepared with private-
sector software and transmitted to the PBGC in a single computer file). 
The 2006 My PAA enhancements permit both batch uploads and batch 
imports.
    The other commenter catalogued a number of difficulties in 
beginning to use My PAA: The need to educate clients, get authority to 
act as filing coordinator, determine filing team members, get them to 
register in My PAA, identify errors in information displayed in My PAA 
(due for example to inaccurate data capture in the paper filing 
process), correct the errors, etc. (The commenter also noted that 
clients might need to rethink who certifies their filings ``now that it 
requires more than physically signing the form placed in front of the 
individual.'')
    There are one-time burdens associated with the shift to e-filing, 
although some of those mentioned by this commenter can be avoided by 
using the upload process. Furthermore, errors in a plan's information 
displayed in My PAA can generally be corrected while creating the 
plan's e-filings, and the PBGC stands ready to work with service 
providers who want to correct errors outside the e-filing process. But 
these start-up burdens are far outweighed by the benefits of electronic 
filing.

Effective Date

    Start-up difficulties, however--those just mentioned and others--
were also the basis for several requests for delay of the effective 
date of the mandatory premium e-filing requirements. One commenter 
stated that 12 months would be needed to convert its systems to produce 
uploadable filings. Another expressed concerns that the upload system 
would not be in place early enough to make sure that it was functioning 
properly before the first mandatory e-filings came due.
    The upload and import systems are now in operation, and the 
original My PAA data entry filing method has been proven effective and 
reliable since 2004. Furthermore, e-filing will not become mandatory 
for the majority of plans--those with fewer than 500 participants--
until the 2007 plan year, for which the earliest filings are due in 
October 2007. But for large plans, some delay in the proposed January 
1, 2006, effective date seems appropriate to provide additional time to 
make software changes and become familiar with My PAA and the 
electronic filing process. Accordingly, the applicability of the 
mandatory premium e-filing requirements for large plans has been 
delayed until July 1, 2006. Premium e-filing will be mandatory for 
large plans starting with estimated or final filings for plan years 
beginning in 2006 that are made on or after July 1, 2006.
    For example, a 2006 estimated filing for a large plan with a plan 
year starting May 1 that is made by the due date (June 30, 2006) may be 
made using paper Form 1-ES, whereas for a plan with a plan year 
starting July 1, the estimated filing would have to be made 
electronically. If the plan year begins June 1, the estimated filing 
(with a due date of July 31, 2006) would have to be made electronically 
if made on or after

[[Page 31080]]

July 1, 2006, but could be made on Form 1-ES if made before that date.
    The PBGC believes that, with this delay, there will be adequate 
time for compliance with the mandatory e-filing requirements. In any 
event, the discretion to grant exemptions from the e-filing requirement 
for good cause in appropriate circumstances obviates any need to 
further delay the effective date of the whole regulation. The 
applicability of mandatory premium e-filing requirements for small 
plans has not changed from the proposed rule.

Resistance to Change

    Two commenters advanced the thesis that a number of plan 
administrators are computer-illiterate, lack comfort with or confidence 
in electronic transactions, resist change, or for other reasons are 
reluctant to file electronically. To accommodate this circumstance 
(and/or other perceived difficulties, discussed above, with the e-
filing proposal), one of them suggested the need for leniency in 
granting exemptions for the first year of mandatory e-filing, and the 
other that e-filing be made voluntary and be encouraged through the use 
of incentives, some of which also are discussed above. Other incentives 
mentioned were providing more edit checks and granting limited relief 
from penalties and/or interest for late e-filings.
    The 2005 enhancements to My PAA's data entry and editing screens 
include more edit checks. ERISA does not provide for relief from 
interest on late premium payments. The policy on penalties for the late 
submission of premium information is sufficiently flexible to permit 
penalty relief where there is reasonable cause for delay in filing 
(although e-filing should make it easier, rather than harder, to file 
on time). And filers can expect that exemptions from the e-filing 
requirement will be granted wherever there is good cause in appropriate 
circumstances to do so. Conducting business electronically is becoming 
commonplace. As it continues to increase in popularity, individual 
reluctance to e-file is expected to diminish. Furthermore, the upload 
process offers a filing alternative for plan administrators who are 
uncomfortable about working in an electronic environment: They may 
choose to have their consultants do the electronic part of the filing 
process.

Exemptions

    Finally, one commenter made some detailed comments about the 
exemption process. One was that plans with 25 or fewer participants 
should be exempted from mandatory e-filing. Plans in this size range 
have until October 2007 to prepare to file electronically. Moreover, 
plans in this size range would inevitably move above and below the 25-
participant cutoff from year to year, introducing the opportunity for 
confusion and administrative complexity.
    The commenter also requested that guidance be provided on what 
constitutes ``good cause in appropriate circumstances'' for granting an 
exemption from the e-filing requirement. Each case must be judged on 
the basis of its own facts and circumstances. Because the nature and 
scope of exemption requests cannot be anticipated, it is difficult at 
this time to provide much guidance on what might be appropriate grounds 
for granting an exemption. Of course, if there should be some massive 
breakdown in the Internet or the electronic premium filing system, a 
broad e-filing exemption could be granted to deal with the problem or 
provide for relief from late filing penalties. As experience with 
exemption requests is gained, it may be possible to provide more 
guidance in this area.

Applicability

    The changes to the filing requirements made by this final rule are 
applicable to filings for plan years beginning in 2006 that are made on 
or after July 1, 2006, for large plans (those with 500 or more 
participants for the prior plan year) and to filings for all plans for 
plan years beginning after 2006.

Other Changes

    The adoption of this final rule provides an opportunity to make a 
technical correction to Sec.  4007.11(b)(2) of the premium payment 
regulation. Section 4007.11(b) explains how to determine the number of 
plan participants for purposes of the early filing rule for flat-rate 
premiums of large plans. Paragraph (b)(2) states the dates as of which 
multiemployer plan participants are to be counted for this purpose, but 
the language was inadvertently truncated when the regulations were 
reorganized and renumbered in 1996. The technical correction being made 
in this final rule corrects that error. This correction makes no change 
in the substance of the regulation.
    The adoption of this final rule also provides an opportunity to 
remove from the premium regulations references to the ``Premium Payment 
Package,'' the paper premium filing booklet, which is expected to 
change function or be phased out as the need for paper forms 
diminishes.
    The final regulation includes some editorial changes from the 
proposed regulation designed to make the rules easier to understand.

Compliance with Rulemaking Guidelines

    The PBGC has determined, in consultation with the Office of 
Management and Budget (``OMB''), that this rule is a ``significant 
regulatory action'' under Executive Order 12866. OMB has therefore 
reviewed this rule under Executive Order 12866.
    The PBGC certifies under section 605(b) of the Regulatory 
Flexibility Act that the amendments in this rule will not have a 
significant economic impact on a substantial number of small entities. 
The PBGC expects electronic premium filing to be no more burdensome 
than paper filing for filers generally and will grant exemptions from 
the electronic filing requirement for good cause in appropriate 
circumstances. Accordingly, as provided in section 605 of the 
Regulatory Flexibility Act (5 U.S.C. 601 et seq.), sections 603 and 604 
do not apply.
    OMB has approved under the Paperwork Reduction Act the changes to 
the PBGC's collection of information for premium filing (OMB control 
number 1212-0009) made by this rule and by the My PAA enhancements 
discussed in this preamble.

List of Subjects

29 CFR Part 4000

    Pension insurance, Pensions, Reporting and recordkeeping 
requirements.

29 CFR Part 4006

    Pension insurance, Pensions.

29 CFR Part 4007

    Penalties, Pension insurance, Pensions, Reporting and recordkeeping 
requirements.

0
For the reasons given above, the PBGC is amending 29 CFR parts 4000, 
4006, and 4007 as follows.

PART 4000--FILING, ISSUANCE, COMPUTATION OF TIME, AND RECORD 
RETENTION

0
1. The authority citation for part 4000 continues to read as follows:

    Authority: 29 U.S.C. 1082(f), 1302(b)(3).

0
2. In Sec.  4000.3, paragraph (b) and paragraph (c) introductory text 
are revised to read as follows:


[[Page 31081]]




Sec.  4000.3   What methods of filing may I use?

* * * * *
    (b) Electronic filings.
    (1) You must file premium declarations under part 4007 of this 
chapter electronically in accordance with the instructions on the 
PBGC's Web site subject to the following provisions:
    (i) This electronic filing requirement applies to filings for plan 
years beginning in 2006 that are made on or after July 1, 2006, for 
plans with 500 or more participants for the prior plan year and to 
filings for all plans for plan years beginning after 2006.
    (ii) This electronic filing requirement does not apply to premium 
information to the extent that the PBGC grants an exemption for good 
cause in appropriate circumstances.
    (iii) This electronic filing requirement does not apply to premium 
payments except to the extent that the PBGC so provides in the 
instructions on the PBGC's Web site.
    (iv) This electronic filing requirement does not apply to 
information you file to comply with a request we make under Sec.  
4007.10(c) of this chapter (dealing with providing record information 
in connection with a premium compliance review).
    (2) You must submit the information required under part 4010 of 
this chapter electronically in accordance with the instructions on the 
PBGC's Web site, except as otherwise provided by the PBGC.
    (c) Information on how to file. Current information on how to file, 
including permitted filing methods, fax numbers, and mail and e-mail 
addresses, is--
* * * * *

PART 4006--PREMIUM RATES

0
3. The authority citation for part 4006 continues to read as follows:

    Authority: 29 U.S.C. 1302(b)(3), 1306, 1307.


0
4. In Sec.  4006.4, paragraph (a) introductory text is amended by 
removing the words ``(a)(2), and shall be certified to in accordance 
with paragraph (a)(4)'' and adding in their place ``(a)(2)''; paragraph 
(b)(1) introductory text is amended by removing the words ``an enrolled 
actuary certifies that''; paragraph (c) introductory text is amended by 
removing the words ``shall be determined, in accordance with the 
Premium Payment Package, from values'' and adding in their place the 
words ``shall be determined from values''; paragraph (c) introductory 
text is further amended by removing the words ``the plan administrator 
certifies that''; paragraph (c)(3) is amended by removing the words 
``Premium Payment Package'' and adding in their place the words 
``PBGC's premium instructions''; and paragraphs (a)(4), (d)(1)(i) and 
(d)(1)(ii) are revised to read as follows:


Sec.  4006.4  Determination of unfunded vested benefits.

    (a) General rule. * * *
* * * * *
    (4) In the case of any plan that determines the amount of its 
unfunded vested benefits under the general rule described in this 
paragraph, the determination must be made in a manner consistent with 
generally accepted actuarial principles and practices.
* * * * *
    (d) Restrictions on alternative calculation method for large plans.
    (1) * * *
    (i) No significant event, as described in paragraph (d)(2) of this 
section, has occurred between the first day and the last day of the 
plan year preceding the premium payment year; or
    (ii) An enrolled actuary makes an appropriate adjustment to the 
value of unfunded vested benefits to reflect the occurrence of 
significant events that have occurred between those dates.
* * * * *

0
5. In Sec.  4006.5, paragraph (a)(5) introductory text is amended by 
removing the last sentence; paragraph (b) is amended by removing the 
words ``in the Premium Payment Package''; and paragraphs (a)(1), 
(a)(2), and (a)(3) are revised to read as follows:


Sec.  4006.5  Exemptions and special rules.

    (a) Variable-rate premium exemptions. * * *
    (1) Certain fully funded plans. A plan is described in this 
paragraph if the plan had fewer than 500 participants on the last day 
of the plan year preceding the premium payment year, and as of that 
date, the plan had no unfunded vested benefits (valued at the interest 
rate prescribed in Sec.  4006.4(b)(1)).
    (2) Plans without vested benefit liabilities. A plan is described 
in this paragraph if it did not have any participants with vested 
benefits as of the last day of the plan year preceding the premium 
payment year.
    (3) Section 412(i) plans. A plan is described in this paragraph if 
the plan was a plan described in section 412(i) of the Code and the 
regulations thereunder on the last day of the plan year preceding the 
premium payment year.
* * * * *

PART 4007--PAYMENT OF PREMIUMS

0
6. The authority citation for part 4007 continues to read as follows:

    Authority: 29 U.S.C. 1302(b)(3), 1303(a), 1306, 1307.


0
7. Section 4007.3 is revised to read as follows:


Sec.  4007.3  Filing requirement; method of filing.

    The estimation, declaration, reconciliation, and payment of 
premiums shall be made in accordance with the premium instructions on 
the PBGC's Web site (http://www.pbgc.gov). The plan administrator of 
each covered plan is responsible for filing prescribed premium 
information and payments. No later than the applicable due date(s) 
specified in Sec.  4007.11, a plan's required premium payment(s) and 
related information, certified as provided in the premium instructions, 
must be filed in the manner and format prescribed in the instructions. 
Information must be filed electronically except to the extent that the 
PBGC grants an exemption for good cause in appropriate circumstances. 
The requirement to file electronically applies to filings for plan 
years beginning in 2006 that are made on or after July 1, 2006, for 
plans with 500 or more participants for the prior plan year and to 
filings for all plans for plan years beginning after 2006. (The 
requirement to file electronically does not apply to information filed 
to comply with a PBGC request under ( 4007.10(c) (dealing with 
providing record information in connection with a premium compliance 
review).)

0
8. Section 4007.4 is revised to read as follows:


Sec.  4007.4  Where to file.

    See Sec.  4000.4 of this chapter for information on where to file.

0
9. In Sec.  4007.11, paragraph (e) is amended by removing the words 
``in the Premium Payment Package''; and paragraph (b)(2) introductory 
text is revised to read as follows:


4007.11  Due dates.

* * * * *
    (b) Participant count rule for purposes of determining filing due 
dates. * * *
* * * * *
    (2) For a multiemployer plan, the number of participants determined 
as of the following date:
* * * * *


[[Page 31082]]


    Issued in Washington, DC, this 25th day of May, 2006.
Elaine L. Chao,
Chairman, Board of Directors, Pension Benefit Guaranty Corporation.

    Issued on the date set forth above pursuant to a resolution of 
the Board of Directors authorizing its Chairman to issue this final 
rule.
Judith R. Starr,
Secretary, Board of Directors, Pension Benefit Guaranty Corporation.
 [FR Doc. E6-8433 Filed 5-31-06; 8:45 am]
BILLING CODE 7709-01-P