[Federal Register Volume 86, Number 61 (Thursday, April 1, 2021)]
[Rules and Regulations]
[Page 17066]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06734]


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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Part 4908

RIN 1212-AB52


Rescission of Pension Benefit Guaranty Corporation Rule on 
Guidance

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule; rescission of regulations.

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SUMMARY: On August 26, 2020, the Pension Benefit Guaranty Corporation 
(PBGC) published a final rule on guidance implementing an Executive 
order entitled ``Promoting the Rule of Law Through Improved Agency 
Guidance Documents,'' and providing policy and requirements for 
issuing, modifying, withdrawing, and using guidance; making guidance 
available to the public; a notice and comment process for significant 
guidance; and taking and responding to petitions about guidance. In 
accordance with the ``Executive Order on Revocation of Certain 
Executive Orders Concerning Federal Regulation,'' issued by President 
Biden on January 20, 2021, this final rule rescinds PBGC's rule on 
guidance.

DATES: This final rule is effective April 1, 2021.

FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]), 
Assistant General Counsel for Regulatory Affairs, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, 
Washington, DC 20005-4026; 202-229-3839. (TTY users may call the 
Federal Relay Service toll-free at 800-877-8339 and ask to be connected 
to 202-229-3839.)

SUPPLEMENTARY INFORMATION: 

I. Discussion

    On August 26, 2020, the Pension Benefit Guaranty Corporation (PBGC) 
published a final rule on procedures for PBGC guidance documents 
implementing E.O. 13891, ``Promoting the Rule of Law Through Improved 
Agency Guidance Documents,'' signed by President Trump on October 9, 
2019. As required by the E.O., this rule contained policy and 
requirements for issuing, modifying, withdrawing, and using guidance; 
making guidance available to the public; a notice and comment process 
for significant guidance; and taking and responding to petitions about 
guidance (85 FR 52481).
    On January 20, 2021, President Biden issued E.O. 13992, 
``Revocation of Certain Executive Orders Concerning Federal 
Regulation'' which, among other things, revoked E.O. 13891 and directed 
agencies to promptly take steps to rescind any orders, rules, 
regulations, guidelines, or policies, or portions thereof, implementing 
or enforcing the Executive orders. In accordance with E.O. 13992, PBGC 
is issuing this final rule, which rescinds the rule on procedures for 
PBGC guidance documents published at 85 FR 52481.

II. Final Rule

    PBGC has determined that this rule is suitable for final 
rulemaking. The revisions to PBGC's policies and requirements 
surrounding guidance are purely internal matters of agency management, 
as well as the agency's organization, procedure, and practice. 
Accordingly, as with the August 2020 final rule, PBGC is not required 
to engage in a notice and comment process to issue this rule under the 
Administrative Procedure Act. See 5 U.S.C. 553(a)(2), 553(b)(A). 
Furthermore, because this rule is procedural rather than substantive, 
the normal requirement of 5 U.S.C. 553(d) that a rule not be effective 
until at least 30 days after publication in the Federal Register is 
inapplicable. PBGC also finds good cause to provide an immediate 
effective date for this rule because it imposes no obligations on 
parties outside the federal government and therefore no advance notice 
is required to enable employers or other private parties to come into 
compliance.

List of Subjects in 29 CFR Part 4908

    Administrative practice and procedure, Employee benefit plans, 
Organization and functions (Government agencies), Pension insurance.

PART 4908--[REMOVED]

0
For the reasons discussed in the preamble, and under the authority of 
section 4002(b)(3) of the Employee Retirement Income Security Act of 
1974 (ERISA), which authorizes PBGC to issue regulations to carry out 
the purposes of title IV of ERISA, and E.O. 13992, PBGC amends title 
29, chapter XL, subchapter L of the Code of Federal Regulations by 
removing part 4908.

    Issued in Washington, DC.
Gordon Hartogensis,
Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2021-06734 Filed 3-31-21; 8:45 am]
BILLING CODE 7709-02-P