[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:
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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: 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:
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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

_________________________________________________________________________

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
  
  
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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
  
  
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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
  
  
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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
  
  
_______________________________________________________________________
 
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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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
_______________________________________________________________________


_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage
  
  
_______________________________________________________________________
 
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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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
_______________________________________________________________________
  

_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Completed Actions
  
  
_______________________________________________________________________
 
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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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
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