[The Regulatory Plan and 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 XLI





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.

_______________________________________________________________________

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.

    For this edition of the regulatory agenda, each agency's most 
important significant regulatory actions are included in The 
Regulatory Plan, which appears in Part II of this issue of the 
Federal Register. The PBGC's regulatory plan includes one entry. 
This item is listed in the Table of Contents below and is denoted 
by a bracketed bold reference, which directs the reader to the 
appropriate Sequence Number in Part II.

Martin Slate,

Executive Director, Pension Benefit Guaranty Corporation.

                                                  Prerule Stage                                                 
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4681        Annuity Contracts Distributed by Terminating Plans....................................    1212-AA57 
----------------------------------------------------------------------------------------------------------------


                                               Proposed Rule Stage                                              
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4682        Mergers and Transfers Between Multiemployer Plans.....................................    1212-AA69 
4683        Financial Assistance to Multiemployer Plans...........................................    1212-AA74 
4684        Disclosure and Amendment of Records Under the Privacy Act.............................    1212-AA63 
4685        Funds for Administrative Expenses of Section 4049 Trusts..............................    1212-AA65 
4686        Submission of Premium-Related Information.............................................    1212-AA66 
4687        Certain Reporting and Notification Requirements.......................................    1212-AA68 
4688        Reporting Plan Funding Information....................................................    1212-AA70 
4689        Guaranteed Benefits...................................................................    1212-AA76 
4690        Payment of Benefits in PBGC-Trusteed Plans............................................    1212-AA35 
4691        Calculation and Payment of Unfunded Nonguaranteed Benefits (Reg Plan Seq. No. 187)....    1212-AA54 
4692        Amendments to Valuation of Plan Benefits (REA, SEPPAA, and PPA).......................    1212-AA55 
4693        Notice of State Guaranty Coverage of Annuities........................................   1212-AA73  
----------------------------------------------------------------------------------------------------------------
References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register.          


                                                Final Rule Stage                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4694        Payment of Premiums...................................................................    1212-AA58 
4695        Administrative Offset of Debts........................................................    1212-AA64 
4696        Tax Refund Offset.....................................................................    1212-AA72 
4697        Renumbering of Regulations............................................................    1212-AA75 
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                                                Completed Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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4698        Disaster Relief--Rules for Administrative Review of Agency Decisions; Standard                      
            Terminations of Single-Employer Plans.................................................    1212-AA71 
----------------------------------------------------------------------------------------------------------------

      
  
          
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)               Prerule Stage
  
  
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4681. ANNUITY CONTRACTS DISTRIBUTED BY TERMINATING PLANS

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.) 
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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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. 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
_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage
  
  
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4682. 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            05/00/95
NPRM Comment Period End         07/00/95

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
_______________________________________________________________________

4683. 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/00/95
NPRM Comment Period End         09/00/95

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 funds 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
_______________________________________________________________________

4684. 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/94
NPRM Comment Period End         12/00/94

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
_______________________________________________________________________

4685. 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/00/95
NPRM Comment Period End         08/00/95

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
_______________________________________________________________________

4686. SUBMISSION OF PREMIUM-RELATED INFORMATION

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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
_______________________________________________________________________

4687. CERTAIN REPORTING AND NOTIFICATION REQUIREMENTS

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/00/95
NPRM Comment Period End         09/00/95

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
_______________________________________________________________________

4688. 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/00/95
NPRM Comment Period End         08/00/95

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
_______________________________________________________________________

4689.  GUARANTEED BENEFITS

Legal Authority:  29 USC 1302(b)(3); 29 USC 1322

CFR Citation:  29 CFR 2613

Legal Deadline: None

Abstract: Under ERISA section 4022, the PBGC guarantees the payment of 
certain nonforfeitable benefits under single-employer plans that 
terminate without sufficient assets to fund such benefits. Part 2613 of 
the PBGC's regulations describes the benefits that are guaranteed, the 
limitations on the guarantee, and the manner in which guaranteed 
benefits are paid.
This regulation would amend Part 2613 to make it clear the PBGC 
determines whether a participant is entitled to a guarantee of his or 
her benefit under a terminated plan based on the participant's age, 
length of service, disability, or death as of the plan's termination 
date, rather than as of the day before that date.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/94
NPRM Comment Period End         01/00/95

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 Street NW., 
Washington, DC 20005-4026, 202 326-4116

RIN: 1212-AA76
_______________________________________________________________________

4690. 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                            12/00/95
NPRM Comment Period End         02/00/96

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-AA35
_______________________________________________________________________

4691. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS

Regulatory Plan:  This entry is Seq. No. 187 in Part II of this issue 
of the Federal Register.

RIN: 1212-AA54
_______________________________________________________________________

4692. 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                            12/00/94
NPRM Comment Period End         02/00/95

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
_______________________________________________________________________

4693. NOTICE OF STATE GUARANTY COVERAGE OF ANNUITIES

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                            02/00/95
NPRM Comment Period End         04/00/95

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 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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4694. PAYMENT OF PREMIUMS

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
_______________________________________________________________________

4695. ADMINISTRATIVE OFFSET OF DEBTS

Legal Authority:  29 USC 1302(b); 31 USC 3701; 31 USC 3716; 4 CFR 102

CFR Citation:  29 CFR 2609

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

_________________________________________________________________________

NPRM                            05/20/94                    59 FR 26467
NPRM Comment Period End         07/19/94
Final Action                    11/00/94
Final Action Effective          12/00/94

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, 202 326-4024

RIN: 1212-AA64
_______________________________________________________________________

4696. 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, 202 326-4024

RIN: 1212-AA72
_______________________________________________________________________

4697. RENUMBERING OF REGULATIONS

Legal Authority:  29 USC 1302(b)(3)

CFR Citation:  29 CFR ch 26; 29 CFR ch 40

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.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Notice of Intent to Renumber 
Regulations                     07/08/94                    59 FR 35067
Notice of Intent Comment Period 
End                             09/06/94
Final Action                    02/00/95
Final Action Effective          07/00/95

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 Street NW., 
Washington, DC 20005-4026, 202 326-4024

RIN: 1212-AA75
_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Completed Actions
  
  
_______________________________________________________________________
  
4698. 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; 29 USC 1344

CFR Citation:  29 CFR 2606; 29 CFR 2616; 29 CFR 2617

Legal Deadline: None

Abstract: The PBGC amended 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 
similarly amended 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.

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                    04/14/94                    59 FR 17694
Final Action Effective          04/14/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Harold J. Ashner, Assistant General Counsel, Pension 
Benefit Guaranty Corporation, Office of the General Counsel, 1200 K St. 
NW., Washington, DC 20005-4026, 202 326-4024

RIN: 1212-AA71
[FR Doc. 94-22303 Filed 11-10-94; 8:45 am]
BILLING CODE 7708-01-F