[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 XL





Pension Benefit Guaranty Corporation





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Semiannual Regulatory Agenda

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 review or that PBGC expects to have 
under development or review 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.

    This edition of the Unified Agenda of Federal Regulations 
includes The Regulatory Plan, which appears in Part II of this 
issue of the Federal Register. The Pension Benefit Guaranty 
Corporation's Statement of Regulatory Priorities is included in 
Part II.

Martin Slate,

Executive Director, Pension Benefit Guaranty Corporation.

                                               Proposed Rule Stage                                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4123        Mergers and Transfers Between Multiemployer Plans.....................................    1212-AA69 
4124        Financial Assistance to Multiemployer Plans...........................................    1212-AA74 
4125        Disclosure and Amendment of Records Under the Privacy Act.............................    1212-AA63 
4126        Submission of Premium-Related Information.............................................    1212-AA66 
4127        Guaranteed Benefits...................................................................    1212-AA76 
4128        Reinvention...........................................................................    1212-AA83 
4129        Calculation and Payment of Unfunded Nonguaranteed Benefits (Reg Plan Seq. No. 143)....    1212-AA54 
4130        Amendments to Valuation of Plan Benefits (REA, SEPPAA, and PPA).......................    1212-AA55 
4131        Miscellaneous Statutory Amendments....................................................    1212-AA79 
4132        Reportable Event Requirements.........................................................    1212-AA80 
4133        Missing Participants..................................................................    1212-AA81 
4134        Standard Terminations.................................................................   1212-AA82  
----------------------------------------------------------------------------------------------------------------
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   
----------------------------------------------------------------------------------------------------------------
4135        Payment of Premiums...................................................................    1212-AA58 
4136        Reorganizing and Renumbering of Regulations...........................................    1212-AA75 
4137        Financial and Actuarial Information Reporting.........................................    1212-AA78 
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                                                Long-Term Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4138        Funds for Administrative Expenses of Section 4049 Trusts..............................    1212-AA65 
4139        Payment of Benefits in PBGC-Trusteed Plans............................................    1212-AA35 
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                                                Completed Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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4140        Tax Refund Offset.....................................................................    1212-AA72 
4141        Annuity Contracts Distributed by Terminating Plans....................................    1212-AA57 
4142        Notice of State Guaranty Coverage of Annuities........................................    1212-AA73 
4143        Disclosure to Participants............................................................    1212-AA77 
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage
  
  
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4123. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS

Priority:  Substantive, Nonsignificant

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                            04/00/96

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
Phone: 202 326-4024

RIN: 1212-AA69
_______________________________________________________________________

4124. FINANCIAL ASSISTANCE TO MULTIEMPLOYER PLANS

Priority:  Substantive, Nonsignificant

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 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.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            05/00/96
NPRM Comment Period End         07/00/96

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
Phone: 202 326-4024

RIN: 1212-AA74
_______________________________________________________________________

4125. DISCLOSURE AND AMENDMENT OF RECORDS UNDER THE PRIVACY ACT

Priority:  Other

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                            11/00/95
NPRM Comment Period End         12/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Bruce Campbell, Attorney, Pension Benefit Guaranty 
Corporation, Office of the General Counsel, 1200 K St. NW., Washington, 
DC 20005-4026
Phone: 202 326-4024

RIN: 1212-AA63
_______________________________________________________________________

4126. SUBMISSION OF PREMIUM-RELATED INFORMATION

Priority:  Substantive, Nonsignificant

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                            02/00/96
NPRM Comment Period End         04/00/96

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
Phone: 202 326-4024

RIN: 1212-AA66
_______________________________________________________________________

4127. GUARANTEED BENEFITS

Priority:  Substantive, Nonsignificant

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                            04/00/96
NPRM Comment Period End         06/00/96

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

RIN: 1212-AA76
_______________________________________________________________________

4128.  REINVENTION

Priority:  Other

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

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

CFR Citation:  29 CFR 2601 to 2677

Legal Deadline: None

Abstract: Consistent with the President's Regulatory Reinvention 
Initiative, the PBGC has reviewed all of its regulations to determine 
whether they can be simplified or updated. The PBGC intends to make 
appropriate changes to its regulations to reflect the results of this 
review.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/00/96
NPRM Comment Period End         04/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Marc L. Jordan, Attorney, Pension Benefit Guaranty 
Corporation, Office of the General Counsel, 1200 K Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024
TDD: 202 326-4179
Fax: 202 326-4112

RIN: 1212-AA83
_______________________________________________________________________

4129. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS

Regulatory Plan:  This entry is Seq. No. 143 in Part II of this issue 
of the Federal Register.

RIN: 1212-AA54
_______________________________________________________________________

4130. AMENDMENTS TO VALUATION OF PLAN BENEFITS (REA, SEPPAA, AND 
PPA)

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

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                            02/00/96
NPRM Comment Period End         04/00/96

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
Phone: 202 326-4116

RIN: 1212-AA55
_______________________________________________________________________

4131. MISCELLANEOUS STATUTORY AMENDMENTS

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  29 USC 1301 et seq

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: Statutory amendments to various provisions of ERISA have 
modified rules that underlie certain PBGC regulations. The PBGC has 
undertaken several projects that address the effects of a number of 
these amendments. This rulemaking will address others. In particular, 
it will amend the regulations to reflect changes made by the Retirement 
Protection Act of 1994 that are not the subject of other PBGC 
rulemakings. These include amendments to the rules for determining the 
variable rate portion of the premium payable by certain single-employer 
plans (see ERISA section 4006(a)(3)) and to the rules under which the 
PBGC issues notices of noncompliance with standard termination 
requirements (see ERISA section 4041(b)(2)).

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/00/96
NPRM Comment Period End         04/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Marc L. Jordan, Attorney, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024

RIN: 1212-AA79
_______________________________________________________________________

4132. REPORTABLE EVENT REQUIREMENTS

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  29 USC 1302(b)(3); 29 USC 1343

CFR Citation:  29 CFR 2615 subpart A

Legal Deadline: None

Abstract: The Retirement Protection Act of 1994 amended the reportable 
event requirements in ERISA section 4043 by: (1) applying to 
contributing sponsors (as well as plan administrators) the requirement 
to notify the PBGC of a reportable event within 30 days after a person 
knows or has reason to know of its occurrence; (2) specifying four 
additional types of events for which notice is required (except as 
waived by the PBGC); and (3) requiring that, under limited 
circumstances, a contributing sponsor must notify the PBGC in advance 
of the occurrence of an event specified in the RPA or prescribed by 
PBGC regulations. This rule will amend the PBGC's reportable event 
regulations to implement these statutory changes. The rulemaking will 
also consider when notice should be required in various situations that 
may indicate the need to terminate a plan.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Notice of Intent (Negotiated 
Rulemaking)                     08/11/95                    60 FR 41033
Notice of Intent Comment/ 
Application Period End          09/15/95
Notice of First Meeting 
(Negotiated Rulemaking)         09/26/95                    60 FR 49531
Notice of Establishment of 
Negotiated Rulemaking Advisory 
Committee                       10/05/95                    60 FR 52135
NPRM                            04/00/96
NPRM Comment Period End         06/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James L. Beller, Attorney, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024

RIN: 1212-AA80
_______________________________________________________________________

4133. MISSING PARTICIPANTS

Priority:  Other Significant

Legal Authority:  29 USC 1302(b); 29 USC 1350

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: ERISA section 4050, added by the Retirement Protection Act of 
1994, provides for a procedure whereby the plan administrator of a 
terminating single-employer plan could give the PBGC information about 
any missing participant and either transfer the participant's benefits 
to the PBGC or annuitize the benefits, and the PBGC would pay the 
benefits, or give the participant the information needed to obtain 
payment of the annuity, if and when the participant was located or 
reappeared. The PBGC is required to issue implementing regulations 
covering the amount to be paid by the plan to the PBGC and by the PBGC 
to the participant as well as what steps plan administrators are to 
take in searching for participants. The purpose of the proposed 
regulations is to provide standards and procedures for carrying out the 
new missing participants provision.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            08/24/95                    60 FR 44158
NPRM Comment Period End         10/10/95
Final Action                    12/00/95
Final Action Effective          01/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Deborah C. Murphy, Attorney, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024

RIN: 1212-AA81
_______________________________________________________________________

4134.  STANDARD TERMINATIONS

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  29 USC 1302(b)(3); 29 USC 1341

CFR Citation:  29 CFR 2617

Legal Deadline: None

Abstract: The PBGC's standard termination regulations (29 CFR part 
2617) provide rules and procedures plan administrators must follow to 
terminate a defined benefit pension plan that has sufficient assets to 
pay all benefit obligations to participants at the time of termination. 
The PBGC is reviewing experience under this regulation to determine 
whether the procedures and time periods for processing a standard 
termination are appropriate.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/00/96
NPRM Comment Period End         03/00/96

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 Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024
TDD: 202 326-4179
Fax: 202 326-4112

RIN: 1212-AA82
_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage
  
  
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4135. PAYMENT OF PREMIUMS

Priority:  Other Significant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

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                    02/00/96

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
Phone: 202 326-4024

RIN: 1212-AA58
_______________________________________________________________________

4136. REORGANIZING AND RENUMBERING OF REGULATIONS

Priority:  Other

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  29 USC 1301 et seq

CFR Citation:  29 CFR ch XXVI; 29 CFR ch XL

Legal Deadline: None

Abstract: This rule will reorganize and renumber the PBGC's 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                    02/00/96
Final Action Effective          03/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Marc L. Jordan, Attorney, Pension Benefit Guaranty 
Corporation, Office of the General Counsel, 1200 K Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024

RIN: 1212-AA75
_______________________________________________________________________

4137. FINANCIAL AND ACTUARIAL INFORMATION REPORTING

Priority:  Other Significant

Legal Authority:  29 USC 1302(b)(3); 29 USC 1310

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: ERISA section 4010, added by the Retirement Protection Act of 
1994, requires that contributing sponsors of certain underfunded 
single-employer plans and members of their controlled groups provide 
the PBGC, annually by a date specified in PBGC regulations, with: (1) 
records, documents, or other information that PBGC regulations specify 
as necessary to determine the liabilities and assets of plans covered 
by the termination insurance program, and (2) copies of their financial 
statements and other financial information as PBGC regulations may 
prescribe. This rule will include the implementing regulations 
anticipated by section 4010. The rulemaking will address many of the 
same types of information as would be addressed in the PBGC's separate 
rulemaking on plan funding information (see RIN 1212-AA70), and the 
PBGC has therefore decided not to proceed at this time with that 
separate rulemaking.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/06/95                    60 FR 35308
NPRM Comment Period End         09/05/95
Final Action                    12/00/95
Final Action Effective          01/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Frank H. McCulloch, Senior Counsel, Pension Benefit 
Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026
Phone: 202 326-4026

RIN: 1212-AA78
_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions
  
  
_______________________________________________________________________
  
4138. FUNDS FOR ADMINISTRATIVE EXPENSES OF SECTION 4049 TRUSTS

Priority:  Substantive, Nonsignificant

CFR Citation:  29 CFR 2626

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            00/00/00
NPRM Comment Period End         00/00/00

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas H. Gabriel
Phone: 202 326-4023

RIN: 1212-AA65
_______________________________________________________________________

4139. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS

Priority:  Substantive, Nonsignificant

CFR Citation:  29 CFR 2624

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Peter H. Gould
Phone: 202 326-4116

RIN: 1212-AA35
_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Completed Actions
  
  
_______________________________________________________________________
  
4140. TAX REFUND OFFSET

Priority:  Other

Legal Authority:  29 USC 1302(b)(3); 31 USC 3701; 31 USC 3720A

CFR Citation:  29 CFR 2606; 29 CFR 2609

Legal Deadline: None

Abstract: Tax refund offset (i.e., referral of debts to the Internal 
Revenue Service to be offset against Federal tax refunds) may be an 
effective tool for collecting debts such as premium payment 
deficiencies, benefit overpayments, and employer liability. The PBGC 
rule enables it to participate in the Federal tax refund offset 
program.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Interim Final Rule              12/06/94                    59 FR 62571
Interim Final Rule Effective    01/05/95                    59 FR 62571
Interim Final Rule Comment 
Period End                      02/06/95
Final Action                    08/04/95                    60 FR 39848
Final Action Effective          08/04/95

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

RIN: 1212-AA72
_______________________________________________________________________

4141. ANNUITY CONTRACTS DISTRIBUTED BY TERMINATING PLANS

Priority:  Substantive, Nonsignificant

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.
As part of this ongoing study, PBGC issued an ANPRM in order to solicit 
comments and suggestions from the public.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           06/21/91                    56 FR 28642
Withdrawn - DOL Interpretive 
Bulletin 95-1 addresses issues  09/27/95

Small Entities Affected: None

Government Levels Affected: None

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
Phone: 202 326-4125

RIN: 1212-AA57
_______________________________________________________________________

4142. NOTICE OF STATE GUARANTY COVERAGE OF ANNUITIES

Priority:  Substantive, Nonsignificant

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 in state of residence can alter their coverage. 
This regulation would require plan administrators to provide certain 
information to participants about state guaranty coverage.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Merged With RIN 1212-AA83 
(Standard Terminations)         09/27/95

Small Entities Affected: None

Government Levels Affected: None

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
Phone: 202 326-4125

RIN: 1212-AA73
_______________________________________________________________________

4143. DISCLOSURE TO PARTICIPANTS

Priority:  Other Significant

Legal Authority:  29 USC 1302(b); 29 USC 1311

CFR Citation:  29 CFR 2627

Legal Deadline: None

Abstract: The Retirement Protection Act of 1994 added section 4011 of 
ERISA, which requires plan administrators of certain underfunded plans 
to provide notice to plan participants and beneficiaries of the plan's 
funding status and the limits on the PBGC's guarantee should the plan 
terminate while underfunded. The PBGC regulations interpret the new 
statutory provision and prescribe the time, form, and manner in which 
the notice is to be provided. The purpose of the regulations is to 
ensure that participants and beneficiaries in underfunded plans are 
provided with meaningful, understandable, and timely information about 
their plan's funding status and their potential exposure in the event 
their plan terminates.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/28/95                    60 FR 16026
NPRM Comment Period End         04/27/95                    60 FR 16026
Final Action                    06/30/95                    60 FR 34412
Final Rule Correction           07/09/95                    60 FR 36998
Final Action Effective          07/31/95

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

RIN: 1212-AA77
[FR Doc. 95-26076 Filed 11-24-95; 8:45 am]
BILLING CODE 7708-01-F