[Unified Agenda of Federal Regulatory and Deregulatory Actions]
[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: Semiannual regulatory agenda.

_______________________________________________________________________

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.

John Seal,

Acting Executive Director, Pension Benefit Guaranty Corporation.

                                               Proposed Rule Stage                                              
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3748        Mergers and Transfers Between Multiemployer Plans.....................................    1212-AA69 
3749        Treatment of Substantial Cessation of Operations......................................    1212-AA84 
3750        Calculation and Payment of Unfunded Nonguaranteed Benefits............................    1212-AA54 
3751        Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets.......    1212-AA55 
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                                                Final Rule Stage                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3752        Payment of Premiums...................................................................    1212-AA58 
3753        Disclosure of Premium-Related Information.............................................    1212-AA66 
3754        Termination of Single Employer Plans..................................................    1212-AA82 
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                                                Long-Term Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3755        Payment of Benefits in PBGC-Trusteed Plans............................................    1212-AA35 
3756        Miscellaneous Statutory Amendments....................................................    1212-AA79 
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                                                Completed Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3757        Reportable Events Requirements........................................................    1212-AA80 
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage


  



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3748. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302(b)(3); 29 USC 1411

CFR Citation:  29 CFR 4231

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 proposed rule would amend 29 CFR part 4231 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 proposed rule 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                            04/00/97
NPRM Comment Period End         06/00/97

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
TDD: 202 326-4179

RIN: 1212-AA69
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3749.  TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONS

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302(b)(3); 29 USC 1362; 29 USC 1363; 29 USC 
1364; 29 USC 1365

CFR Citation:  29 CFR 4062

Legal Deadline: None

Abstract: Section 4062(e) of ERISA imposes a contingent liability upon 
an employer in the case of certain cessations of operations at a 
facility. This rulemaking will address various issues that may arise 
under this section.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/97
NPRM Comment Period End         12/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James L. Beller, 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
Email: [email protected]

RIN: 1212-AA84
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3750. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS

Priority:  Other Significant

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

CFR Citation:  29 CFR 4022 subpart C

Legal Deadline: None

Abstract: In the Pension Protection Act, Congress created a 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 nonguaranteed 
benefits (UNBs)). In turn, the PBGC is to pay a portion of its employer 
liability recovery to pay UNBs to participants and beneficiaries.
Section 4022(c) contains several ambiguities and also leaves to the 
PBGC the development of specific rules and procedures necessary to make 
this system work. Thus, a regulation is needed to implement these 
statutory provisions.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            09/00/97
NPRM Comment Period End         11/00/97

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
TDD: 202 326-4179

RIN: 1212-AA54
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3751. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF 
BENEFITS AND ASSETS

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 4044 subpart B

Legal Deadline: None

Abstract: Statutory changes necessitate several amendments to the 
PBGC's allocation and valuation regulation (29 CFR part 4044). The PBGC 
also plans to update its mortality tables.

Timetable:
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Action                            Date                      FR Cite

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Notice of Intent to Propose 
Rulemaking                      03/19/97                    62 FR 12982
NPRM                            10/00/97
NPRM Comment Period End         12/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James L. Beller, Attorney, Pension Benefit Guaranty 
Corporation, Office of the General Counsel, 1200 K St. NW., Washington, 
DC 20005-4026
Phone: 202 326-4024
TDD: 202 326-4179

RIN: 1212-AA55

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PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage


  



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3752. 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 4006; 29 CFR 4007

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 parts 4006 and 4007). The PBGC 
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:
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Action                            Date                      FR Cite

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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                    11/00/97

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
TDD: 202 326-4179

RIN: 1212-AA58
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3753. DISCLOSURE OF PREMIUM-RELATED INFORMATION

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302(b)(3); 29 USC 1306; 29 USC 1307

CFR Citation:  29 CFR 4007

Legal Deadline: None

Abstract: The PBGC's regulation on Payment of Premiums (29 CFR part 
4007) 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 proposed amendments to provide for the 
submission to the PBGC of information in those records. The PBGC 
expects these changes to increase the agency's efficiency and 
effectiveness in conducting premium audits.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/96                    61 FR 66247
NPRM Comment Period End         02/18/97
Final Action                    06/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James L. Beller, 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
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3754. TERMINATION OF SINGLE EMPLOYER PLANS

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 4041

Legal Deadline: None

Abstract: The PBGC's termination regulation (29 CFR part 4041) provides 
rules and procedures plan administrators must follow to voluntarily 
terminate a defined benefit pension plan. The PBGC is amending its 
termination regulation to extend standard termination deadlines and 
otherwise to simplify the standard termination process, to require that 
plan administrators provide participants with information on State 
guaranty association coverage of annuities, and to make conforming 
changes to the distress termination process. The amendments also make 
conforming and simplifying changes to the missing participants 
regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/14/97                    62 FR 12507
NPRM Comment Period End         05/13/97
Final Action                    10/00/97
Final Action Effective          11/00/97

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
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions


  



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3755. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS

Priority:  Substantive, Nonsignificant

CFR Citation:  29 CFR 4022

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 1212-AA35
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3756. MISCELLANEOUS STATUTORY AMENDMENTS

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in

[[Page 22533]]

the CFR to reduce burden or duplication, or streamline requirements.

CFR Citation:  29 CFR 4000 et seq

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Marc L. Jordan
Phone: 202 326-4024
TDD: 202 326-4179

RIN: 1212-AA79
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Completed Actions


  



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3757. REPORTABLE EVENTS REQUIREMENTS

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); 29 USC 1343

CFR Citation:  29 CFR 4043

Legal Deadline: None

Abstract: Section 4043 of ERISA requires reporting to the PBGC of 
certain events that may indicate a need for the PBGC to take action to 
protect pension plan participants and the plan termination insurance 
program. 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.
The PBGC issued a regulation to implement these statutory changes. The 
regulation contains extensive waivers and reporting extensions. In 
developing the proposed regulation, the PBGC for the first time used a 
negotiated rulemaking committee.

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
Notice of Meetings (Negotiated 
Rulemaking)                     10/25/95                    60 FR 54619
Notice of Meeting (Negotiated 
Rulemaking)                     03/26/96                    61 FR 13117
NPRM                            07/24/96                    61 FR 38409
NPRM Comment Period End         09/23/96
Final Action                    12/02/96                    61 FR 63987
Final Action Effective          01/01/97

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
TDD: 202 326-4179

RIN: 1212-AA80
[FR Doc. 97-7858 Filed 04-24-97; 8:45 am]
BILLING CODE 7708-01-F