[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 XL





Pension Benefit Guaranty Corporation





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Semiannual Regulatory Agenda

[[Page 22852]]



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.

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SUMMARY: This document sets forth the Pension Benefit Guaranty 
Corporation's regulatory agenda issued under Executive Order 12866 and 
the Regulatory Flexibility Act. The agenda lists regulations that are 
currently under development or 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, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005, (202) 326-4024. (For TTY/TDD users, 
call the Federal relay service toll-free at 1-800-877-8339 and ask to 
be connected to 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.

David M. Strauss,

Executive Director, Pension Benefit Guaranty Corporation.

                                               Proposed Rule Stage                                              
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3874         Valuation and Payment of Lump Sum Benefits...........................................    1212-AA88 
3875         Treatment of Substantial Cessation of Operations.....................................    1212-AA84 
3876         Payment of Benefits in PBGC-Trusteed Plans...........................................    1212-AA35 
3877         Calculation and Payment of Unfunded Nonguaranteed Benefits...........................    1212-AA54 
3878         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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3879         Mergers and Transfers Between Multiemployer Plans....................................    1212-AA69 
3880         PBGC Recoupment and Reimbursement of Benefit Overpayments and Underpayments..........    1212-AA87 
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                                                Long-Term Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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3881         Payment of Premiums..................................................................    1212-AA58 
3882         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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3883         Termination of Single Employer Plans.................................................    1212-AA82 
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[[Page 22853]]

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PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage


  



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3874.  VALUATION AND PAYMENT OF LUMP SUM BENEFITS

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302; 29 USC 1311; 29 USC 1322; 29 USC 1341a; 
29 USC 1350; 29 USC 1441

CFR Citation:  29 CFR 4022

Legal Deadline: None

Abstract: The Taxpayer Relief Act of 1997 increased the maximum amount 
private pension plans may pay to a participant or surviving spouse in a 
lump sum (i.e., payment in a single installment) without the 
participant's consent (effective for plan years beginning after August 
5, 1997). To reflect this change, the PBGC proposes to amend its 
regulations to increase from $3,500 to $5,000 the maximum value of 
benefits that the PBGC may pay in lump sum form.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98
NPRM Comment Period End         07/00/98

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 St. NW., Washington, 
DC 20005-4026
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA88
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3875. 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

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NPRM                            10/00/98
NPRM Comment Period End         12/00/98

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: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA84
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3876. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302(b)(3); 29 USC 1322; 29 USC 1342

CFR Citation:  29 CFR 4022

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 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:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/98
NPRM Comment Period End         11/00/98

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
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA35
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3877. 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 use 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.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            10/00/98
NPRM Comment Period End         12/00/98

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: 202 326-4020
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA54

[[Page 22854]]

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3878. 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                            09/00/98
NPRM Comment Period End         11/00/98

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: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA55
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage


  



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3879. 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 rule amends 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 rule 
also liberalizes the 120-day notice requirement for all multiemployer 
mergers and transfers so that such transactions can proceed more 
expeditiously.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

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NPRM                            05/01/97                    62 FR 23700
NPRM Comment Period End         06/30/97
Final Action                    04/00/98
Final Action Effective          05/00/98

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: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA69
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3880.  PBGC RECOUPMENT AND REIMBURSEMENT OF BENEFIT OVERPAYMENTS 
AND UNDERPAYMENTS

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; 29 USC 1322; 29 USC 1322b; 29 USC 
1341(c)(3)(D); 29 USC 1344

CFR Citation:  29 CFR 4022

Legal Deadline: None

Abstract: Under the current PBGC regulation on recoupment of benefit 
overpayments, unless the participant elects to repay the overpayment in 
a lump sum, the PBGC recoups the overpayment through an actuarial 
reduction of all future monthly benefit payments. This amendment 
provides that recoupment will stop when the total amount collected 
equals the amount of the overpayment and makes other related changes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

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NPRM                            12/18/97                    62 FR 66319
NPRM Comment Period End         01/20/98
Final Action                    04/00/98
Final Action Effective          05/00/98

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: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA87

[[Page 22855]]

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PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions


  



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3881. 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.

CFR Citation:  29 CFR 4006; 29 CFR 4007

Timetable:
________________________________________________________________________

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                    00/00/00

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Deborah Murphy
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA58
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3882. 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.

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: 800 877-8339
Fax: 202 326-4112

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


  



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3883. 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                    11/07/97                    62 FR 60424
Final Action Effective          01/01/98

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: 800 877-8339

RIN: 1212-AA82
[FR Doc. 98-7569 Filed 04-24-98; 8:45 am]
BILLING CODE 7708-01-F