[ The Regulatory Plan and 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 XLI





Pension Benefit Guaranty Corporation





_______________________________________________________________________



Semiannual Regulatory Agenda

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PENSION BENEFIT GUARANTY CORPORATION (PBGC)                      
  
_______________________________________________________________________

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. This edition 
of the Unified Agenda of Federal Regulatory and Deregulatory 
Actions 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.

David M. Strauss,

Executive Director, Pension Benefit Guaranty Corporation.

                                                  Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4109         Lump Sum Payment Assumptions.........................................................    1212-AA92
----------------------------------------------------------------------------------------------------------------


                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4110         Filing Rules.........................................................................    1212-AA89
4111         Valuation of Benefits; Use of Single Set of Assumptions for All Benefits.............    1212-AA91
4112         Payment of Benefits in PBGC-Trusteed Plans...........................................    1212-AA35
4113         Calculation and Payment of Unfunded Nonguaranteed Benefits...........................    1212-AA54
4114         Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets (Reg
            Plan Seq. No. 151)....................................................................    1212-AA55
4115         Treatment of Substantial Cessation of Operations.....................................   1212-AA84
----------------------------------------------------------------------------------------------------------------
References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register.


                                                Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4116         Payment of Premiums..................................................................    1212-AA58
4117         Miscellaneous Statutory Amendments...................................................    1212-AA79
----------------------------------------------------------------------------------------------------------------


                                                Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4118         Mergers and Transfers Between Multiemployer Plans....................................    1212-AA69
4119         PBGC Recoupment and Reimbursement of Benefit Overpayments and Underpayments..........    1212-AA87

[[Page 62589]]

 
4120         Valuation and Payment of Lump Sum Benefits...........................................    1212-AA88
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_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Prerule Stage
  
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4109.  LUMP SUM PAYMENT ASSUMPTIONS

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302; 29 USC 1322; 29 USC 1341; 29 USC 1344; 
29 USC 1362; 29 USC 1301(a)

CFR Citation:  29 CFR 4022; 29 CFR 4044

Legal Deadline: None

Abstract: The PBGC is considering: (1) Discontinuing use of its 
existing lump sum assumptions for payment purposes and replacing them 
with a modified version of its existing annuity assumptions, effective 
sometime after December 2000, and (2) discontinuing calculation and 
publication of its existing lump sum interest rates at, or sometime 
after, the time the PBGC discontinues their use.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice of Intent To Propose 
Rulemaking                      10/00/98

Regulatory Flexibility Analysis Required: Undetermined

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-AA92
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC)   Proposed Rule Stage
  
_______________________________________________________________________

4110.  FILING RULES

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:  29 CFR 4000

Legal Deadline: None

Abstract: The PBGC's rules governing the date of filing vary, depending 
on the regulation involved and the method of filing used (e.g., mail 
postmarked by the United States Postal Service, metered mail, 
commercial delivery service, facsimile). The PBGC intends to clarify 
and simplify its filing rules and to provide greater flexibility in 
methods of filing (including by electronic means).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/99
NPRM Comment Period End         07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

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 20005-4024
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA89
_______________________________________________________________________

4111.  VALUATION OF BENEFITS; USE OF SINGLE SET OF ASSUMPTIONS 
FOR ALL BENEFITS

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(a); 29 USC 1302; 29 USC 1322; 29 USC 
1341; 29 USC 1344; 29 USC 1350; 29 USC 1362

CFR Citation:  29 CFR 4022; 29 CFR 4044; 29 CFR 4050; 29 CFR 4281

Legal Deadline: None

Abstract: The Pension Benefit Guaranty Corporation is proposing to 
amend its regulations to provide for the use of a single set of 
valuation assumptions--those currently used by the PBGC to value 
benefits to be paid as annuities--for purposes of allocating assets to 
benefits under section 4044 of ERISA.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

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 2005-4024
Phone: 202 326-4024
TDD: 800 877-8339

[[Page 62590]]

Fax: 202 326-4112

RIN: 1212-AA91
_______________________________________________________________________

4112. 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. 
This regulation will fill gaps in the rules and otherwise clarify 
matters that had been handled on a case-by-case basis in the past.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/99
NPRM Comment Period End         05/00/99

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4113. 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: Under ERISA section 4022(c), plan participants and 
beneficiaries may receive a portion of their unfunded nonguaranteed 
benefits (UNBs). The PBGC's claim for employer liability covers both 
its shortfall (unfunded guaranteed benefits) and participants' losses 
(UNBs). In turn, the PBGC uses a portion of its employer liability 
recoveries to pay a portion of 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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/99
NPRM Comment Period End         08/00/99

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4114. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF 
BENEFITS AND ASSETS

Regulatory Plan:  This entry is Seq. No. 151 in Part II of this issue 
of the Federal Register.

RIN: 1212-AA55
_______________________________________________________________________

4115. 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 certain issues that may arise 
under this section.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/99
NPRM Comment Period End         07/00/99

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________
PENSION BENEFIT GUARANTY CORPORATION (PBGC)     Long-Term Actions
  
_______________________________________________________________________

4116. 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

________________________________________________________________________

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

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 1212-AA58

[[Page 62591]]

_______________________________________________________________________

4117. 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

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Marc L. Jordan
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

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

4118. 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

________________________________________________________________________

NPRM                            05/01/97                    62 FR 23700
NPRM Comment Period End         06/30/97
Final Action                    05/04/98                    63 FR 24421
Final Action Effective          06/03/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4119. 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 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

________________________________________________________________________

NPRM                            12/18/97                    62 FR 66319
NPRM Comment Period End         01/20/98
Final Action                    05/29/98                    63 FR 29353
Final Action Effective          05/29/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4120. 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 is amending 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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/30/98                    63 FR 23693
NPRM Comment Period End         06/01/98
Final Action                    07/16/98                    63 FR 38305
Final Action Effective          07/16/98
Certain Amendments Effective    08/17/98                    63 FR 38305

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Marc L. Jordan, Attorney, Pension Benefit Guaranty 
Corporation, Office of the General

[[Page 62592]]

Counsel, 1200 K St. NW., Washington, DC 20005-4026
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA88
[FR Doc. 98-24584 Filed 11-06-98; 8:45 am]
BILLING CODE 7708-01-F