[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]



[[Page 22171]]



_______________________________________________________________________


Part XLI



Pension Benefit Guaranty Corporation



_______________________________________________________________________

Semiannual Regulatory Agenda

[[Page 22172]]



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.

David M. Strauss,

Executive Director, Pension Benefit Guaranty Corporation.

                                                  Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3876         Premium Self-Audit...................................................................    1212-AA93
----------------------------------------------------------------------------------------------------------------


                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3877         Filing Rules.........................................................................    1212-AA89
3878         Payment of Benefits in PBGC-Trusteed Plans...........................................    1212-AA35
3879         Calculation and Payment of Unfunded Nonguaranteed Benefits...........................    1212-AA54
3880         Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets......    1212-AA55
3881         Treatment of Substantial Cessation of Operations.....................................    1212-AA84
3882         Lump Sum Payment Assumptions.........................................................    1212-AA92
3883         Payment of Premiums..................................................................    1212-AA94
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3884         Valuation of Benefits; Use of Single Set of Assumptions for All Benefits.............    1212-AA91
----------------------------------------------------------------------------------------------------------------


                                                Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3885         Payment of Premiums..................................................................    1212-AA58
3886         Miscellaneous Statutory Amendments...................................................    1212-AA79
----------------------------------------------------------------------------------------------------------------


[[Page 22173]]

_______________________________________________________________________


PENSION BENEFIT GUARANTY CORPORATION (PBGC)               Prerule Stage




_______________________________________________________________________




3876.  PREMIUM SELF-AUDIT

Priority:  Substantive, Nonsignificant

Legal Authority:  29 USC 1302; 29 USC 1307

CFR Citation:  29 CFR 4007

Legal Deadline: None

Abstract: The PBGC is considering whether to set up a premium ``self-
audit'' program under which pension plans' premium payments could be 
reviewed by the plans' own independent auditors using ``agreed-upon 
procedures'' specified by the PBGC. The aim of the program would be to 
limit the need for full-scale PBGC audits for participating plans while 
improving voluntary compliance with premium payment rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           07/00/99
ANPRM Comment Period End        09/00/99

Regulatory Flexibility Analysis Required: Undetermined
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Deborah C. Murphy, 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-AA93
_______________________________________________________________________


PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage




_______________________________________________________________________




3877. 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 Street NW., 
Washington, DC 20005-4024
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA89
_______________________________________________________________________




3878. 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                            07/00/99
NPRM Comment Period End         09/00/99

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

RIN: 1212-AA35
_______________________________________________________________________




3879. 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                            10/00/99
NPRM Comment Period End         12/00/99

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 Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4020
TDD: 800 877-8339

[[Page 22174]]

Fax: 202 326-4112

RIN: 1212-AA54
_______________________________________________________________________




3880. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF 
BENEFITS AND ASSETS

Priority:  Other Significant

Legal Authority:  29 USC 1302(b)(3); 29 USC 1341; 29 USC 1301(a); 29 
USC 1344; 29 USC 1362

CFR Citation:  29 CFR 4044 subpart B

Legal Deadline: None

Abstract: The Pension Benefit Guaranty Corporation is considering 
amending its benefit valuation and asset allocation regulations by 
adopting more current mortality tables and otherwise simplifying and 
improving its valuation assumptions and methods.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice of Intent to Propose 
Rulemaking                      03/19/97                    62 FR 12982
NPRM                            08/00/99
NPRM Comment Period End         10/00/99

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-AA55
_______________________________________________________________________




3881. 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                            10/00/99
NPRM Comment Period End         12/00/99

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
_______________________________________________________________________




3882. 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                      10/26/98                    63 FR 57228
NIPR Comment Period End         12/28/98
NPRM                            06/00/99
NPRM Comment Period End         08/00/99

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
_______________________________________________________________________




3883.  PAYMENT OF PREMIUMS

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 1303(a); 29 USC 1306; 29 
USC 1307

CFR Citation:  29 CFR 4007

Legal Deadline: None

Abstract: The PBGC is proposing to amend its regulation on Payment of 
Premiums to encourage self-correction of premium underpayments. The 
amendments make it easier to qualify for ``safe-harbor'' relief from 
late payment penalty charges and codify the PBGC's current premium 
penalty policy (under which the penalty charge is lowered from 5 
percent per month to 1 percent per month if a premium payor corrects an 
underpayment before PBGC notification).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/99
NPRM Comment Period End         06/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Catherine B. Klion, Attorney, Office of the General 
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., 
Washington, DC 20005-4026
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA94

[[Page 22175]]

_______________________________________________________________________


PENSION BENEFIT GUARANTY CORPORATION (PBGC)            Final Rule Stage




_______________________________________________________________________




3884. 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                            10/26/98                    63 FR 57229
NPRM Comment Period End         12/28/98
Final Action                    06/00/99
Final Action Effective          08/00/99

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 Street NW., 
Washington, DC 2005-4024
Phone: 202 326-4024
TDD: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA91
_______________________________________________________________________


PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions




_______________________________________________________________________




3885. 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 Extending Premium 
Due Dates                       12/14/98                    63 FR 68684
Final Action Extending Premium 
Due Dates Effective             02/12/99
Final Action                     To Be                       Determined
Final Action Effective           To Be                       Determined

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
_______________________________________________________________________




3886. 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
[FR Doc. 99-5648 Filed 04-23-99; 8:45 am]
BILLING CODE 7708-01-F
