[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]


Part XXXIX





Pension Benefit Guaranty Corporation





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 23702]]



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 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.

                               Pension Benefit Guaranty Corporation--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3789        Premium Self-Audit..................................................................     1212-AA93
3790        Cash Balance Plans With Variable Indices............................................     1212-AA96
----------------------------------------------------------------------------------------------------------------


                            Pension Benefit Guaranty Corporation--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3791        Filing Rules........................................................................     1212-AA89
3792        Payment of Benefits in PBGC-Trusteed Plans..........................................     1212-AA35
3793        Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets.....     1212-AA55
3794        Assessment Of and Relief From Penalties.............................................     1212-AA95
----------------------------------------------------------------------------------------------------------------


                             Pension Benefit Guaranty Corporation--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3795        Payment of Premiums.................................................................     1212-AA58
3796        Calculation and Payment of Unfunded Nonguaranteed Benefits..........................     1212-AA54
3797        Miscellaneous Statutory Amendments..................................................     1212-AA79
3798        Treatment of Substantial Cessation of Operations....................................     1212-AA84
----------------------------------------------------------------------------------------------------------------


                             Pension Benefit Guaranty Corporation--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
3799        Valuation of Benefits; Use of Single Set of Assumptions for All Benefits............     1212-AA91
3800        Lump Sum Payment Assumptions........................................................     1212-AA92
3801        Payment of Premiums.................................................................     1212-AA94
----------------------------------------------------------------------------------------------------------------


[[Page 23703]]

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PENSION BENEFIT GUARANTY CORPORATION (PBGC)               Prerule Stage


  



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3789. 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

________________________________________________________________________

Request for Comments            12/00/00
Comment Period End              02/00/01

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

RIN: 1212-AA93
_______________________________________________________________________




3790.  CASH BALANCE PLANS WITH VARIABLE INDICES

Priority: Substantive, Nonsignificant

Legal Authority: 29 USC 1301 et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: Many cash balance plans use variable indices to determine 
future retirement benefits. When such a plan terminates in a distress 
or involuntary termination, the PBGC must make a number of 
determinations that require it to project future retirement benefit 
amounts. To do so, the PBGC must make assumptions about the future 
performance of the variable index. The PBGC is soliciting public 
comment on what assumptions it should make.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Request for Comments            06/00/00
Comment Period End              08/00/00

Regulatory Flexibility Analysis Required: No

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

RIN: 1212-AA96
_______________________________________________________________________


PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage


  



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3791. 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                            10/00/00
NPRM Comment Period End         12/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 1212-AA89
_______________________________________________________________________




3792. 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                            07/00/00
NPRM Comment Period End         09/00/00

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

RIN: 1212-AA35

[[Page 23704]]

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3793. 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

________________________________________________________________________

ANPRM                           03/19/97                    62 FR 12982
ANPRM Comment Period End        05/19/97
NPRM                            11/00/00
NPRM Comment Period End         01/00/01

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

RIN: 1212-AA55
_______________________________________________________________________




3794. ASSESSMENT OF AND RELIEF FROM PENALTIES

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: 28 USC 2461 note; 29 USC 1302(b)(3); 29 USC 1303(a); 
29 USC 1306; 29 USC 1307; 29 USC 1371

CFR Citation: 29 CFR 4003; 29 CFR 4007; 29 CFR 4071

Legal Deadline: None

Abstract: The PBGC has issued a number of policy statements about 
penalties over the last few years. For the convenience of the public, 
the PBGC proposes to replace those policy statements with an updated 
set of penalty policies codified in its regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

Regulatory Flexibility Analysis Required: No

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

RIN: 1212-AA95
_______________________________________________________________________


PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Long-Term Actions


  



_______________________________________________________________________




3795. PAYMENT OF PREMIUMS

Priority: Other Significant

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

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 1212-AA58
_______________________________________________________________________




3796. CALCULATION AND PAYMENT OF UNFUNDED NONGUARANTEED BENEFITS

Priority: Other Significant

CFR Citation: 29 CFR 4022 subpart C

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Peter H. Gould
Phone: 202 326-4020
TDD Phone: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA54
_______________________________________________________________________




3797. MISCELLANEOUS STATUTORY AMENDMENTS

Priority: Substantive, Nonsignificant

CFR Citation: 29 CFR 4000 et seq

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Thomas H. Gabriel
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA79
_______________________________________________________________________




3798. TREATMENT OF SUBSTANTIAL CESSATION OF OPERATIONS

Priority: Substantive, Nonsignificant

CFR Citation: 29 CFR 4062

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 1212-AA84

[[Page 23705]]

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PENSION BENEFIT GUARANTY CORPORATION (PBGC)           Completed Actions


  



_______________________________________________________________________




3799. 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 amending 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                    03/17/00                    65 FR 14752

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 20005-4026
Phone: 202 326-4024
TDD Phone: 800 877-8339
Fax: 202 326-4112

RIN: 1212-AA91
_______________________________________________________________________




3800. 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 delinking the lump sum interest rates it uses for 
PBGC payments from those used for private-sector payments. The PBGC 
intends to make available indefinitely the PBGC rates based on the 
current rate-setting methodology (or a surrogate for those rates). 
However, the PBGC may in the future change the way it sets the rates it 
uses for its own payments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice of Intent to Propose 
Rulemaking                      10/26/98                    63 FR 57228
NIPR Comment Period End         12/28/98
Final Action                    03/17/00                    65 FR 14753
Final Action Effective          05/01/00

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

RIN: 1212-AA92
_______________________________________________________________________




3801. 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 amending 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                            04/27/99                    64 FR 22589
NPRM Comment Period End         06/28/99
Final Action                    11/26/99                    64 FR 66383
Final Action Effective          12/27/99

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

RIN: 1212-AA94
[FR Doc. 00-6926 Filed 04-21-00; 8:45 am]
BILLING CODE 7708-01-F
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