[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

[[Page 38422]]



PENSION BENEFIT GUARANTY CORPORATION (PBGC)






_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION

29 CFR Ch. XL

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.

Dated: May 14, 2004.

 Bradley D. Belt,

Executive Director, Pension Benefit Guaranty Corporation.

                            Pension Benefit Guaranty Corporation--Proposed Rule Stage
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
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3698        Assessment Of and Relief From Penalties...............................................    1212-AA95
3699        Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets.......    1212-AA55
3700        Payment of Benefits in PBGC-Trusteed Plans............................................    1212-AA98
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                             Pension Benefit Guaranty Corporation--Completed Actions
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3701        Ethical Conduct of Employees..........................................................    1212-AA99
3702        Participant Notice Voluntary Correction Program.......................................    1212-AB00
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Pension Benefit Guaranty Corporation (PBGC)         Proposed Rule Stage






_______________________________________________________________________




3698. ASSESSMENT OF AND RELIEF FROM PENALTIES

Priority: Substantive, Nonsignificant

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 
and expanded set of penalty policies codified in its regulations. In a 
related notice, RIN 1212-AB00, the PBGC announced the Participant 
Notice Voluntary Correction Program.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/12/01                     66 FR 2856
NPRM Comment Period End         03/13/01
Supplemental NPRM (Participant 
Notice)                         05/07/04                    69 FR 25797
NPRM Comment Period End         07/06/04
Final Action                    12/00/04
Final Action Effective          01/00/05

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

[[Page 38423]]

Fax: 202 326-4112

Related RIN: Related to 1212-AB00
RIN: 1212-AA95
_______________________________________________________________________




3699. 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 PBGC 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                            11/00/04
NPRM Comment Period End         01/00/05

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
_______________________________________________________________________




3700. PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS

Priority: Other Significant

Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1344

CFR Citation: 29 CFR 4022; 29 CFR 4044

Legal Deadline: None

Abstract: When the PBGC assumes trusteeship of a terminated pension 
plan, it pays benefits to participants pursuant to plan provisions and 
title IV of ERISA. The PBGC is exploring how to improve its benefit 
payments rules. This regulation will fill in gaps in the rules, clarify 
matters that have been handled on a case-by-case basis in the past, and 
otherwise address issues relating to the determination of guarantee 
limits and the time, form, and manner of payment.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/04
NPRM Comment Period End         02/00/05

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-AA98
_______________________________________________________________________


Pension Benefit Guaranty Corporation (PBGC)           Completed Actions






_______________________________________________________________________




3701.  ETHICAL CONDUCT OF EMPLOYEES

Priority: Info./Admin./Other

Legal Authority: 29 USC 1302(b); EO 11222; 30 FR 6469; 5 CFR 735.104

CFR Citation: 29 CFR 4904

Legal Deadline: None

Abstract: The PBGC removed its regulations on the ethical conduct of 
employees (part 4904). The standards of ethical conduct issued by the 
Office of Government Ethics provide guidance for PBGC employees on this 
subject.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    02/13/04                     69 FR 7120
Final Action Effective          02/13/04

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-AA99
_______________________________________________________________________




3702.  PARTICIPANT NOTICE VOLUNTARY CORRECTION PROGRAM

Priority: Substantive, Nonsignificant

Legal Authority: 29 USC 1311

CFR Citation: None

Legal Deadline: None

Abstract: The PBGC announced a Participant Notice Voluntary Correction 
Program. This program, which generally covers Participant Notices for 
the 2002 and 2003 plan year that were not issued as required, is 
designed to encourage plan administrators to correct recent compliance 
failures without penalty and to facilitate plan administrators' future 
compliance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    05/07/04                    69 FR 25792
Final Action Effective          05/07/04

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

Related RIN: Related to 1212-AA95
RIN: 1212-AB00
[FR Doc. 04-11856 Filed 06-25-04; 8:45 am]
BILLING CODE 7708-01-S