PBGC Publishes Semiannual Regulatory Agenda
67 F.R. 75424-75426
- Institutional AuthorsPension Benefit Guaranty Corporation
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2002-26990 (3 original pages)
- Tax Analysts Electronic Citation2002 TNT 237-47
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Ch. XL
[1] AGENCY: Pension Benefit Guaranty Corporation (PBGC).
[2] ACTION: Semiannual regulatory agenda.
[3] 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.
[4] ADDRESSES: Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026.
[5] 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.
[6] 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.
[7] 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. For this edition of the Pension Benefit Guaranty Corporation's regulatory agenda, the most important significant regulatory action is included in The Regulatory Plan, which appears in part II of this issue of the Federal Register. The Regulatory Plan entries are listed in the table of contents below and are denoted by a bracketed bold reference, which directs the reader to the appropriate sequence number in part II.
[8] Dated: October 3, 2002.
Executive Director, Pension
Benefit Guaranty Corporation.
_____________________________________________________________________
Sequence Regulation
Number Title Identification
Number
_____________________________________________________________________
3751 Filing Rules 1212-AA89
3752 Payment of Benefits in PBGC-Trusteed Plans 1212-AA98
3753 Allocation of Assets in Single-Employer Plans;
Valuation of Benefits and Assets (Reg Plan Seq
No. 151) 1212-AA55
_____________________________________________________________________
References in boldface appear in the Regulatory Plan in part
II of this issue of the Federal Register.
_____________________________________________________________________
Sequence Regulation
Number Title Identification
Number
_____________________________________________________________________
3754 Assessment Of and Relief From Penalties 1212-AA95
_____________________________________________________________________
_____________________________________________________________________
Sequence Regulation
Number Title Identification
Number
_____________________________________________________________________
3755 Rules for Administrative Review of Agency
Decisions 1212-AA97
3756 Cash Balance Plans With Variable Indices 1212-AA96
Pension Benefit Guaranty Corporation (PBGC) Proposed Rule Stage
3751. FILING RULES
[9] Priority: Substantive, Nonsignificant
[10] Legal Authority: 29 USC 1301 et seq
[11] CFR Citation: 29 CFR 4000
[12] Legal Deadline: None
[11] 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 PBGC Proposed Rule Stage 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 11/00/02
NPRM Comment
Period End 01/00/03
[12] Regulatory Flexibility Analysis Required: No
[13] Small Entities Affected: No
[14] Government Levels Affected: None
[15] 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
[16] RIN: 1212-AA89
3752. o PAYMENT OF BENEFITS IN PBGC-TRUSTEED PLANS
[17] Priority: Substantive, Nonsignificant
[18] Legal Authority: 29 USC 1302(b)(3); 29 USC 1322; 29 USC 1344
[19] CFR Citation: 29 CFR 4022; 29 CFR 4044
[20] Legal Deadline: None
[21] 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 has recently completed a rulemaking that made several changes in how it pays benefits, including giving participants more choices of annuity forms, clarifying (for certain purposes under title IV of ERISA) what it means to be able to "retire" under plan provisions, and adding rules on who will get certain payments the PBGC owes to a participant at the time of death. Final Rule, 67 FR 16950 (April 8, 2002). The PBGC is continuing to explore how to improve its benefit payments rules.
[22] 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 10/00/03
NPRM Comment
Period End 12/00/03
[23] Regulatory Flexibility Analysis
[24] Required: No
[25] Government Levels Affected: None
[26] 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
[27] RIN: 1212-AA98
3753. ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS; VALUATION OF BENEFITS AND ASSETS
[28] Regulatory Plan: This entry is Seq. No. 151 in part II of this issue of the Federal Register.
[29] RIN: 1212-AA55
Pension Benefit Guaranty Corporation (PBGC) Final Rule Stage
3754. ASSESSMENT OF AND RELIEF FROM PENALTIES
[30] Priority: Substantive, Nonsignificant
[31] Legal Authority: 28 USC 2461 note; 29 USC 1302(b)(3); 29 USC 1303(a); 29 USC 1306; 29 USC 1307; 29 USC 1371
[32] CFR Citation: 29 CFR 4003; 29 CFR 4007; 29 CFR 4071
[33] Legal Deadline: None
[34] 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.
Timetable:
______________________________________________
Action Date FR Cite
______________________________________________
NPRM 01/12/01 66 FR 2856
NPRM Comment
Period End 12/00/03
Final Action 11/00/02
Final Action
Effective 12/00/02
[35] Regulatory Flexibility Analysis
[36] Required: No
[37] Small Entities Affected: No
[38] Government Levels Affected: None
[39] 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
[40] RIN: 1212-AA95
Pension Benefit Guaranty Corporation (PBGC) Completed Actions
3755. RULES FOR ADMINISTRATIVE REVIEW OF AGENCY DECISIONS
[41] Priority: Substantive, Nonsignificant
[42] Legal Authority: 29 USC 1302(b)(3)
[43] CFR Citation: 29 CFR 4003
[44] Legal Deadline: None
[45] Abstract: The PBGC amended its administrative review regulation to expedite the appeals process by authorizing a single member of the PBGC's Appeals Board to decide routine appeals.
PBGC Completed Actions
Timetable:
______________________________________________
Action Date FR Cite
______________________________________________
NPRM 03/27/02 67 FR 14663
NPRM Comment
Period End 05/28/02
Final Action 07/27/02 67 FR 47694
Final Action
Effective 07/22/02
[46] Regulatory Flexibility Analysis
[47] Required: No
[48] Small Entities Affected: No
[49] Government Levels Affected: None
[50] 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
[51] RIN: 1212-AA97
3756. CASH BALANCE PLANS WITH VARIABLE INDICES
[52] Priority: Substantive, Nonsignificant
[53] Legal Authority: 29 USC 1301 et seq
[54] CFR Citation: Not Yet Determined
[55] Legal Deadline: None
[56] Abstract: The PBGC is withdrawing this project pending clarification of the rules governing cash balance plans.
Timetable:
______________________________________________
Action Date FR Cite
______________________________________________
Request for 06/06/00 67 FR 41610
Comments
Comment Period
End 09/22/00
Withdrawn 11/01/02
[57] Regulatory Flexibility Analysis
[58] Required: No
[59] Small Entities Affected: No
[60] Government Levels Affected: None
[61] 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
[62] RIN: 1212-AA96
- Institutional AuthorsPension Benefit Guaranty Corporation
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2002-26990 (3 original pages)
- Tax Analysts Electronic Citation2002 TNT 237-47