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_______________________________________________________________________

Part XLI





Pension Benefit Guaranty Corporation





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Semiannual Regulatory Agenda


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PENSION BENEFIT GUARANTY CORPORATION (PBGC)                            
  
  
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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Ch. XXVI

Agenda of Regulations Under Development

AGENCY: Pension Benefit Guaranty Corporation (PBGC).

ACTION: Agenda of regulations.

_______________________________________________________________________

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 that PBGC expects to have under 
development 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.

    For this edition of the regulatory agenda, each agency's most 
important significant regulatory actions are included in The 
Regulatory Plan, which appears in Part II of this issue of the 
Federal Register. The PBGC's regulatory plan includes one entry. 
This item is listed in the Table of Contents below and is denoted 
by a bracketed bold reference, which directs the reader to the 
appropriate Sequence Number in Part II.

Martin Slate,

Executive Director, Pension Benefit Guaranty Corporation.

                                                  Prerule Stage                                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4681        Annuity Contracts Distributed by Terminating Plans....................................    1212-AA57 
----------------------------------------------------------------------------------------------------------------


                                               Proposed Rule Stage                                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4682        Mergers and Transfers Between Multiemployer Plans.....................................    1212-AA69 
4683        Financial Assistance to Multiemployer Plans...........................................    1212-AA74 
4684        Disclosure and Amendment of Records Under the Privacy Act.............................    1212-AA63 
4685        Funds for Administrative Expenses of Section 4049 Trusts..............................    1212-AA65 
4686        Submission of Premium-Related Information.............................................    1212-AA66 
4687        Certain Reporting and Notification Requirements.......................................    1212-AA68 
4688        Reporting Plan Funding Information....................................................    1212-AA70 
4689        Guaranteed Benefits...................................................................    1212-AA76 
4690        Payment of Benefits in PBGC-Trusteed Plans............................................    1212-AA35 
4691        Calculation and Payment of Unfunded Nonguaranteed Benefits (Reg Plan Seq. No. 187)....    1212-AA54 
4692        Amendments to Valuation of Plan Benefits (REA, SEPPAA, and PPA).......................    1212-AA55 
4693        Notice of State Guaranty Coverage of Annuities........................................   1212-AA73  
----------------------------------------------------------------------------------------------------------------
References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register.          


                                                Final Rule Stage                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4694        Payment of Premiums...................................................................    1212-AA58 
4695        Administrative Offset of Debts........................................................    1212-AA64 
4696        Tax Refund Offset.....................................................................    1212-AA72 
4697        Renumbering of Regulations............................................................    1212-AA75 
----------------------------------------------------------------------------------------------------------------


                                                Completed Actions                                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4698        Disaster Relief--Rules for Administrative Review of Agency Decisions; Standard                      
            Terminations of Single-Employer Plans.................................................    1212-AA71 
----------------------------------------------------------------------------------------------------------------

      
  
          
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)               Prerule Stage
  
  
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4681. ANNUITY CONTRACTS DISTRIBUTED BY TERMINATING PLANS

Legal Authority:  29 USC 1302(b); 29 USC 1341(b)

CFR Citation:  29 CFR 2617

Legal Deadline: None

Abstract: ERISA section 4041(b) requires terminating plans to provide 
benefits that are payable in annuity form by purchasing and 
distributing to plan participants (or beneficiaries) irrevocable 
commitments from an insurer to pay the annuity benefits. Once the final 
distribution of assets in accordance with section 4041(b) is completed, 
PBGC's guarantee under ERISA section 4022 is extinguished. Under ERISA 
section 4041(b), the only specific requirement dealing with irrevocable 
commitments distributed upon plan termination is that they be purchased 
from a licensed insurance company. (Such purchases are, of course, 
subject generally to the fiduciary provisions of Title I of ERISA.) 
Publicity about financial problems within the insurance industry and, 
specifically, about the serious problems of a few insurers, has sparked 
concerns about the security of pension annuities that are being, or 
will be, paid by an insurer pursuant to an irrevocable commitment. PBGC 
(with the Department of Labor) has been studying this issue. (cont)

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           06/21/91                    56 FR 28642


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Additional Information: ABSTRACT CONT: As part of this ongoing study, 
PBGC issued an ANPRM in order to solicit comments and suggestions from 
the public. After reviewing the public comments in response to this 
ANPRM, as well as the other information available to it, PBGC will 
decide whether to proceed with this rulemaking by issuing an NPRM.

Agency Contact: Charles W. Vernon, Assistant General Counsel, Pension 
Benefit Guaranty Corporation, Office of the General Counsel, 1200 K 
Street NW., Washington, DC 20005-4026, 202 326-4125

RIN: 1212-AA57
_______________________________________________________________________

PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage
  
  
_______________________________________________________________________
  
4682. MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS

Legal Authority:  29 USC 1302(b)(3); 29 USC 1411

CFR Citation:  29 CFR 2672

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 regulation would amend 29 CFR Part 2672 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 
regulation would also liberalize 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                            05/00/95
NPRM Comment Period End         07/00/95

Small Entities Affected: None

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, 202 326-4024

RIN: 1212-AA69
_______________________________________________________________________

4683. FINANCIAL ASSISTANCE TO MULTIEMPLOYER PLANS

Legal Authority:  29 USC 1302(b)(3); 29 USC 1431

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: ERISA section 4261(a) provides that the PBGC shall pay 
financial assistance to insolvent multiemployer plans described in 
sections 4245(f) and 4281(d) who submit an application for the payment 
of assistance. The PBGC's regulation on Powers and Duties of Plan 
Sponsor of Plan Terminated by Mass Withdrawal (29 CFR Part 2675) 
specifies the information that plans described in section 4281(d) 
(i.e., a plan terminated by the withdrawal of all employers) are 
required to submit in their application for financial assistance; 
however, the PBGC has not prescribed regulations specifying the 
information that a plan subject to section 4245(f) (i.e., a plan that 
has not terminated by the withdrawal of all employers) is required to 
file. This regulation would, among other things, (1) specify the 
information for applications for financial assistance from plans 
described in section 4245(f); (2) incorporate and revise, as 
appropriate, the requirements in 29 CFR part 2675 that relate to 
applications for financial assistance for plans described in section 
4281(d); and (3) specify (cont)

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/00/95
NPRM Comment Period End         09/00/95

Small Entities Affected: None

Government Levels Affected: None

Additional Information: ABSTRACT CONT: the obligation of the sponsor of 
a plan that has applied for financial assistance to maintain and make 
available to the PBGC plan records and other information necessary for 
the PBGC to determine the plan's eligibility for financial assistance 
and where assistance has been provided, that such funds have been used 

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