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ua25ap94 4443. REPORTING PLAN FUNDING INFORMATION...


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_______________________________________________________________________

Part XXXIX




 
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.

Martin Slate,

Executive Director, Pension Benefit Guaranty Corporation. 

                                                 Prerule Stage                                                  
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
----------------------------------------------------------------------------------------------------------------
4435        Regulation Renumbering................................................................    1212-AA75 
4436        Annuity Contracts Distributed by Terminating Plans....................................   1212-AA57  
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                                              Proposed Rule Stage                                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
----------------------------------------------------------------------------------------------------------------
4437        Mergers and Transfers Between Multiemployer Plans.....................................    1212-AA69 
4438        Financial Assistance to Multiemployer Plans...........................................    1212-AA74 
4439        Disclosure and Amendment of Records Under the Privacy Act.............................    1212-AA63 
4440        Funds for Administrative Expenses of Section 4049 Trusts..............................    1212-AA65 
4441        Submission of Premium-Related Information.............................................    1212-AA66 
4442        Certain Reporting and Notification Requirements.......................................    1212-AA68 
4443        Reporting Plan Funding Information....................................................    1212-AA70 
4444        Payment of Benefits in PBGC-Trusteed Plans............................................    1212-AA35 
4445        Calculation and Payment of Unfunded Nonguaranteed Benefits............................    1212-AA54 
4446        Amendments to Valuation of Plan Benefits (REA, SEPPAA, and PPA).......................    1212-AA55 
4447        Notice of State Guaranty Coverage of Annuities........................................   1212-AA73  
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                                                Final Rule Stage                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
----------------------------------------------------------------------------------------------------------------
4448        Payment of Premiums...................................................................    1212-AA58 
4449        Administrative Offset of Debts........................................................    1212-AA64 
4450        Tax Refund Offset.....................................................................    1212-AA72 
4451        Disaster Relief--Rules for Administrative Review of Agency Decisions; Standard                      
            Terminations of Single-Employer Plans.................................................   1212-AA71  
----------------------------------------------------------------------------------------------------------------


                                               Completed Actions                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
----------------------------------------------------------------------------------------------------------------
4452        Plan Rules for Reduction or Waiver of Complete Withdrawal Liability...................   1212-AA38  
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)               Prerule Stage
  
  
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4435. <bullet> REGULATION RENUMBERING

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

CFR Citation:  29 CFR ch 26

Legal Deadline: None

Abstract: The PBGC intends to renumber its regulations to track the 
statutory provisions to which they relate so as to make it easier for 
the public to locate regulations implementing particular statutory 
provisions. The other agencies with significant regulatory 
responsibilities in the pension area--the Internal Revenue Service and 
the Department of Labor--already track statutory provisions in 
numbering their regulations, and practitioners are therefore accustomed 
to searching for pension regulations under statute-based numbering 
systems. We expect to publish an advance notice of our intention to 
renumber our regulations, together with a draft outline of the 
proposal, requesting comments from the public.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Notice of Intent                05/00/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Renae R. Hubbard, Special Counsel, Pension Benefit 
Guaranty Corporation, Office of the General Counsel, 1200 K Street NW., 
Washington, DC 20005-4026, 202 326-4024

RIN: 1212-AA75
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)               Prerule Stage
  
  
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4436. ANNUITY CONTRACTS DISTRIBUTED BY TERMINATING PLANS

Significance:
Subject to OMB review: Yes
Economically significant: Undetermined
Regulatory Plan entry: Undetermined

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.) 
Recent 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 on the following two broad issues: (1) Are current or future 
retirees, who are (or will be) receiving their benefits from an 
insurance company pursuant to the insurer's irrevocable commitments, at 
risk of losing some (or all) of their promised benefits because of the 
insurer's financial inability to pay the full benefits? (2) If such 
risk does exist, or can reasonably be expected to exist in the future, 
what actions, either Federal or nonfederal, can be taken to reduce this 
risk with respect to plans terminating under Title IV? 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
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PENSION BENEFIT GUARANTY CORPORATION (PBGC)         Proposed Rule Stage
  
  
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4437. 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                            05/00/94
NPRM Comment Period End         07/00/94

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