Pension Benefit Guaranty Corporation November 2009 – Federal Register Recent Federal Regulation Documents
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Submission of Information Collection for OMB Review; Comment Request; Customer Satisfaction Surveys and Focus Groups
The Pension Benefit Guaranty Corporation (``PBGC'') is requesting that the Office of Management and Budget (``OMB'') extend approval, under the Paperwork Reduction Act, of a collection of information consisting of customer service focus groups and surveys (OMB control number 1212-0053; expires December 31, 2009). This notice informs the public of PBGC's request and solicits public comment on the collection of information.
Purchase of Irrevocable Commitments Prior to Standard Termination
Practitioners and employers have requested guidance from PBGC on the extent to which plan administrators may purchase irrevocable commitments to provide plan benefits before initiating a standard termination under section 4041(b) of ERISA. PBGC is soliciting public comments to help develop this guidance. The issues on which PBGC seeks comments include the extent to which such purchases of irrevocable commitments violate statutory and regulatory termination requirements, safeguards for participants and beneficiaries, and sanctions for violations.
Pension Protection Act of 2006; Conforming Amendments; Reportable Events and Certain Other Notification Requirements
This is a proposed rule to conform PBGC's reportable events regulation under section 4043 of ERISA and a number of other PBGC regulations to statutory changes made by the Pension Protection Act of 2006 (PPA 2006) and to revisions of other PBGC regulations that implement the statutory changes. The rule would also eliminate most of the automatic waivers and filing extensions currently provided under the reportable events regulation and make other amendments to the regulation. For example, the rule would create two new reportable events based on provisions in PPA 2006 dealing with funding-based benefit limits and with asset transfers to retiree health benefits accounts.
USERRA Benefits Under Title IV of ERISA
The Uniformed Services Employment and Reemployment Rights Act of 1994 (``USERRA'') provides that an individual who leaves his or her job to serve in the uniformed services is generally entitled to reemployment by his or her previous employer and, upon reemployment, to receive credit for benefits, including employee pension plan benefits, that would have accrued but for the employee's absence due to the military service. This final rule amends PBGC's regulation on Benefits Payable in Terminated Single-Employer Plans (29 CFR part 4022) to
Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits
Pension Benefit Guaranty Corporation's regulation on Benefits Payable in Terminated Single-Employer Plans prescribes interest assumptions for valuing and paying certain benefits under terminating single-employer plans. This final rule amends the benefit payments regulation to adopt interest assumptions for plans with valuation dates in December 2009. Interest assumptions are also published on PBGC's Web site (https://www.pbgc.gov).
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