Pension Benefit Guaranty Corporation 2012 – Federal Register Recent Federal Regulation Documents

This notice advises interested persons that the Pension Benefit Guaranty Corporation (``PBGC'') has received a request from The I.A.M. National Pension Fund National Pension Plan for approval of a plan amendment providing for special withdrawal liability rules. Under Sec. 4203(f) of the Employee Retirement Income Security Act of 1974 and PBGC's regulation on Extension of Special Withdrawal Liability Rules, a multiemployer pension plan may, with PBGC approval, be amended to provide for special withdrawal liability rules similar to those that apply to the construction and entertainment industries. Such approval is granted only if PBGC determines that the rules apply to an industry with characteristics that make use of the special rules appropriate and that the rules will not pose a significant risk to PBGC. Before granting an approval, PBGC's regulations require PBGC to give interested persons an opportunity to comment on the request. The purpose of this notice is to advise interested persons of the request and to solicit their views on it.

The Pension Benefit Guaranty Corporation (``PBGC'') intends to request the Office of Management and Budget (``OMB'') to extend approval, under the Paperwork Reduction Act, of a collection of information under its regulation on Rules for Administrative Review of Agency Decisions. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.

This rule amends the Pension Benefit Guaranty Corporation's regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2013. This table is needed in order to compute the value of early retirement benefits and, thus, the total value of benefits under a plan.

This final rule amends the Pension Benefit Guaranty Corporation's regulation on Benefits Payable in Terminated Single- Employer Plans to prescribe interest assumptions under the regulation for valuation dates in November 2012. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC.

The Pension Benefit Guaranty Corporation is proposing four new routine uses applicable to all of its existing systems of records maintained pursuant to the Privacy Act of 1974, as amended (5 U.S.C. 552a), three new systems of records, adding new routine uses to existing systems of record, and is amending eight systems of records to make technical and clarifying changes.

The Pension Benefit Guaranty Corporation (PBGC) is modifying the collection of information under its regulation on Payment of Premiums (OMB control number 1212-0007; expires December 31, 2013) and is requesting that the Office of Management and Budget (OMB) approve the revised collection of information under the Paperwork Reduction Act for three years. This notice informs the public of PBGC's request and solicits public comment on the collection of information.

This final rule amends the Pension Benefit Guaranty Corporation's regulation on Benefits Payable in Terminated Single- Employer Plans to prescribe interest assumptions under the regulation for valuation dates in September 2012. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC.

This final rule amends the Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single- Employer Plans and Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the benefit payments regulation for valuation dates in July 2012 and interest assumptions under the asset allocation regulation for valuation dates in the third quarter of 2012. The interest assumptions are used for valuing and paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC.

The Pension Benefit Guaranty Corporation (PBGC) is modifying the collection of information under its regulation on Payment of Premiums (OMB control number 1212-0007; expires December 31, 2013) and is requesting that the Office of Management and Budget (OMB) approve the revised collection of information under the Paperwork Reduction Act for three years. This notice informs the public of PBGC's request and solicits public comment on the collection of information.

This final rule amends the Pension Benefit Guaranty Corporation's administrative review regulation to make it applicable to assessments of penalties for failure to timely provide certain notices or other material information. Under the rule, such assessments will be subject to reconsideration in accordance with the provisions of the regulation.

The Pension Benefit Guaranty Corporation published a final rule document in the Federal Register on September 15, 2011 (at 76 FR 56973), amending its regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under those regulations. This document corrects an inadvertent error in that final rule relating to the prescribed interest assumption under the allocation regulation, applicable to plans with valuation dates during the fourth quarter of 2011.

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 (OMB control number 1212-0030; expires March 31, 2012). This voluntary collection of information is a quarterly survey of insurance company rates for pricing annuity contracts. The American Council of Life Insurers conducts the survey for PBGC. This notice informs the public of PBGC's request and solicits public comment on the collection of information.

Executive Order 13563 on Improving Regulation and Regulatory Review directs agencies to review and improve their regulatory processes. As a result of this regulatory review, among other initiatives, PBGC is announcing a limited window for covered plans that have never paid required premiums to pay past-due premiums without penalty.

This final rule amends the Pension Benefit Guaranty Corporation's regulation on Benefits Payable in Terminated Single- Employer Plans to prescribe interest assumptions under the regulation for valuation dates in February 2012. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC.