Pension Benefit Guaranty Corporation January 2024 – Federal Register Recent Federal Regulation Documents
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Performance Review Board Members
The Pension Benefit Guaranty Corporation (PBGC) announces the appointment of members of the PBGC Performance Review Board.
Request for Information-SECURE 2.0 Section 319-Effectiveness of Reporting and Disclosure Requirements
The Department of the Treasury (Treasury Department), the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (Labor Department), and the Pension Benefit Guaranty Corporation (PBGC) are publishing this Request for Information to develop a public record for purposes of the directive in the SECURE 2.0 Act of 2022 (SECURE 2.0). Specifically, this Request for Information addresses section 319 of SECURE 2.0, requiring that these agencies review the existing reporting and disclosure requirements for certain retirement plans under the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code (Code) that are applicable to each agency. Following this review, the agencies are to report to Congress, no later than December 29, 2025, concerning the effectiveness of the reporting and disclosure requirements. The report will include recommendations on consolidating, simplifying, standardizing, and improving such requirements with the dual goals of reducing compliance burdens and ensuring plan participants' and beneficiaries' timely receipt and better understanding of the information they need to monitor their plans, prepare for retirement, and get the benefits they have earned. The report will also consider how participants and beneficiaries are providing preferred contact information, the methods by which plan sponsors and plans are furnishing disclosures, and the rate at which participants and beneficiaries are receiving, accessing, understanding, and retaining disclosures. Consistent with the directive in section 319 of SECURE 2.0, this Request for Information focuses generally on the overall effectiveness of the reporting and disclosure frameworks in ERISA and the Code. Responses to this Request for Information will inform the agencies in preparation of the required report to Congress and in any future action taken by the agencies to enhance the effectiveness of existing requirements.
Privacy Act of 1974; Systems of Records
Pursuant to the Privacy Act of 1974, the Pension Benefit Guaranty Corporation (PBGC), at the direction of the Office of Information and Regulatory Affairs, is merging all pertinent General Routine Uses from the Prefatory Statement of General Routine Uses into the Routine Uses sections of the following system of records notices (SORN): PBGC-17, Office of Inspector General Investigative File System, and PBGC-28, Physical Security and Facility Access. Additionally, PBGC is making administrative updates to the official addresses to reflect PBGC's new headquarters location and to pertinent system locations, updating the citation to the Contesting Records Procedures section, and updating the citation to the Privacy Act of 1974 to the following SORNs: PBGC-17 and PBGC-28. Moreover, PBGC is adding one routine use to PBGC-17, adding two routine uses to PBGC-28, and, lastly, establishing PBGC-30: Surveys and ComplaintsPBGC.
Adjustment of Civil Penalties for Inflation
The Pension Benefit Guaranty Corporation is required to amend its regulations annually to adjust for inflation the maximum civil penalty for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices.
Submission of Information Collection for OMB Review; Comment Request; Disclosure of Termination Information
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 on the disclosure of termination information under its regulations for distress terminations and for PBGC-initiated terminations. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.
Solicitation of Nominations for Appointment to the Advisory Committee of the Pension Benefit Guaranty Corporation
The Pension Benefit Guaranty Corporation (PBGC) is soliciting nominations for appointment to the Advisory Committee of the PBGC.
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