Pension Benefit Guaranty Corporation 2005 – Federal Register Recent Federal Regulation Documents

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 January 31, 2006). This voluntary collection of information is a quarterly survey of insurance company rates for pricing annuity contracts. The survey is conducted by the American Council of Life Insurers for the PBGC. This notice informs the public of the PBGC's request and solicits public comment on the collection of 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 the collection of information under part 4043 of its regulations relating to Notice of Failure to Make Required Contributions (OMB control number 1212-0041; expires January 31, 2006). This notice informs the public of the PBGC's request and solicits public comment on the collection of information.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in January 2006. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation is amending its benefit valuation regulation by adopting more current mortality assumptions. The mortality assumptions prescribed under PBGC's regulations to be used to value benefits for non-disabled (``healthy'') participants are taken from the 1983 Group Annuity Mortality (GAM-83) Tables. The PBGC published a final rule adopting these tables in 1993, noting that many private-sector insurers used the GAM-83 Tables when setting group annuity prices. At that time, the PBGC also said that it intended to keep each of its individual valuation assumptions in line with those of private-sector insurers, and to modify its mortality assumptions whenever it is necessary to do so to achieve consistency with the private insurer assumptions. This rule updates those assumptions by replacing a version of the GAM-83 Tables with a version of the GAM-94 Tables. The updated mortality assumptions will better conform to those used by private-sector insurers in pricing group annuities.

This rule amends the Pension Benefit Guaranty Corporation's regulation on Allocation of Assets in Single-Employer Plans by substituting a new table that applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2006, and is used to determine expected retirement ages for plan participants. This table is needed in order to compute the value of early retirement benefits and, thus, the total value of benefits under the plan.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in December 2005. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation (``PBGC'') intends to request that the Office of Management and Budget (``OMB'') approve, under the Paperwork Reduction Act, revisions to an information collection (OMB control number 1212-0054; expires December 31, 2006) relating to model forms contained in the PBGC booklet, Divorce Orders & PBGC. (The PBGC is changing the title of the booklet to Qualified Domestic Relations Orders & PBGC.) In addition, the PBGC is requesting 3-year approval of the revised collection of information. The booklet provides guidance on how to submit a proper qualified domestic relations order (a ``QDRO'') to the PBGC. The revisions reflect changes in how the PBGC pays benefits. This notice informs the public of the PBGC's intent and solicits public comment on the collection of information.

This notice informs the public of the interest rates and assumptions to be used under certain Pension Benefit Guaranty Corporation regulations. These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere), but are collected and published in this notice for the convenience of the public. Interest rates are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of collections of information under Part 4043 of its regulations relating to Reportable Events (OMB control number 1212-0013; expires January 31, 2006). This notice informs the public of the PBGC's intent and solicits public comment on the collection of information.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in October 2005. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

This notice informs the public of the interest rates and assumptions to be used under certain Pension Benefit Guaranty Corporation regulations. These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere), but are collected and published in this notice for the convenience of the public. Interest rates are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in August 2005. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

This notice advises interested persons that the Pension Benefit Guaranty Corporation has received a request from LA Team Co. LLC, for an exemption from the bond/escrow requirement of section 4204(a)(1)(B) of the Employee Retirement Income Security Act of 1974, as amended, with respect to the Major League Baseball Players Benefit Plan. Section 4204(a)(1) provides that the sale of assets by an employer that contributes to a multiemployer pension plan will not constitute a complete or partial withdrawal from the plan if certain conditions are met. One of these conditions is that the purchaser post a bond or deposit money in escrow for the five-plan-year period beginning after the sale. The PBGC is authorized to grant individual and class exemptions from this requirement. Before granting an exemption the PBGC is required to give interested persons an opportunity to comment on the exemption request. The purpose of this notice is to advise interested persons of the exemption request and solicit their views on it.

The Pension Benefit Guaranty Corporation (``PBGC'') is requesting that the Office of Management and Budget (``OMB'') approve a revision of a collection of information under the Paperwork Reduction Act. The purpose of the information collection is to enable the PBGC to pay benefits to participants and beneficiaries in plans covered by the PBGC insurance program. The PBGC created an electronic facility, My Pension Benefit Account (``MyPBA''), on its Web site at https:// www.pbgc.gov, through which plan participants can conduct electronic transactions with the PBGC. The PBGC is adding additional transactions to MyPBA: applying for benefits, designating a beneficiary, providing payee and general information, and requesting an estimate. This notice informs the public of the PBGC's request to OMB for approval of this revision and solicits public comment on the collection of information.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in July 2005. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

This notice informs the public of the interest rates and assumptions to be used under certain Pension Benefit Guaranty Corporation regulations. These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere), but are collected and published in this notice for the convenience of the public. Interest rates are also published on the PBGC's Web site (https://www.pbgc.gov).

This notice informs the public of the interest rates and assumptions to be used under certain Pension Benefit Guaranty Corporation regulations. These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere), but are collected and published in this notice for the convenience of the public. Interest rates are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation (``PBGC'') is requesting Office of Management and Budget (``OMB'') approval, under the Paperwork Reduction Act, of a revision of the collection of information under its regulation on Payment of Premiums (29 CFR part 4007) (OMB control number 1212-0009; expires November 30, 2006). This collection of information also includes a certification of compliance with requirements to provide certain notices to participants under the PBGC's regulation on Disclosure to Participants (29 CFR part 4011). The PBGC is revising the collection of information to provide for an alternative means of electronic filing of premium information, in addition to the PBGC's existing e-filing method using ``My Plan Administration Account'' (``My PAA'') through the PBGC's Web site. The alternative e-filing method is being developed in connection with a PBGC proposal to require electronic premium filing in the near future. This notice informs the public of the PBGC's request to OMB and solicits public comment on the collection of information.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in April 2005. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation proposes to amend its benefit valuation regulation by adopting more current mortality assumptions (moving from a version of GAM-83 to a version of GAM-94). The updated mortality assumptions will better conform to those used by private- sector insurers in pricing group annuities.

The PBGC proposes to require electronic filing of premium declarations. The requirement would become effective for plans with 500 or more participants starting with the 2006 plan year and for smaller plans starting with the 2007 plan year. Plans could apply to the PBGC for exemptions on a case-by-case basis. The PBGC has instituted an on- line e-filing facility (``My Plan Administration Account,'' or ``My PAA''), and during 2005 will upgrade My PAA to accept electronic filings made with the use of vendor or proprietary software.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in March 2005. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of collections of information in the PBGC's regulations on multiemployer plans under the Employee Retirement Income Security Act of 1974 (ERISA). This notice informs the public of the PBGC's request and solicits public comment on the collections of information.

The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in February 2005. Interest assumptions are also published on the PBGC's Web site https://www.pbgc.gov.