Pension Benefit Guaranty Corporation December 2012 – Federal Register Recent Federal Regulation Documents
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Pendency of Request for Approval of Special Withdrawal Liability Rules; the I.A.M. National Pension Fund National Pension Plan
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.
Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits
This final rule amends the Pension Benefit Guaranty Corporation's regulation on Allocation of Assets in Single-Employer Plans to prescribe interest assumptions for valuation dates in the first quarter of 2013. The interest assumptions are used for valuing benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. As discussed below, PBGC has published a separate final rule document dealing with interest assumptions under its regulation on Benefits Payable in Terminated Single-Employer Plans for January 2013.
Proposed Submission of Information Collection for OMB Review; Comment Request; Administrative Appeals
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.
Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
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 January 2013. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. As discussed below, PBGC will publish a separate final rule document dealing with interest assumptions under its regulation on Allocation of Assets in Single- Employer Plans for the first quarter of 2013.
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