Proposed Rule2025-00726
Miscellaneous Corrections, Clarifications, and Improvements
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Published
January 21, 2025
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) proposes miscellaneous technical corrections, clarifications, and improvements to its regulations, including its regulations on premium rates, premium due dates, and termination of single-employer plans. These changes are a result of PBGC's ongoing retrospective review of the effectiveness and clarity of its rules and of statutory changes.
Full Text
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<title>Federal Register, Volume 90 Issue 12 (Tuesday, January 21, 2025)</title>
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[Federal Register Volume 90, Number 12 (Tuesday, January 21, 2025)]
[Proposed Rules]
[Pages 6894-6902]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-00726]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4000, 4006, 4007, 4010, 4041, 4041A, 4043, 4065, 4203,
4204, 4207, 4211, 4219, 4220, 4233, 4262, 4281, and 4909
RIN 1212-AB51
Miscellaneous Corrections, Clarifications, and Improvements
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Proposed rule.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) proposes
miscellaneous technical corrections, clarifications, and improvements
to its regulations, including its regulations on premium rates, premium
due dates, and termination of single-employer plans. These changes are
a result of PBGC's ongoing retrospective review of the effectiveness
and clarity of its rules and of statutory changes.
DATES: Comments must be submitted on or before March 24, 2025 to be
assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
Follow the online instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#98eafdffb6fbf7f5f5fdf6ecebd8e8fafffbb6fff7ee"><span class="__cf_email__" data-cfemail="6b190e0c45080406060e051f182b1b090c08450c041d">[email protected]</span></a>. Refer to 1212-AB51 in the
subject line.
<bullet> Mail or Hand Delivery: Regulatory Affairs Division, Office
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th
Street SW, Washington, DC 20024-2101.
Commenters are strongly encouraged to submit comments
electronically. Commenters who submit comments on paper by mail should
allow sufficient time for mailed comments to be received before the
close of the comment period. All submissions must include the agency's
name (Pension Benefit Guaranty Corporation, or PBGC) and the Regulation
Identifier Number (RIN) for this rulemaking (RIN 1212-AB51). Comments
received will be posted without change to PBGC's website, <a href="http://www.pbgc.gov">www.pbgc.gov</a>,
including any personal information provided. Do not submit comments
that include any personally identifiable information or confidential
business information.
Copies of comments may also be obtained by writing to Disclosure
Division (<a href="/cdn-cgi/l/email-protection#90f4f9e3f3fcffe3e5e2f5d0e0f2f7f3bef7ffe6"><span class="__cf_email__" data-cfemail="6e0a071d0d02011d1b1c0b2e1e0c090d40090118">[email protected]</span></a>), Office of the General Counsel, Pension
Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-
2101, or calling 202-326-4040 during normal business hours. If you are
deaf or hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
FOR FURTHER INFORMATION CONTACT: Monica O'Donnell
(<a href="/cdn-cgi/l/email-protection#f49b909b9a9a919898da999b9a9d9795b484969397da939b82"><span class="__cf_email__" data-cfemail="1c737873727279707032717372757f7d5c6c7e7b7f327b736a">[email protected]</span></a>), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
445 12th Street SW, Washington, DC 20024-2101; 202-229-8706. If you are
deaf or hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
SUPPLEMENTARY INFORMATION:
Executive Summary
Purpose and Authority
The purpose of this regulatory action is to make miscellaneous
technical corrections, clarifications, updates, and improvements to
several of the Pension Benefit Guaranty Corporation's (PBGC's)
regulations. These changes are based on PBGC's ongoing retrospective
review of the effectiveness and clarity of its rules
[[Page 6895]]
and on statutory changes to the Employee Retirement Income Security Act
of 1974 (ERISA).
Legal authority for this action comes from section 4002(b)(3) of
ERISA which authorizes PBGC to issue regulations to carry out the
purposes of title IV of ERISA. It also comes from section 4006 of ERISA
(Premium Rates), section 4007 of ERISA (Payment of Premiums), section
4010 of ERISA (Authority to Require Certain Information), section 4041
of ERISA (Termination of Single-Employer Plans), section 4041A of ERISA
(Termination of Multiemployer Plans), section 4043 of ERISA (Reportable
Events), section 4065 of ERISA (Annual Report of Plan Administrator),
section 4203 of ERISA (Complete Withdrawal), section 4204 of ERISA
(Sale of Assets), section 4207 of ERISA (Reduction or Waiver of
Complete Withdrawal Liability), section 4211 of ERISA (Methods for
Computing Withdrawal Liability), section 4219 of ERISA (Notice,
Collection, Etc., of Withdrawal Liability), section 4220 of ERISA
(Approval of Amendments), section 4233 of ERISA (Partitions of Eligible
Multiemployer Plans), section 4262 of ERISA (Special Financial
Assistance by the Corporation), and section 4281 of ERISA (Benefits
Under Certain Terminated Plans).
Major Provisions
The major provisions of this proposed rulemaking would amend PBGC's
regulations on:
<bullet> Premium Rates, by codifying the changes of the Setting
Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act)
(Pub. L. 116-94, Division O) applicable to cooperative and small
employer charity (CSEC) plans \1\ and certain community newspaper
plans; \2\
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\1\ A CSEC plan is a plan maintained by multiple employers, most
of which are rural cooperatives, charities, or agricultural
cooperatives or maintained by a rural telephone cooperative
association. See section 104 of the Pension Protection Act, Public
Law 109-280.
\2\ A community newspaper plan means a plan as defined in
section 303(m)(5) of ERISA and section 430(m)(5) of the Code.
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<bullet> Payment of Premiums, by revising the due date for the
final premium for terminating plans to be the earlier of the normal
premium due date or 45 days after the date the post-distribution
certification is filed; and
<bullet> Termination of Single-Employer Plans, by setting due dates
for the standard termination notice and notice of intent to terminate
where the plan administrator has not provided a proposed termination
date, and by adding additional criteria majority owners must meet to
waive their benefits if they are owners through constructive ownership.
Background
PBGC administers two insurance programs for private-sector defined
benefit pension plans under title IV of ERISA: a single-employer plan
termination insurance program and a multiemployer plan insolvency
insurance program. In addition, PBGC administers a special financial
assistance program for certain financially distressed multiemployer
plans. The amendments proposed in this rulemaking apply primarily to
the single-employer plan termination insurance program.
Proposed Amendments
The proposed technical and clarifying amendments and improvements
to PBGC's regulations are discussed below. PBGC invites comment on
these proposals.
Premium Rates--29 CFR Part 4006
Sponsors of plans covered under PBGC's single-employer program are
subject to rules requiring the calculation and payment of annual
premiums to PBGC under section 4006 of ERISA and PBGC's regulation on
Premium Rates (29 CFR part 4006), ``premium rates regulation.'' The
SECURE Act modified the calculation of premiums under section 4006 of
ERISA for a CSEC plan and the funding requirements for a community
newspaper plan under section 303(m) of ERISA and section 430(m) of the
Internal Revenue Code (the Code). The SECURE Act also modified section
401 of the Code to allow an employer to adopt a new pension plan and
elect to treat the plan as if it had been adopted during the prior
taxable year. PBGC proposes to amend its premium rates regulation to
account for these SECURE Act modifications.
CSEC Plans--Variable Rate Premiums
The SECURE Act modified flat and variable rate premiums and changed
the way the variable rate premium is calculated for CSEC plans first
effective for 2019.\3\ Under section 4006(a)(3)(A) of ERISA, as amended
by the SECURE Act, CSEC plans calculate the variable rate premiums that
they owe to PBGC based on alternative minimum funding standards. CSEC
plans now apply an alternate definition of unfunded vested benefits
(UVBs). This definition refers to the funding liability of the CSEC
plan as determined under section 306(j)(5)(C) of ERISA and section
433(j)(5)(C) of the Code. PBGC issued guidance \4\ on these changes and
incorporated the special premium rules for CSEC plans into the premium
filing instructions starting with the 2021 filing instructions.
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\3\ The SECURE Act's reduced premium rates applicable to CSEC
plans are reflected in Sec. 4006.3(a) and (b) of PBGC's premium
rates regulation.
\4\ PBGC Technical Update 20-1 (2020).
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Although the rules have been in place for several years, PBGC is
now proposing to amend its premium rates regulation to codify the
SECURE Act changes regarding how CSEC plans determine UVBs for the
purpose of calculating variable rate premiums. First, proposed new
Sec. 4006.5(h) would provide the rules to calculate a CSEC plan's
``premium funding target'' using the alternate definition of UVBs as
provided in section 306(j)(5)(C) of ERISA and section 433(j)(5)(C) of
the Code. In addition, PBGC would make conforming amendments to
Sec. Sec. 4006.2, 4006.4(b)(1) and 4006.4(f)(2) to further conform to
changes under the SECURE Act for CSEC plans.
Community Newspaper Plans
The SECURE Act amended section 430 of the Code and section 303 of
ERISA, providing that community newspaper plans may elect to use
alternative minimum funding standards.\5\ However, section 4006 of
ERISA was not similarly amended, so community newspaper plans are not
permitted to use these alternative standards to calculate the premiums
that they owe to PBGC. PBGC proposes to add a reference to community
newspaper plans in Sec. 4006.4(f) to denote them as plans subject to
special funding rules, which are disregarded for purposes of
determining UVBs.
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\5\ Section 9707 of the American Rescue Plan Act of 2021, Public
Law 117-2, further modified the definition of the term ``eligible
newspaper plan sponsor,'' but that modification does not require
additional changes to part 4006.
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Definition of New Plan
Under PBGC's premium rates regulation and its regulation on Payment
of Premiums (29 CFR part 4007) ``payment of premiums regulation,''
plans that are newly adopted are subject to special rules concerning
calculations and payment of premiums. Before the SECURE Act, a ``new
plan'' meant a plan that did not exist before the premium payment year.
Following the SECURE Act, which allows employers to elect to treat
newly adopted plans as having been adopted during the prior tax year,
this definition must be changed. The current definition does not
account for newly adopted plans that employers have elected to treat as
having a retroactive effective
[[Page 6896]]
date. Accordingly, PBGC proposes to change the definition of ``New
plan'' in Sec. 4006.2 to mean a plan with an effective date during the
premium payment year.
Payment of Premiums--29 CFR Part 4007
The final step in a plan's standard termination is the filing of
the post-distribution certification under Sec. 4041.29 of PBGC's
regulation on Termination of Single-Employer Plans (29 CFR part 4041).
The plan administrator of the terminating plan must file the
certification (on PBGC Form 501) within 30 days of the final benefits
distribution date, or within 60 days of the final benefits distribution
date if it certifies to PBGC within 30 days after the final benefits
distribution date that the plan assets have been distributed as
required. Before 2014, the final premium filing for a terminating plan
was due on the same date it would have been due if the plan had not
terminated (i.e., the 15th day of the 10th month after the plan year
began). However, there were instances in which plan administrators of
terminating plans neglected to file the final premium filing by the
time it was due because the due date was several months after the Form
501 was filed. PBGC found that in some of these cases, especially when
the plan sponsor was no longer in business by the final premium due
date, it was difficult for the plan administrator to go back or even
reconstruct records to calculate and pay premiums, as well as pay the
late payment interest and penalties that PBGC assessed.
In 2014, PBGC amended its payment of premiums regulation by
revising the premium due date rules for terminating plans.\6\ This was
intended to facilitate the timely payment of these final year premiums
for terminating plans and to relieve them of the burden of calculating
premiums long after the final distributions were made. This rule set
the due date for the final premium filing for a terminating plan as the
earlier of (1) the normal premium due date found in Sec. 4007.11(a),
or (2) the date when the post-distribution certification is filed.
Therefore, a plan that closes out in the first eight-and-a-half months
of its final plan year faces an accelerated premium filing due date.\7\
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\6\ See 79 FR 13547, 13562 (Mar. 11, 2014).
\7\ Because of a provision in the Bipartisan Budget Act of 2015
that supersedes Sec. 4007.11 of PBGC's Payment of Premiums
regulation, premium filings for plan years beginning in 2025 are due
on the 15th day of the 9th calendar month in the plan year,
including plans that, in any other year, would be subject to the
special rule for plans closing out in the first eight-and-a-half
months of its final plan year. See Bipartisan Budget Act of 2015,
Public Law 114-74, Title V, Sect. 502 (2015). See also PBGC
Technical Update 25-1 (2025).
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Practitioners have informed PBGC that in some cases, it is
challenging to prepare and submit both the post-distribution
certification (i.e., PBGC Form 501) and the final premium filing on the
same day. As a result of these challenges, some plan administrators
have missed filing due dates and been assessed late premium payment
charges.
For the reasons described in the 2014 rule and above, PBGC still
believes it is important to have an accelerated premium due date for
plans that complete a standard termination long before the ``normal''
premium due date. However, to reduce the administrative difficulties
and related possibility of late or missed filings, PBGC proposes to
amend Sec. 4007.11(d)(2) to revise the due date for the final premium
filing to be the earlier of (1) the normal premium due date, or (2) 45
days after the date the post-distribution certification is filed.
Termination of Single-Employer Plans--29 CFR Part 4041
Under section 4041 of ERISA, a single-employer plan can terminate
in either a standard termination or a distress termination. A plan
administrator of a single-employer plan covered by PBGC's termination
insurance program that has sufficient assets to provide all plan
benefits may voluntarily terminate the plan in a standard termination.
The rules governing standard terminations are in section 4041 of ERISA
and subpart B of PBGC's regulation on Termination of Single-Employer
Plans (29 CFR part 4041), ``termination regulation.'' Within specified
timeframes, a plan administrator must notify participants of the
proposed termination; provide participants detailed information on
their plan benefits; file certain information with PBGC; and, absent
the issuance of a notice of noncompliance by PBGC, distribute plan
assets to satisfy all plan benefits under the plan.
A single-employer plan insured by PBGC that does not have
sufficient assets to pay all plan benefits owed to participants and
beneficiaries but does have sufficient assets to pay benefits
guaranteed by PBGC, may terminate voluntarily in a distress termination
only if the employer and the members of the employer's ``controlled
group'' of affiliated companies meet certain statutory requirements.
Majority Owner
Under PBGC's termination regulation, in the event that a plan lacks
sufficient funds to pay required plan benefits, a majority owner may
forgo receipt of their plan benefits (1) to enable the plan to satisfy
all other plan benefits in a standard termination,\8\ or (2) in
connection with a distress termination.\9\ In a standard termination,
the election to waive payment of benefits is permitted only to
facilitate the standard termination. This alternative treatment of a
majority owner's plan benefit is only valid if the election is in
writing; requisite spousal consent criteria is met, if applicable; and
the majority owner's election and the spouse's consent does not violate
a qualified domestic relations order.\10\ A majority owner electing to
forgo receipt of their plan benefits in a distress termination must
meet these same criteria as a majority owner in a standard termination,
but in addition, must receive PBGC approval if such election is made
after the termination date and would result in PBGC determining that
the plan is sufficient for guaranteed benefits under paragraph (c) of
Sec. 4041.47.\11\
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\8\ 29 CFR 4041.21(b)(2).
\9\ 29 CFR 4041.47(d).
\10\ 29 CFR 4041.21(b)(2)(i)-(iv).
\11\ 29 CFR 4041.47(d).
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The term ``majority owner'' is defined under Sec. 4041.2 of the
termination regulation as a person who owns, directly or indirectly, 50
percent or more, taking into account the constructive ownership rules
of sections 414(b) and (c) of the Code, of an unincorporated trade or
business; the capital interest or profits interest in a partnership; or
either the voting stock of a corporation or the value of all of the
stock of a corporation. One way in which a person can become a majority
owner is through an option agreement to acquire stock. If a person has
an option to acquire stock, that stock is considered as owned by the
person who holds the option.\12\
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\12\ 26 U.S.C. 1563(e)(1).
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PBGC is concerned that the rules in the current regulation do not
effectively eliminate the risk of participants being coerced to waive
their benefits as ``majority owners'' when they are given ownership
options by the plan sponsor in anticipation of plan termination. To
avoid such potential coercion, PBGC proposes to amend the criteria
individuals must meet to waive their benefits by modifying its
application of the constructive ownership rules. Under the proposal, if
the majority owner has an option to acquire any outstanding interest in
an organization, such interest
[[Page 6897]]
will be considered as owned by such person by an option agreement under
26 CFR 1.414(c)-4(b)(1) if the person directly owns 5 percent or more
of the unincorporated business or trade, capital interest or the
profits interest in a partnership, or either 5 percent or more of the
voting stock of a corporation or the value of all the stock of a
corporation.\13\ Alternatively, if the person does not have a 5 percent
or more direct ownership interest, the person would be able to qualify
as a majority owner under an option agreement if the person has been a
member of the board of directors, a fiduciary, or participated in the
management of the plan sponsor for each of the 3 years immediately
preceding the date of plan termination. These exceptions to the
ownership rules are intended to minimize the potential misuse of option
agreements and protect the benefits of participants who are not direct
owners or who have not participated in the management of the plan
sponsor.
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\13\ 26 CFR 1.414(c)-3(d)(2).
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Clarifying Due Dates
To complete a standard termination, the plan administrator must:
(1) issue notices of intent to terminate and notices of plan benefits
to participants, beneficiaries, and other affected parties; (2) file a
standard termination notice and post-distribution certification with
PBGC; and (3) distribute the plan's assets in satisfaction of the
plan's benefit liabilities. Under Sec. 4041.25(a), the standard
termination notice is due on or before the 180th day after the proposed
termination date. Under Sec. 4041.25(b), a plan's date of termination
is the later of the date specified in the standard termination notice
or the date specified in the notice of intent to terminate (but not
later than 90 days after the earliest date a notice of intent to
terminate was provided to any party). However, if the plan
administrator fails to specify such date in the notice of intent to
terminate and/or fails to file a standard termination notice (thus
failing to declare a proposed termination date), then the due date for
the standard termination notice is unclear. PBGC proposes, in such
cases, to clarify this ambiguity by clearly establishing a due date for
the standard termination notice that does not depend on the declaration
of a proposed termination date. Under the proposed rule, Sec.
4041.25(a) would be modified such that the due date for a standard
termination notice is the earlier of: (1) 180 days after the plan's
proposed termination date as specified in the standard termination
notice; or (2) 60 days before making any distribution governed by
section 4041(b) of ERISA. Thus, the due date for a standard termination
notice, where the notice is not filed with PBGC, will be 60 days before
distributions begin, and PBGC may assess penalties for the missed
filing from that point going forward.
PBGC is also proposing a corresponding change to Sec. 4041.29(b),
which provides to plan administrators who timely filed a standard
termination notice a 90-day grace period for the assessment of
penalties for an untimely post-distribution certification. This section
would be modified such that the grace period continues to be available
but only if the plan administrator filed a standard termination notice
within 180 days of the proposed termination date.
Other Clarifications, Corrections, and Updates
Filing, Issuance, Computation of Time, and Record Retention--29 CFR
Part 4000
PBGC proposes to amend its regulation on Filing, Issuance,
Computation of Time, and Record Retention (29 CFR part 4000) to require
electronic filing by plans of standard termination filings, missing
participant filings, and coverage determination forms. These filings
are made by plans and practitioners representing plans, and not by
individual participants. Filing this information electronically (by
email or through an e-filing portal) is currently optional. However,
because electronic filing is more efficient for both PBGC and filers
and has become the standard method of filing for PBGC's regulated
community, PBGC proposes to amend Sec. 4000.3(b) to require electronic
filing by plans for standard termination filings under subpart B of 29
CFR part 4041, missing participant filings under 29 CFR part 4050, and
coverage determination forms under section 4021 of ERISA, in accordance
with instructions on PBGC's website at <a href="http://www.pbgc.gov">www.pbgc.gov</a>.
The proposed rule also makes other clarifying and editorial changes
to part 4000.
Annual Financial and Actuarial Information Reporting--29 CFR Part 4010
Under PBGC's regulation on Annual Financial and Actuarial
Information Reporting (29 CFR part 4010), certain underfunded plans
\14\ must annually report identifying, financial, and actuarial
information to PBGC. Section 4010.8(a)(12) provides that the actuarial
information must be certified, in writing, by an enrolled actuary. PBGC
proposes to amend this paragraph so that the filing instructions, not
the regulation, provide the rules about the certification (i.e., what
information must be contained in the certification and how to complete
the certification). This proposed amendment is intended to give PBGC
greater flexibility to consider methods other than written
certifications, such as e-certifications, in the future.
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\14\ A filer is described in Sec. 4010.4.
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Reportable Events and Certain Other Notification Requirements--29 CFR
Part 4043
Plan administrators and contributing sponsors are responsible for
notifying PBGC in the event of a reportable event under section 4043 of
ERISA or a failure to make certain required contributions under section
303(k)(4) of ERISA or section 430(k)(4) of the Code. PBGC's regulation
on Reportable Events and Certain Other Notification Requirements (29
CFR part 4043), the ``reportable events regulation,'' prescribes the
requirements for notifying PBGC of one of these circumstances. Filers
must submit these notices using PBGC's e-filing portal. The e-filing
portal, available for submitting notices for reportable events since
2016, offers a secure application for submitting reportable events
information. Currently, under Sec. 4043.3(a)(3), the language states
that if notices are required for two or more events, the notices can be
combined into one filing. This provision was originally intended to
make filing paper notices easier by allowing filers to combine paper
notices into one filing. However, this provision is obsolete as under
the e-filing portal, the filer is prompted to enter information for
only one reportable event per filing. This method is not burdensome for
filers as information about the filer is saved in the e-filing portal
and does not need to be re-entered for each filing. Therefore, PBGC is
proposing to remove the obsolete language in Sec. 4043.3(a)(3).
PBGC is also proposing changes to Sec. 4043.62 of the reportable
events regulation. In 2020, Sec. 4043.29 was amended to clarify that
PBGC does not need notice of a change in the contributing sponsor to a
plan if the change does not result in a contributing sponsor ceasing to
be a member of the plan's controlled group.\15\ Therefore, the heading
of Sec. 4043.29 was revised to remove ``contributing sponsor,'' and
the
[[Page 6898]]
description of reportable event was revised to provide that a
reportable event occurs for a plan when there is a transaction that
results, or will result, in one or more persons (including any person
who is or was a contributing sponsor) ceasing to be a member of the
plan's controlled group (other than by merger involving members of the
same controlled group). The advance notice requirement in Sec. 4043.62
refers to the description of the event that must be reported under
Sec. 4043.29. To conform with changes made to Sec. 4043.29 in 2020,
PBGC proposes to amend the heading of Sec. 4043.62 by removing
``contributing sponsor or,'' and proposes to amend paragraph (a) of
Sec. 4043.62 to remove ``contributing sponsor or.'' These amendments
would clarify and minimize confusion as to the advance notice
requirement for a change in controlled group.
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\15\ See 85 FR 6046, 6049 (Feb. 4, 2020).
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Allocating Unfunded Vested Benefits To Withdrawing Employers--29 CFR
Part 4211
Under PBGC's regulation on Allocating Unfunded Vested Benefits to
Withdrawing Employers (29 CFR part 4211), a plan is responsible for
determining the amount of unfunded vested benefits to be allocated to
the withdrawing employer and using one of four methods to do so. Under
Sec. 4211.23, PBGC can approve an alternative allocation method or
modification to an allocation method if such change or modification
would not significantly increase the risk of loss to plan participants
and beneficiaries or to PBGC.
PBGC proposes to amend paragraph (c) of Sec. 4211.23 by removing
language that implies that reconsideration of PBGC's decision on an
alternative allocation method or modification to an allocation method
is a right of a plan sponsor. Per PBGC's regulations on Rules for
Administrative Review of Agency Decision (29 CFR part 4003), decisions
made by PBGC under 29 CFR part 4211 are not subject to either appeal or
reconsideration. Instead, PBGC has the authority to review, upon
request or its own initiative, determinations when it is deemed to be
appropriate. This proposed change will clarify that a plan sponsor may
request review of PBGC's decision regarding an alternative allocation
method.
Partitions of Eligible Multiemployer Plans--29 CFR Part 4233
A multiemployer plan that is seeking partition must comply with the
requirements set forth under PBGC's regulation on Partitions of
Eligible Multiemployer Plans (29 CFR part 4233). The specific
application filing requirements are outlined in Sec. 4233.3, including
a specific statement under penalties of perjury that the plan sponsor
must use with the signed and dated application for partition.
PBGC proposes to amend paragraph (b) of Sec. 4233.3 to better
comply with the affidavit requirements prescribed by the Department of
Justice for perjury cases under 28 U.S.C. 1746. The new language for
the affidavit must include language specifically referring to the
penalty of perjury ``under the laws of the United States of America''
to adhere the sample form outlined in paragraph (1) of 28 U.S.C. 1746.
Special Financial Assistance by PBGC--29 CFR Part 4262
Under the Special Financial Assistance by PBGC regulation (29 CFR
part 4262), PBGC is amending paragraph (h)(3)(iv)(B) of Sec. 4262.16
by changing the reference from ``section 4291(b)(1)(A) of ERISA'' to
``section 4219(b)(1)(A) of ERISA.''
OMB Control Numbers for PBGC Information Collection Requirements--29
CFR Part 4909
PBGC proposes to add a chart in currently reserved part 4909 which
would display, per the requirements of 5 CFR 1320.5(b)(2)(ii)(C), the
Office of Management and Budget control numbers of PBGC information
collections for which there is no corresponding paper or electronic
form. This change is intended for better organization and clarity. In
addition, PBGC proposes to remove outdated or duplicative OMB control
numbers from the following sections: 4007.12, 4010.15, 4041A.11,
4065.3, 4203.6, 4204.11, 4204.21, 4207.10, 4211.22, 4219.20, 4220.3,
and 4281.4.
Compliance With Rulemaking Guidelines
Executive Orders 12866 and 13563
The Office of Management and Budget (OMB) has determined that this
rule is not a ``significant regulatory action'' under Executive Order
12866. Accordingly, OMB has not reviewed the proposed rule under
Executive Order 12866.
Executive Order 12866 directs agencies to assess all costs and
benefits of available regulatory alternatives and, if regulation is
necessary, to select regulatory approaches that maximize net benefits
(including potential economic, environmental, public health and safety
effects, distributive impacts, and equity).
Although this is not a significant regulatory action under
Executive Order 12866, PBGC has examined the economic and policy
implications of this proposed rule. Most of the proposed amendments,
including those to parts 4006, 4007, 4010, and 4041, clarify
regulations or conform regulations to statutory changes, or are
otherwise cost-neutral in their impact.
Section 6 of Executive Order 13563 requires agencies to rethink
existing regulations by periodically reviewing their regulatory program
for rules that ``may be outmoded, ineffective, insufficient, or
excessively burdensome.'' These rules should be modified, streamlined,
expanded, or repealed as appropriate. PBGC has identified technical
corrections, clarifications, and improvements to some of its
regulations and has included those amendments in this proposed
rulemaking. PBGC expects to propose periodic rulemakings of this
nature.
Regulatory Flexibility Act
The Regulatory Flexibility Act \16\ (RFA) imposes certain
requirements respecting rules that are subject to the notice-and-
comment requirements of section 553(b) of the Administrative Procedure
Act, or any other law,\17\ and that are likely to have a significant
economic impact on a substantial number of small entities. Unless an
agency certifies that a proposed rule will not, if promulgated, have a
significant economic impact on a substantial number of small entities,
section 603 of the RFA requires that the agency present an initial
regulatory flexibility analysis at the time of the publication of the
proposed rule describing the impact of the rule on small entities and
seek public comment on such impact. Small entities include small
businesses, organizations, and governmental jurisdictions.\18\
---------------------------------------------------------------------------
\16\ 5 U.S.C. 601 et seq.
\17\ The applicable definition of ``rule'' is found in section
601 of the RFA. See 5 U.S.C. 601(2).
\18\ The applicable definitions of ``small business,'' ``small
organization,'' and ``small governmental jurisdiction'' are found in
section 601 of the RFA. See 5 U.S.C. 601.
---------------------------------------------------------------------------
For purposes of the RFA requirements with respect to this proposed
rule, PBGC considers a small entity to be a plan with fewer than 100
participants.\19\ This is substantially the same criterion PBGC uses in
other regulations \20\ and is consistent with certain requirements in
[[Page 6899]]
title I of ERISA \21\ and the Code,\22\ as well as the definition of a
small entity that PBGC and the Department of Labor (DOL) have used for
purposes of the RFA.\23\
---------------------------------------------------------------------------
\19\ PBGC consulted with the Small Business Administration's
Office of Advocacy before making this determination. Memorandum
received from the U.S. Small Business Administration, Office of
Advocacy on March 9, 2021.
\20\ See, e.g., special rules for small plans under part 4007
(Payment of Premiums).
\21\ See, e.g., section 104(a)(2) of ERISA, which permits the
Secretary of Labor to prescribe simplified annual reports for
pension plans that cover fewer than 100 participants.
\22\ See, e.g., section 430(g)(2)(B) of the Code, which permits
plans with 100 or fewer participants to use valuation dates other
than the first day of the plan year.
\23\ See, e.g., PBGC's proposed rule on Reportable Events and
Certain Other Notification Requirements, 78 FR 20039, 20057 (Apr. 3,
2013) and DOL's final rule on Procedures Governing the Filing and
Processing of Prohibited Transaction Exemption Applications, 89 FR
4662, 4690 (Jan. 24, 2024).
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Further, while some large employers operate small plans along with
larger ones, in general, most small plans are maintained by small
employers. PBGC believes that assessing the impact of the final rule on
small plans is an appropriate substitute for evaluating the effect on
small entities. The definition of small entity considered appropriate
for this purpose differs, however, from a definition of small business
based on size standards promulgated by the Small Business
Administration (13 CFR 121.201) pursuant to the Small Business Act.
PBGC therefore requests comments on the appropriateness of the size
standard used in evaluating the impact on small entities of this
proposed rule.
Based on its proposed definition of small entity, PBGC certifies
under section 605(b) of the RFA that the amendments in this proposed
rule would not have a significant economic impact on a substantial
number of small entities. As explained above under ``Executive Orders
12866 and 13563,'' most of the proposed amendments offer clarifications
or conform the regulation to statutory changes and thus are neutral in
their impact. For instance, the clarification of deadlines of standard
termination filings under part 4041 does not impose any new
requirements, but rather clarifies existing ones. While it is possible
that individual small plans may be impacted by this change, the overall
effect on small plans will not be significant. Accordingly, as provided
in section 605 of the Regulatory Flexibility Act, sections 603 and 604
do not apply.
Paperwork Reduction Act
This proposed rule contains collections of information that PBGC
has submitted to OMB for review and approval under the Paperwork
Reduction Act (PRA). OMB's decision regarding these information
collection requests will be available at <a href="http://www.reginfo.gov">http://www.reginfo.gov</a>. An
agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number. Most of the changes PBGC expects to make are
revisions to filing instructions, where necessary or helpful, to
incorporate the clarifications in the proposed rule. Therefore, PBGC
estimates that the proposed rule will have no impact on the hour and
cost burden of reporting as described below.
Termination of Single-Employer Plans Regulation
The collection of information under part 4041 is approved under OMB
control number 1212-0036 (expires March 31, 2026). The current
information collection requirements have an estimated annual hour
burden of 41,730 hours and a cost burden of $8,509,747.
PBGC's Standard Termination Filing Instructions would be updated to
reflect the changes in this proposed rule to make clear that the forms
under OMB control number 1212-0036 must be submitted electronically (by
email or through the e-filing portal) and eliminate the option of
filing paper forms. In addition, PBGC is making other editorial and
clarifying changes to both the standard termination and distress
termination instructions. The clarifications incorporated into the
instructions would replace or augment existing language but would not
create additional filing burden.
Annual Financial and Actuarial Information Reporting Regulation
The collection of information under part 4010 is approved under OMB
control number 1212-0049 (expires February 28, 2026). The current
information collection requirements have an estimated annual hour
burden of 800 hours and a cost burden of $11,080,000.
PBGC's ERISA 4010 Filing Instructions would be updated to reflect
the change in this proposed rule to include the rules about the
certification of actuarial information submitted by certain underfunded
plans. The change incorporated into the instructions would replace or
augment existing language but would not create additional filing
burden.
Missing Participants Regulation
The collection of information under part 4050 is approved under OMB
control number 1212-0069 (expires November 30, 2026). The current
information collection requirements have an estimated annual hour
burden of 70 hours and a cost burden of $497,835.
PBGC's Missing Participants Instructions would be updated to
reflect the changes in this proposed rule to make clear that the forms
under OMB control number 1212-0069 must be submitted electronically (by
email or through an e-filing portal) and eliminate the option of filing
paper forms. The clarifications incorporated into the instructions
would replace or augment existing language but would not create
additional filing burden.
Premium Filing Regulation
The collection of information under part 4007 is approved under OMB
control number 1212-0009 (expires December 31, 2026). The current
information collection requirements have an estimated annual hour
burden of 13,565 hours and a cost burden of $21,661,676.
PBGC's Comprehensive Premium Instructions would be updated to
reflect the changes in this proposed rule to change the options for the
final premium filing due date. The clarifications incorporated into the
instructions would replace or augment existing language but would not
create additional filing burden.
PBGC is soliciting public comments to--
<bullet> Evaluate whether the collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the collection of information, including the methodology and
assumptions used;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> Minimize the burden of the collection of information on
those who are to respond, including the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology (e.g., permitting electronic
submission of responses).
List of Subjects
29 CFR Part 4000
Administrative practice and procedure, Employee benefit plans,
Pension insurance, Pensions, Reporting and recordkeeping requirements.
29 CFR Part 4006
Employee benefit plans, Pension insurance.
[[Page 6900]]
29 CFR Part 4007
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4010
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4041
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4041A
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4043
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4065
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4203
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4204
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4207
Employee benefit plans; Pension insurance.
29 CFR Part 4211
Employee benefit plans; Pension insurance; Reporting and
recordkeeping requirements.
29 CFR Part 4219
Employee benefit plans; Pension insurance; Reporting and
recordkeeping requirements.
29 CFR Part 4220
Employee benefit plans; Pension insurance; Reporting and
recordkeeping requirements.
29 CFR Part 4233
Employee benefit plans; Pension insurance; Reporting and
recordkeeping requirements.
29 CFR Part 4262
Employee benefits plans; Pension insurance; Pensions; Reporting and
recordkeeping requirements.
29 CFR Part 4281
Employee benefit plans; Pension insurance; Reporting and
recordkeeping requirements.
29 CFR Part 4909
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
In consideration of the foregoing, PBGC proposes to amend 29 CFR
chapter XL as follows.
PART 4000--FILING, ISSUANCE, COMPUTATION OF TIME, AND RECORD
RETENTION
0
1. The authority citation for part 4000 continues to read as follows:
Authority: 29 U.S.C. 1083(k), 1302(b)(3).
Sec. 4000.3 [Amended]
0
2. Amend Sec. 4000.3 by:
0
a. Removing the words ``the PBGC'' and ``the PBGC's'' and adding in
their places the words ``PBGC'' and ``PBGC's'', respectively, wherever
they appear;
0
b. Removing the words ``Web site'' and adding in their place the word
``website'' wherever they appear in paragraph (b);
0
c. Adding paragraphs (b)(5), (6), and (7); and
0
d. Removing ``, including permitted filing methods, fax numbers, and
mail and email addresses,'' in paragraph (c) introductory text.
The additions read as follows:
Sec. 4000.3 What methods of filing may I use?
* * * * *
(b) * * *
(5) You must submit the information required under subpart B of
part 4041 of this chapter electronically in accordance with the
instructions on PBGC's website, except as otherwise provided by PBGC.
(6) You must submit the information required under part 4050 of
this chapter electronically in accordance with the instructions on
PBGC's website, except as otherwise provided by PBGC.
(7) You must submit the information necessary to request a coverage
determination under section 4021 of ERISA electronically in accordance
with the instructions on PBGC's website, except as otherwise provided
by PBGC.
* * * * *
PART 4006--PREMIUM RATES
0
3. The authority citation for part 4006 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1306, 1307.
0
4. Amend Sec. 4006.2 as follows:
0
a. Add a definition of ``CSEC plan'' in alphabetical order;
0
b. In the first sentence of the definition of ``New plan,'' remove
``that did not exist before'' and add in its place ``with an effective
date during''; and
0
c. In the definition of ``UVB valuation date,'' remove ``in accordance
with ERISA section 303(g)(2)'' and add in its place ``for a plan other
than a CSEC plan in accordance with ERISA section 303(g)(2) and for a
CSEC plan in accordance with ERISA section 306(c)(8)(B)(i) without
regard to section 306(c)(8)(B)(ii)''.
The addition reads as follows:
Sec. 4006.2 Definitions.
* * * * *
CSEC plan means a plan as defined in section 210(f)(1) of ERISA.
* * * * *
0
5. Amend Sec. 4006.4 by revising paragraphs (b)(1) and (f)(2) to read
as follows:
Sec. 4006.4 Determination of unfunded vested benefits.
* * * * *
(b) * * *
(1) In general. A plan's premium funding target is its standard
premium funding target under paragraph (b)(2) of this section, except
that--
(i) If the plan is not a CSEC plan and an election to use the
alternative premium funding target under Sec. 4006.5(g) is in effect,
its premium funding target is its alternative premium funding target
under Sec. 4006.5(g), and;
(ii) If the plan is a CSEC plan, its premium funding target is
determined under Sec. 4006.5(h).
* * * * *
(f) * * *
(2) Section 303(m) of ERISA and section 430(m) of the Code, dealing
with defined benefit pension plans maintained by certain community
newspapers.
0
6. Amend Sec. 4006.5 by adding paragraph (h) to read as follows:
Sec. 4006.5 Exemptions and special rules.
* * * * *
(h) CSEC plan premium funding target. The premium funding target of
a CSEC plan is its funding liability as determined under section
306(j)(5)(C) of ERISA for the UVB valuation year taking only vested
benefits into account.
PART 4007--PAYMENT OF PREMIUMS
0
7. The authority citation for part 4007 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1303(a), 1306, 1307.
[[Page 6901]]
0
8. Amend Sec. 4007.11 by revising paragraph (d)(2) to read as follows:
Sec. 4007.11 Due Dates
* * * * *
(d) * * *
(2) Forty-five (45) days after the date the post-distribution
certification under Sec. 4041.29 of this chapter is filed.
* * * * *
Sec. 4007.12 [Amended]
0
9. Amend Sec. 4007.12 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0009)''.
PART 4010--ANNUAL FINANCIAL AND ACTUARIAL INFORMATION REPORTING
0
10. The authority citation for part 4010 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1310.
0
11. Amend Sec. 4010.8 by revising paragraph (a)(12) to read as
follows:
Sec. 4010.8 Plan actuarial information.
(a) * * *
(12) Certification of the actuarial information by an enrolled
actuary, as described in the related filing instructions and permitted
under 26 CFR 301.6059-1(d).
* * * * *
Sec. 4010.15 [Removed]
0
12. Remove Sec. 4010.15.
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS
0
13. The authority citation for part 4041 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1341, 1344, 1350.
0
14. Amend Sec. 4041.21 by adding paragraph (b)(2)(v) to read as
follows:
Sec. 4041.21 Requirements for a standard termination.
* * * * *
(b) * * *
(2) * * *
(v) In any case in which the majority owner has an option to
acquire any outstanding interest in an organization, such interest will
be considered as owned by such person only if the following
requirements are met:
(A) The person has a 5 percent or more direct ownership interest,
or
(B) Such person has been a member of the board of directors, a
fiduciary, or participated in the management of the plan sponsor for
each of the 3 years immediately preceding the date of the plan
termination.
0
15. Amend Sec. 4041.25 by revising paragraph (a) to read as follows:
Sec. 4041.25 Standard termination notice.
(a) Notice requirement. The plan administrator must file with PBGC
a standard termination notice, consisting of PBGC Form 500, completed
in accordance with the instructions thereto, on or before the earlier
of--
(1) One hundred-eighty (180) days after the proposed termination
date; or
(2) Sixty (60) days before making any distribution governed by
section 4041(b) of ERISA and this part.
* * * * *
0
16. Amend Sec. 4041.29 by revising paragraph (b) to read as follows:
Sec. 4041.29 Post-distribution certification.
* * * * *
(b) Penalty considerations. If a standard termination notice is
filed in accordance with Sec. 4041.25(a)(1), PBGC may assess a penalty
for a late filing under paragraph (a) of this section only if the
required information is filed more than 90 days after the distribution
deadline (including extensions) under Sec. 4041.28(a).
Sec. 4041.47 [Amended]
0
17. Amend Sec. 4041.47 by removing ``Sec. 4041.21(b)(2)(i) through
(iv)'' and adding in its place ``Sec. 4041.21(b)(2)(i) through (v)''
in paragraph (d)(1).
PART 4041A--TERMINATION OF MULTIEMPLOYER PLANS
0
18. The authority citation for part 4041A continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1341a, 1431, 1441.
Sec. 4041A.11 [Amended]
0
19. Amend Sec. 4041A.11 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0020)''.
PART 4043--REPORTABLE EVENTS AND CERTAIN OTHER NOTIFICATION
REQUIREMENTS
0
20. The authority citation for part 4043 continues to read as follows:
Authority: 29 U.S.C. 1083(k), 1302(b)(3), 1343.
Sec. 4043.3 [Amended]
0
21. Amend Sec. 4043.3 by removing the last sentence of paragraph
(a)(3).
0
22. Amend Sec. 4043.62 by revising the section heading and paragraph
(a) to read as follows:
Sec. 4043.62 Change in controlled group.
(a) Reportable event. Advance notice is required for a change in a
plan's controlled group, as described in Sec. 4043.29(a).
* * * * *
PART 4065--ANNUAL REPORT
0
23. The authority citation for part 4065 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1365.
Sec. 4065.3 [Amended]
0
24. Amend Sec. 4065.3 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0026)''.
PART 4203--EXTENSION OF SPECIAL WITHDRAWAL LIABILITY RULES
0
25. The authority citation for part 4203 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3).
Sec. 4203.6 [Removed]
0
26. Remove Sec. 4203.6.
PART 4204--VARIANCES FOR SALE OF ASSETS
0
27. The authority citation for part 4204 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1384(c).
Sec. 4204.11 [Amended]
0
28. Amend Sec. 4204.11 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0021)''.
Sec. 4204.21 [Amended]
0
29. Amend Sec. 4204.21 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0021)''.
PART 4207--REDUCTION OR WAIVER OF COMPLETE WITHDRAWAL LIABILITY
0
30. The authority citation for part 4207 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1387.
Sec. 4207.10 [Amended]
0
31. Amend Sec. 4207.10 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0044)''.
PART 4211--ALLOCATING UNFUNDED VESTED BENEFITS TO WITHDRAWING
EMPLOYERS
0
32. The authority citation for part 4211 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3); 1391(c)(1), (c)(2)(D),
(c)(5)(A), (c)(5)(B), (c)(5)(D), and (f).
Sec. 4211.22 [Amended]
0
33. Amend Sec. 4211.22 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0035)''.
[[Page 6902]]
Sec. 4211.23 [Amended]
0
34. Amend Sec. 4211.23 by removing ``of the sponsor's right to request
a reconsideration of the decision pursuant to part 4003 of this
chapter'' and adding in its place ``that the plan sponsor may request
review of the decision'' in paragraph (c).
PART 4219--NOTICE, COLLECTION, AND REDETERMINATION OF WITHDRAWAL
LIABILITY
0
35. The authority citation for part 4219 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3) and 1399(c)(6).
Sec. 4219.20 [Removed]
0
36. Remove Sec. 4219.20.
PART 4220--PROCEDURES FOR PBGC APPROVAL OF PLAN AMENDMENTS
0
37. The authority citation for part 4220 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1400.
Sec. 4220.3 [Amended]
0
38. Amend Sec. 4220.3 by removing ``(Approved by the Office of
Management and Budget under control number 1212-0031)''.
PART 4233--PARTITIONS OF ELIGIBLE MULTIEMPLOYER PLANS
0
39. The authority citation for part 4233 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1413.
0
40. Amend Sec. 4233.3 by revising the second sentence in paragraph (b)
to read as follows:
Sec. 4233.3 Application filing requirements.
* * * * *
(b) * * * The application must be signed and dated by an authorized
trustee who is a current member of the board of trustees, and must
include the following statement under penalties of perjury: ``Under
penalty of perjury under the laws of the United States of America, I
declare that I have examined this application, including accompanying
documents, and, to the best of my knowledge and belief, the application
contains all the relevant facts relating to the application; all
statements of fact contained in the application are true, correct, and
not misleading because of omission of any material fact; and all
accompanying documents are what they purport to be.'' * * *
* * * * *
PART 4262--SPECIAL FINANCIAL ASSISTANCE BY PBGC
0
41. The authority citation for part 4262 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1432.
Sec. 4262.16 [Amended]
0
42. Amend Sec. 4262.16 by removing the citation to ``section
4291(b)(1)(A) of ERISA'' and adding in its place ``section
4219(b)(1)(A) of ERISA'' in paragraph (h)(3)(iv)(B).
PART 4281--DUTIES OF PLAN SPONSOR FOLLOWING MASS WITHDRAWAL
0
43. The authority citation for part 4281 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1341(a), 1399(c)(1)(D), 1431,
and 1441.
Sec. 4281.4 [Removed]
0
44. Remove Sec. 4281.4.
0
45. Add part 4909, consisting of Sec. ??.??, to read as follows:
PART 4909--OMB CONTROL NUMBERS FOR PBGC INFORMATION COLLECTION
REQUIREMENTS
Authority: 29 U.S.C. 1302(b)(3), 5 CFR part 1320.
Sec. 4909.1 Information collection control numbers.
PBGC regulations that contain information collections requirements
without corresponding written or electronic forms, questionnaires, or
instructions are displayed in table 1 to this section. They are
displayed along with their respective control numbers as assigned by
the Office of Management and Budget (OMB) under the Paperwork Reduction
Act, 44 U.S.C. 3501 et seq.
Table 1 to Sec. 4909.1
------------------------------------------------------------------------
OMB control
Regulation(s) and Information Collection Title No.
------------------------------------------------------------------------
Part 4062, Liability for Termination of Single-Employer 1212-0017
Plans.....................................................
Part 4204, Variances for Sale of Assets.................... 1212-0021
Part 4231, Mergers and Transfer Between Multiemployer Plans 1212-0022
Part 4203, Extension of Special Withdrawal Liability Rules. 1212-0023
Part 4220, Procedures for PBGC Approval of Plan Amendments. 1212-0031
Part 4219, Notice, Collection, and Redetermination of 1212-0034
Withdrawal Liability......................................
Part 4211, Allocating Unfunded Vested Benefits............. 1212-0035
Part 4208, Reduction or Waiver of Partial Withdrawal 1212-0039
Liability.................................................
Part 4207, Reduction or Waiver of Complete Withdrawal 1212-0044
Liability.................................................
Part 4003, Administrative Appeals (Employers).............. 1212-0061
Part 4003, Filings for Reconsiderations.................... 1212-0063
Parts 4041 and 4042, Disclosure of Information in Distress 1212-0065
and PBGC-Initiated Termination Information................
Part 4233, Partitions of Eligible Multiemployer Plans...... 1212-0068
------------------------------------------------------------------------
Issued in Washington, DC, by
Ann Y. Orr,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2025-00726 Filed 1-17-25; 8:45 am]
BILLING CODE 7709-02-P
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</html>Indexed from Federal Register on January 21, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.