Pension & Benefits News PBGC regulatory agenda addresses benefit payments, multiemployer plans
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Tuesday, November 6, 2018

PBGC regulatory agenda addresses benefit payments, multiemployer plans

By Pension and Benefits Editorial Staff

The Pension Benefit Guaranty Corporation (PBGC) has released its regulatory agenda for Fall 2018, which outlines regulations that have been selected for amendment during the next year.

Proposed rule stage. The items in the PBGC's proposed rule stage include:

  • A proposed update of the methodology for setting interest and mortality assumptions under the asset allocation regulation for single-employer plans and mass withdrawal liability determination in multiemployer plans.
  • A proposed rule that would make clarifications and codify policies in the PBGC's benefit payments and valuation regulations.
  • The first in an anticipated series of “housekeeping” rules to make miscellaneous corrections, clarifications, and improvements to PBGC's regulations, notably 29 CFR part 4043 (dealing with reportable events) and 29 CFR 4010 (annual financial and actuarial information reporting).
  • A proposed regulation that would update rules for administrative review of agency decisions.
  • Proposed regulations would implement changes and simplified methods under the Multiemployer Pension Reform Act of 2014 (MPRA), Division O of the Consolidated and Further Continuing Appropriations Act, 2015 (P.L. 113-235), to how an employer's liability is calculated upon withdrawal from a multiemployer plan.
  • A proposed rulemaking would clarify and codify policies on the determination of guaranteed benefits for participants in multiemployer plans.
  • A proposed regulation that would clarify the rules for arbitration procedures used to resolve disputes involving multiemployer plans.
  • A proposed rule to codify current PBGC practice governing the production of official information or testimony by PBGC employees in certain proceedings.
  • Proposed regulations would update the methodology for setting interest assumptions in single-employer plans under the benefit payments regulation.
  • A proposed rulemaking would modernize the rules for requesting and disclosing PBGC records under the Freedom of Information Act (FOIA).
  • A proposed rule would update and make improvements to the filing and issuance rules in part 4000 for submissions to the PBGC and issuances of notices or information to other persons.

Final rule stage. There are two items in the PBGC's final rule stage:

  • Final regulations that would make changes to the reporting, disclosure, and valuation requirements for certain terminated or insolvent multiemployer plans.
  • A final rule that amends the PBGC's civil penalty regulations to adjust for inflation the maximum penalty provided for in ERISA Secs. 4071 and 4302.

SOURCE: The Unified Agenda for Fall 2018, at www.RegInfo.gov.

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