By Pension and Benefits Editorial Staff
The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations, which implement the requirements of Executive Order (EO) 13891, “Promoting the Rule of Law Through Improved Agency Guidance Documents.” EO 13891 requires agencies to set forth processes and procedures for issuing guidance documents. The regulations are effective August 26, 2020.
The final regulations add a new 29 CFR part 4908 to the Code of Federal Regulations and provide the following procedures:
- Guidance documents will include specified information, including a statement that a guidance document does not bind the public, and will be posted at www.pbgc.gov/guidance.
- Significant guidance documents will have a 30-day public notice and comment period, be reviewed by the Office of Management and Budget (OMB), and meet other requirements.
- Public access to guidance and ability to request withdrawal or modification of a guidance document.
The PBGC has determined that good cause exists for making the additions provided in the final regulations effective less than 30 days after publication because the additions support PBGC’s procedures for issuing guidance documents in compliance with the deadlines in EO 13891 and the (OMB) Memorandum M-20-02 (which provided agencies with instructions for complying with the requirements of EO 13891).
Source: 85 FR 52481.
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