The Office of Management and Budget (OMB) has issued a comprehensive report on the regulatory agenda of the Pension Benefit Guaranty Corporation (PBGC) for fall 2018.
Proposed Rules
The OMB lists the following as proposed rules the PBGC is now considering:
Valuation Assumptions and Methods: Interest and Mortality Assumptions for Asset Allocation in Single-Employer Plans and Mass Withdrawal Liability Determination in Multiemployer Plans: a rule that would update the methodology for setting interest and mortality assumptions under the asset allocation regulation
Benefit Payments: a rule that would make clarifications and codify policies in the PBGC's benefit payments and valuation regulations.
Administrative Review: a rule that would update the PBGC’s rules for administrative review of agency decisions.
Methods for Computing Withdrawal Liability: a rule that would implement Multiemployer Pension Reform Act of 2014 changes affecting the calculation of withdrawal liability and provide simplified methods for how an employer's liability is calculated upon withdrawal from a multiemployer plan.
Multiemployer Plan Guaranteed Benefits: a rule that would clarify and codify policies on the determination of guaranteed benefits for participants in multiemployer plans.
PBGC-Approved Arbitration Procedures — Multiemployer Plans: a rule that would clarify rules on arbitration procedures.
Release of Official Information and Testimony by PBGC Employees: a rule that would codify current PBGC practice governing the production of official information or testimony by PBGC employees in certain proceedings.
Valuation Assumptions and Methods: Interest Assumptions for Paying Benefits in Single-Employer Plans: a rule that would update the methodology for setting interest assumptions under the benefit payments regulation.
Examination and Copying of PBGC Records: a rule that would modernize the rules for requesting and disclosing material under the Freedom of Information Act (FOIA).
Filing and Issuance Rules: a rule that would update and make improvements to the filing and issuance rules in part 4000 for submissions to PBGC and issuances of notices or information to other persons.
Final Rules
The OMB lists the following as rules the PBGC is now considering that are in final form:
Adjustment of Civil Penalties: A rule that would make changes to the reporting, disclosure and valuation requirements for certain terminated or insolvent multiemployer plans. The PBGC issued a notice of proposed rulemaking on July 16, 2018; the period during which the PBGC would accept comments on the proposed rule ended on September 14. The PBGC expects to issue a final rule in March 2019.
Terminated and Insolvent Multiemployer Plans and Duties of Plan Sponsors: a rule resulting from the requirement that the PBGC annually amend its civil penalty regulations to adjust for inflation the maximum penalty provided for in Sections 4071 and 4302 of ERISA.
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