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CCH® PENSION AND BENEFITS — 1/10/08

PBGC semiannual regulatory agenda proposes changes to comply with PPA

The Pension Benefit Guaranty Corporation (PBGC) has released its semiannual regulatory agenda, which outlines regulations that have been selected for amendment during the next year, as well as any regulations that have been recently finalized.

Proposed rule stage

Among the items in the PBGC’s proposed rule stage are:

• implementation of provisions of the Pension Protection Act of 2006 (PPA; P.L. 109-280) that allow for changes in the methods for computing withdrawal liability and address adjustments in withdrawal liability if a plan is in critical status.
• amendment of its regulation on Annual Financial and Actuarial Information Reporting to implement changes in reporting under ERISA §4010 required by the PPA.
• implementation of PPA section 410, which allows certain terminating plans not covered by the existing Missing Participants program to participate in that program.
• clarification of procedures, rights, and responsibilities with respect to obtaining and providing termination information required by the PPA.
• amendment of its regulation on Payment of Premiums (29 CFR part 4007) to implement section 406 of the PPA, which authorizes PBGC to pay interest on premium overpayments refunded to designated payors.

Final rule stage

The PBGC is in the process of finalizing regulations covering some of the following topics:

• replacement of policy statements concerning penalties with an updated and expanded set of information penalty policies codified in its regulations.
• implementation of changes in the rules for computing the variable-rate premium to implement provisions of the PPA.

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