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CCH® PENSION — 04/15/11

PBGC seeks comments to assist it in conducting regulatory review

The PBGC is seeking public comments to assist the Agency in preparing a preliminary regulatory review plan. The PBGC is undertaking this review in response to an Executive Order issued by the President on January 18, 2011 on improving regulations and regulatory review (see CCH Pension Plan Guide Newsletter, Report No. 1873, January 31, 2011). Among other things, the Executive Order directed agencies to develop and submit a preliminary plan within 120 days that will explain how they will periodically review existing significant regulations to identify any regulations that can be made more effective or less burdensome in achieving regulatory objectives.

In its request for comments, the PBGC said that the purpose of the review is to make the PBGC's regulatory program both more effective and less burdensome. The PBGC is starting by identifying regulations for possible modification, streamlining, or repeal, which will be incorporated into a preliminary regulatory review plan. For now, the Agency is asking the public for ideas and information to help prepare the preliminary plan. There will be additional opportunities for public comment after the preliminary plan is developed and approved.

In the spirit of the Executive Order, the PBGC is applying the retrospective review to all of its existing regulations (not only significant regulations). The Agency is soliciting views from the public on how best to conduct its analysis of existing regulations and how best to identify those regulations that might be modified, streamlined, expanded or repealed. Although the PBGC expects to eliminate regulations that are no longer warranted, it will also consider strengthening, complementing, or modernizing regulations where necessary or appropriate --including, as relevant, undertaking new rulemakings.

Questions for the public

As part of its comment request, the PBGC published a list of preliminary questions, which are designed to assist the Agency in developing a preliminary plan for the retrospective review of its existing regulations and to identify those regulations that may benefit from a retrospective review.

Among the questions contained in the comment request are the following:

Comments sought by April 20, 2011

Written comments and information on developing the preliminary plan are sought by April 20, 2011, although the PBGC said that it will take into consideration comments received after that date to the extent feasible. Comments, identified by "Regulatory Review" may be submitted via the Federal eRulemaking Portal at http://www.regulations.gov, by email at reg.comments@pbgc.gov, by fax at 202-326-4224, or by mail or hand delivery to Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026.

Source: 76 FR 18134, April 1, 2011.

For more information, visit http://www.wolterskluwerlb.com/rbcs.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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