PBGC Retrospective Review Plan Report 

July 14, 2014 

Agency RIN 

/OMB 

control 

number

Title of 

initiative/ 

rule/ICR

Brief description Actual or target 

completion date 

Anticipated savings in costs 

and/or information collection 

burdens, together with any 

anticipated changes in 

benefits 

Progress updates and anticipated 

accomplishments 

PBGC 1212-

AB26

Premium 

Rates; 

Payment of 

Premiums; 

Reducing 

Regulatory 

Burden

On January 3 and 

May 28, 2014, 

PBGC published 

final rules 

implementing a 

regulatory reform 

proposal to simplify 

and streamline 

premium due dates, 

coordinate the due 

date for terminating 

plans with the 

termination process, 

provide for relief 

from penalties, and 

make other changes.

The premium 

amendments apply 

generally to plan 

years beginning after 

2013, with a phase-in 

rule for small plans 

and a deferred 

effective date for 

terminating plans. 

The change to uniform due 

dates is estimated to save plans 

about $75 million per year: 

about $12,350 for each large 

plan and about $315 for each 

small plan.

Proposed rule published July 23, 2013, 

http://www.pbgc.gov/documents/2013-

17561.pdf. 

Final rule addressing part of the proposal

published January 3, 2014, 

http://www.pbgc.gov/documents/2013-

31109.pdf. 

Final rule addressing remainder of proposal 

published May 28, 2014, 

http://www.pbgc.gov/documents/2014-

12154.pdf. 

PBGC 1212-

AB06

Reportable 

Events; 

Pension 

Protection 

Act of 2006

PBGC is 

streamlining 

reporting 

requirements under 

ERISA section 4043 

to limit reports to 

circumstances when 

there is real risk to 

pension plans and 

PBGC cannot get 

the information in 

other ways. 

Proposed rule 

published April 3, 

2013. 13 comments 

received. 

Public hearing held 

June 18, 2013. This 

was PBGC’s firstever regulatory 

hearing. 

PBGC expects to 

publish the final rule 

in 2014.

The proposal would exempt 

more than 90% of plans and 

sponsors from many

requirements. It would reduce 

burden for low-risk sponsors 

and plans, while targeting plans 

that present higher risk. PBGC 

expects that the proposal would 

dramatically reduce the 

proportion of unnecessary 

filings under the current 

regulation. 

PBGC is developing the final rule, taking into 

account the comments and discussion at the 

public hearing.

1 
 

Agency RIN 

/OMB 

control 

number

Title of 

initiative/ 

rule/ICR

Brief description Actual or target 

completion date 

Anticipated savings in costs 

and/or information collection 

burdens, together with any 

anticipated changes in 

benefits 

Progress updates and anticipated 

accomplishments 

PBGC 1212-

AB20

Liability for 

Termination 

of SingleEmployer 

Plans; 

Treatment of 

Substantial 

Cessation of 

Operations; 

ERISA 

section 

4062(e) 

The statute provides 

for reporting of and 

liability for certain 

cessations of 

operations by 

employers that 

maintain singleemployer plans. In 

2010, PBGC issued 

a proposed rule on 

the applicability and 

enforcement of 

ERISA section 

4062(e). In light of 

comments on that 

proposal, PBGC is 

not going to finalize 

that proposal. 

PBGC expects to 

issue guidance in the 

near future. 

PBGC is analyzing potential 

savings from the guidance. 

On November 2, 2012, PBGC announced 

4062(e) enforcement guidelines, under which 

PGGC will not enforce in the case of 

financially strong companies or small plans, 

http://www.pbgc.gov/news/press/releases/pr12-

32.html. As a result, more than 90 percent of 

companies that sponsor pension plans do not 

face enforcement efforts. 

In FY 2013, 63 companies were found to have 

taken actions within the law's purview, and 

PBGC declined to enforce in 80 percent of 

those cases. All of the remaining cases 

resolved in FY 2013 were completed by 

settlement agreements. .

On July 8, 2014, PBGC announced a 

moratorium, until the end of 2014, on the 

enforcement of 4062(e) cases. The moratorium 

will enable PBGC to further target at-risk plans 

and work with the business community, labor, 

and other stakeholders to minimize effects on 

necessary business activities.

2 
 

Agency RIN 

/OMB 

control 

number

Title of 

initiative/ 

rule/ICR

Brief description Actual or target 

completion date 

Anticipated savings in costs 

and/or information collection 

burdens, together with any 

anticipated changes in 

benefits 

Progress updates and anticipated 

accomplishments 

PBGC 1212-

AB25

Termination 

of 

Multiemplo

yer Plans 

(29 CFR 

part 4041A) 

Duties of 

plan sponsor 

following 

mass 

withdrawal 

(29 CFR 

part 4281) 

Mergers and 

transfers 

between 

multiemploy

er plans 

(29 CFR 

part 4231)

Based on its review, 

PBGC reduced or 

eliminated: 

• Annual valuation 

requirements for 

small terminating 

multiemployer 

plans. 

• Certain notice 

requirements for 

terminated 

multiemployer 

plans that 

determine that 

they will be 

insolvent for a 

plan year.

• Unnecessary 

filing 

requirements on 

merged 

multiemployer 

plans.

June 27, 2014 (with a 

deferred effective 

date for certain 

merger notices). 

Based on PBGC’s experience, 

the combined estimated annual 

savings of the three rule 

changes will be about 

$430,000.

1

Streamlining and reforming 

notice requirements may reduce 

administrative costs to both 

PBGC and plans and help 

facilitate transactions that have 

the effect of strengthening 

multiemployer plans, thereby 

preserving benefits for 

participants and removing 

barriers to business 

transactions. 

Proposed rule published January 29, 2014, 

http://www.pbgc.gov/Documents/2011-

5696.pdf. 

Final rule published May 28, 2014, 

http://www.pbgc.gov/documents/2014-

12154.pdf. 

The final regulation is unchanged from the 

proposed regulation.

Response to June 22, 2012 OMB Memorandum: 

PBGC’s inventory of currently approved information collections (i.e., paperwork and reporting burdens) imposes about 113,750 annual burden hours for all of 

PBGC’s programs,

2 of which 87,500 hours result from locating and paying participants (primarily benefit applications) and 8,200 hours result from payment of 

premiums. The number of respondents for these two information collections is largely outside of PBGC’s control, and the hour burden per response is low. 

1 See http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201406-1212-012, and http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201406-1212-

011 for updated burden estimates on the information collections related to the 29 CFR 4231 and 29 CFR 4281 [confirm] portions of the final rule. 2 See http://www.reginfo.gov/public/do/PRAMain . 

3 

 
 

PBGC is continually looking for ways to reduce paperwork and reporting burdens, simplify filings, and provide relief for small businesses and plans. As 

discussed below, PBGC is identifying three initiatives to significantly reduce paperwork and reporting burden: 

• Reportable Events. PBGC’s 2013 Reportable Events proposal would dramatically reduce unnecessary reporting by sponsors and plans. It would 

exempt more than 90% of plans and sponsors from some requirements. PBGC is developing the final rule. 

• Premiums. PBGC’s 2014 premium final rules will significantly reduce the annual burden of premium filings for plans of all sizes. 

• ERISA section 4010. PBGC is considering regulatory changes to Annual Financial and Actuarial Information Reporting requirements under ERISA 

section 4010 that could result in decreased reporting burden for plan sponsors. Such changes include waiving reporting for plans that must file 4010 

information solely on the basis of either a statutory lien resulting from missed required contributions of over one million dollars or outstanding funding 

waivers exceeding the same amount. PBGC believes other changes to 4010 reporting, such as targeting reporting more closely to the risk of plan 

termination, would more significantly reduce burden and has recommended those changes to Congress. 

In addition, PBGC has begun an internal process to establish routine, periodic review of PBGC regulations and policies to ensure that the actuarial and economic 

content remains current.

4