PBGC Retrospective Review Plan Report 

May 2012 

Agency RIN 

/OMB 

Control 

Number 

Title of 

Initiative/ 

Rule/ICR 

Brief Description Actual or 

Target 

Completion 

Date 

Anticipated savings in costs and/o

information collection burdens, toget

with any anticipated changes in bene

(please quantify, to the extent feasible

also specify baseline, time horizon, a

affected groups) 

PBGC Voluntary 

correction program for premium filers 

PBGC announced a voluntary correction program for certain premium filers (e.g., first time filers). 

Policy statement published February 9, 2012, http://www.p bgc.gov/Docu ments/2012-3054.pdf . 

Benefits include more effective enforcemand earlier compliance, resulting in producing premium revenue more quickand reducing penalty costs for plan spon

PBGC 1212-

AB04 

Rules for Administrative Review of Agency Decisions (29 CFR part 4003) 

PBGC amended its regulation on Rules for Administrative Review of Agency Decisions (part 4003) to cover information penalties under ERISA section 4071 and 29 CFR part 4071. 

Final rule published April 16, 2012, http://www.p bgc.gov/Docu ments/2012-

9095.pdf . Effective May 16, 2012. 

This change promotes uniformity and transparency in PBGC’s procedures for making and reviewing determinations. 

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PBGC 1212-

AB06 

Reportable Events; Pension Protection Act of 2006 

ERISA section 4043 requires that plan administrators and sponsors notify PBGC of the occurrence of certain events that may signal problems with a pension plan or business. In response to Executive Order 13563 and comments on its November 2009 proposed rule on Reportable Events, PBGC intends to re-propose, with an emphasis toward reducing unnecessary burdens on employers and plans. 

Target date for NPRM (re-proposal) May 2012. 

The estimated annual burden under the existing regulation is approximately 5,40hours and $822,000. The proposal would reduce burden for lorisk sponsors and plans, while targeting pthat present higher risk. PBGC expects tthe proposal would dramatically reduce tproportion of unnecessary filings under tcurrent regulation. 

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 substantial cessations of operations by employers that maintain single-employer plans. In light of comments on its 2010 proposed rule on the applicability and enforcement of ERISA section 4062(e), PBGC intends to repropose. PBGC is considering reducing the reporting burden and tying 4062(e) to risk through the same approaches being considered for reportable events. 

Target date for NPRM (re-proposal) December 2012. 

PBGC is analyzing the potential savings from a re-proposal. 

PBGC Premium 

Rates; Payment of Premiums; Reducing Regulatory Burden 

In response to public comments, PBGC is considering changing filing deadlines and/or streamlining valuation procedures for plans. 

Any changes would be effective for 2014 plan years. Target date for NPRM August 2012. 

PBGC is analyzing the potential savings from this proposal. Expected benefits would include reduced actuarial fees and reduced burden of meea filing deadline that may occur before completion of actuarial valuation for funpurposes. 

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PBGC Termination of 

Multiemployer Plans (29 CFR part 4041A) 

When a multiemployer plan terminates, the plan must perform an annual valuation of the plan’s assets and benefits under regulations 4041A.24(a) and 4281.11(a). PBGC has reviewed the regulation to determine whether annual valuation requirements may be reduced for certain plans. 

Target date for NPRM October 2012. 

Based on PBGC’s experience, the averagannual cost per plan of such annual valuis about $25,000. If these costs were incurred every three years rather than evyear, the estimated annual savings would about $500,000. 

PBGC Duties of plan 

sponsor following mass withdrawal (29 CFR part 4281) 

Terminated multiemployer plans that determine that they will be insolvent for a plan year must file a series of notices and updates to notices under 29 CFR §§ 4281.43 - 4281.46. These notice requirements can be detrimental to plan participants because they may use up assets that would be available to pay plan benefits. 

Target date for NPRM October 2012. 

Streamlining of process may preserve plassets for participant benefits. 

PBGC Mergers and 

transfers between multiemployer plans (29 CFR part 4231) 

Multiemployer plans must file certain information with PBGC. Multiemployer plan mergers do not pose any increase in the risk of loss to PBGC or to plan participants. These filing requirements increase administrative costs to PBGC and plans and create an unnecessary burden in completing the merger. 

Target date for NPRM October 2012. 

Streamlining and reforming notification process may reduce administrative costs both PBGC and plans and help facilitate transactions that have the effect of strengthening multiemployer plans, therepreserving benefits for participants and removing barriers to business transaction

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