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PBGC Retrospective Review Plan Update

January 2016

Agency Title Of Initiative/

Rule or ICR

RIN/OMB 

Control 

Number

Summary of Initiative Status of 

Initiative --

New to this 

update, 

Ongoing, or 

Completed

Target Completion 

Date (if completed, 

please add the 

publication date 

and cite in Federal 

Register for 

example)

Does the Initiative 

include pilot projects, 

safe harbor exemptions, 

sunset provisions, 

trigger provisions, 

streamlined 

requirements, state 

flexibilities, or other 

similar strategies?

Does this 

initiative 

employ any 

type of 

experimental 

design y/n?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.) 

Please identify all 

that apply

If available, anticipated or 

realized savings in costs 

&/or burdens and 

anticipated or realized 

changes in benefits

PBGC Multiemployer 

Plans; Electronic 

Filing Requirements 

under 29 CFR Parts 

4000, 4041A, and 

4281

1212-AB28 This rulemaking was part of PBGC's 

ongoing implementation of the 

Government Paperwork Elimination 

Act and is consistent with the Office of 

Management and Budget's directive to 

remove regulatory impediments to 

electronic transactions. The rule builds 

in flexibility to allow PBGC to update 

the electronic filing process as 

technology advances.

Completed Proposed rule

published April 3, 

2015, 80 FR 18172. 

Final rule published 

September 17, 2015, 

80 FR 55743.

The regulatory 

changes are 

applicable to filings 

on or after January 1, 

2016.

PBGC will grant caseby-case exemptions to 

the electronic filing 

requirement in 

appropriate 

circumstances for filers 

that demonstrate good 

cause for exemption.

No Public comment 

period ended June 2, 

2015. PBGC received 

no comments on the 

proposed rule.

The electronic filing 

requirements under the rule 

are expected to reduce 

burden by approximately 25 

percent, or an annual 

savings of approximately 

$987,500. 

PBGC Review of actuarial 

and economic 

content of policies 

and regulations

N/A PBGC is instituting routine, periodic 

reviews of its regulations and policies 

to ensure that the assumptions and 

methods are sound and are current with 

advances in actuarial, demographic, 

and economic knowledge and 

practices.

PBGC anticipates that its review of 

actuarial and economic content of 

policies and regulations will result in 

multiple regulatory initiatives (See 

“Target Completion Date” for 

examples).

Ongoing PBGC expects to 

issue a proposed 

regulation on new 

mortality and interest 

factors by June 2016 

and complete the 

review of age 

adjustment factors 

by the end of 

2016. PBGC also 

plans to start 

reviewing early 

retirement rates and 

other actuarial 

assumptions during 

2016.

TBD No Initiatives resulting in 

rulemaking projects 

(e.g., the proposed 

regulation on new 

mortality and interest 

factors) will provide 

for notice and public 

comment.

TBD
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PBGC Reportable Events 1212-AB06 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, 

78 FR 20039. Thirteen comments 

received.

Public hearing held June 18, 2013. 

This was PBGC’s first-ever regulatory 

hearing. 

Completed Final rule published 

September 11, 2015, 

80 FR 54979. For 

post-event reporting, 

the regulatory 

changes apply to 

events that occur on 

or after January 1, 

2016. For advance 

reporting, the

regulatory changes 

apply to reports due 

on or after that date.

The final rule contains

safe harbors (with 

flexible compliance) and 

streamlined 

requirements.

No N/A (previously 

engaged with public 

through public 

comment and 

regulatory hearing).

PBGC expects the rule to 

exempt more than 90% of 

plans and sponsors from 

many requirements. It is 

expected to reduce burden 

for low-risk sponsors and 

plans, while targeting plans 

that present higher risk. 

PBGC expects that the rule 

will dramatically reduce the 

proportion of unnecessary 

filings under the current 

regulation. 

PBGC Annual Financial 

and Actuarial 

Information 

Reporting; ERISA 

section 4010

1212-AB30 PBGC proposed to amend its 

regulation on Annual Financial and 

Actuarial Information Reporting under 

ERISA section 4010 to codify 

provisions of the Moving Ahead for 

Progress in the 21st Century Act and the 

Highway and Transportation Funding 

Act of 2014 and related PBGC 

guidance, revise waivers from 

reporting, and make technical changes.

PBGC is developing a final rule, taking 

into account public comment.

Ongoing Proposed rule 

published July 27, 

2015; 80 FR 44312.

PBGC expects to 

publish a final rule in 

the spring of 2016.

Yes. No Public comment

period ended 

September 25, 2015.

PBGC received ten 

comment letters from 

a total of twelve 

entities (three entities 

prepared a joint 

comment letter).

The proposed rule would 

add waivers from reporting 

for persons that must file a 

4010 report solely on the 

basis of either a reporting 

trigger under § 4010.4(a)(2) 

for a statutory lien resulting 

from missed required 

contributions of over $1 

million or under 

§ 4010.4(a)(3) for 

outstanding minimum 

funding waivers exceeding 

the same amount, provided 

that the missed 

contributions or minimum 

funding waivers were 

reported under part 4043 by 

the due date for the 4010 

filing. 

Waiving reporting based on 

these two tests would 

reduce the compliance and 

cost burden on filers. A 

filer waived from 4010 

reporting might save 

between six and 24 hours 

annually by not having to 

provide identifying and 
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financial information and 

approximately $17,000 in 

actuarial costs (depending 

in part on whether it was a 

first-time filing). Based on 

2013 data, the aggregate 

actuarial cost savings for all 

filers could be over 

$310,000. 

However, other proposed 

changes, which PBGC 

believes are necessary to 

protect participant plan 

benefits and the pension 

insurance system, would 

raise the overall paperwork 

burden by 250 filings (an 

additional 2,150 total 

annual hours, and 

$4,240,000 total annual 

costs).