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PBGC Retrospective Review Plan Update

July 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 Payment of 

Premiums; Late 

Payment Penalty 

Relief

1212-AB32 PBGC proposes to lower the rates 

of penalty charged for late 

payment of premiums by all 

plans, and to provide a waiver of 

most of the penalty for plans with 

a demonstrated commitment to 

premium compliance.

Ongoing Proposed rule 

published April 28, 

2016, 81 FR 25363. 

PBGC expects to 

publish a final rule in 

July 2016.

Yes. Plans that fall 

within the described 

parameters get 80-

percent waivers. 

No Public comment 

period ended June 27, 

2016. PBGC received 

three comments on the 

proposed rule. 

The current penalty rule for 

late payment of a premium 

allows a lower level of 

penalty if the premium 

payer self-corrects. Under 

the proposed rule, a lower 

level of penalty would also 

apply if the payer has 

demonstrated a commitment 

to premium compliance.

For all premium payers, the 

proposed rule would cut 

penalty rates and caps to

half of what the current 

regulation provides.

PBGC Annual Financial and 

Actuarial Information 

Reporting; ERISA 

section 4010

1212-AB30 This rulemaking (1) codifies 

provisions of recent legislation 

and related guidance that affect 

reporting under PBGC’s 

regulation on Annual Financial 

and Actuarial Information 

Reporting (29 CFR part 4010) 

ERISA section 4010, (2) modifies 

the regulation’s waivers and 

information requirements to 

better balance the burden of 

reporting with PBGC’s need for 

information, and (3) makes 

certain technical changes.

Completed Proposed rule 

published July 27, 

2015, 80 FR 44312.

Final rule issued on 

March 23, 2016, 81 

FR 15432, effective 

April 22, 2016.

Yes. No Public comment 

period ended 

September 25, 2015. 

PBGC received ten 

comment letters from 

a total of twelve 

entities (one letter 

was a joint 

submission by three 

entities). PBGC took 

into account public 

comments in 

developing the final 

rule.

The final rule adds 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 
2

. contributions or minimum 

funding waivers were 

reported under part 4043 by 

the due date for the 4010 

filing. 

Reporting waivers based on 

these two tests will 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 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 changes, 

which PBGC believes are 

necessary to protect 

participant plan benefits and 

the pension insurance 

system, would raise the 

overall paperwork burden 

by 210 filings (an additional 

1,850 total annual hours, 

and $3,208,000 total annual 

costs).
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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 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 firstever 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 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 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