1 

PBGC Retrospective Review Plan Report 

January 14, 2013 

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 

(please quantify, to the extent feasible, and 

also specify baseline, time horizon, and 

affected groups)

Progress updates and 

anticipated 

accomplishments 

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. 

Target date 

for NPRM 

(re-proposal)

January 2013

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. 

Proposed rule under 

review by OMB. 
 

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 

(please quantify, to the extent feasible, and 

also specify baseline, time horizon, and 

affected groups)

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 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) 

Spring 2013

PBGC is analyzing the potential savings 

from a re-proposal. 

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/pr

12-32.html . As a 

result, more than 90

percent of companies 

that sponsor pension 

plans will not face 

enforcement efforts. 

PBGC has issued 

some no-action letters 

to financially strong 

companies. PBGC 

will use this pilot 

program to help decide 

what changes to make 

in the proposed 

regulation.
 

3 

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 

(please quantify, to the extent feasible, and 

also specify baseline, time horizon, and 

affected groups)

Progress updates and 

anticipated 

accomplishments 

PBGC 1212-

AB26

Premium 

Rates; 

Payment of 

Premiums; 

Reducing 

Regulatory 

Burden

PBGC is streamlining filing 

deadlines and valuation 

procedures for plans. 

Any changes 

would be 

effective for 

2014 plan 

years. 

Target date 

for NPRM 

April 2013

Expected benefits would include reduced 

actuarial fees and reduced burden of meeting 

a filing deadline that may occur before 

completion of actuarial valuation for funding 

purposes. 

NPRM ready to 

submit to OMB for 

review. 

PBGC 1212-

AB25

Termination of 

Multiemployer 

Plans 

(29 CFR part 

4041A) 

Duties of plan 

sponsor 

following mass 

withdrawal (29 

CFR part 

4281) 

Mergers and 

transfers 

between 

multiemployer 

plans 

(29 CFR part 

4231)

Based on its review, PBGC 

determined that it can reduce or 

eliminate:

• 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.

Target date 

for NPRM 

May 2013

Based on PBGC’s experience, the average 

annual cost per plan of such annual valuation

is about $25,000. If these costs were 

incurred every three years rather than every 

year, the estimated annual savings would be 

about $500,000.

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. 

Review completed; 

NPRM in 

development. 
 

4 

Response to June 22, 2012 OMB Memorandum: 

PBGC’s inventory of currently approved information collections (i.e., paperwork and reporting burdens) imposes about 93,000 annual burden hours for all of 

PBGC’s programs,

1 of which over 67,000 hours result from locating and paying participants (primarily benefit applications) and over 9,000 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. 

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 four initiatives to significantly reduce paperwork and reporting burden: 

• Reportable Events. PBGC’s draft proposed rule on Reportable Events (under review by OMB) would dramatically reduce unnecessary reporting by 

sponsors and plans. It would exempt more than 90% of plans and sponsors from some requirements. 

• Premiums. PBGC expects that its proposed rule on Premium Rates; Payment of Premiums; and Reducing Regulatory Burden would significantly 

reduce the annual burden of premium filings for plans of all sizes. 

• Benefit applications. On December 21, OMB improved PBGC’s revisions of its benefit application forms and instructions to comply with plain 

language requirements. PBGC believes that changes resulting from these revisions will lead to reduced paperwork burden on participants. 

• 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. 

 

1 See http://www.reginfo.gov/public/do/PRAMain .