6894 Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 

complaint and there shall be no judicial 

review of that person’s final decision. 

(6) An officer or employee of the 

agency who has failed to comply with 

the Act may be required to undergo 

retraining or additional training. All 

disciplinary actions authorized by the 

agency or the Department of Justice may 

be taken, as appropriate, including 

suspension or termination from 

employment, for officers or employees 

of the agency who are determined to 

have willfully or wantonly failed to 

comply with the Act. 

(7) The provisions of paragraph (b) of 

this section do not authorize the agency 

to exercise authority over, take 

disciplinary action against, or involve in 

its complaint or disciplinary processes, 

an officer or employee of another 

agency. 

§ 95.10 Data collection. 

(a) Publication of statistics. Not later 

than August 3, 2025, and annually 

thereafter, the National Institute of 

Justice shall publish statistics on the 

number of cold case murders. The 

Attorney General may delegate this 

function to the Bureau of Justice 

Statistics or another component of the 

Department of Justice. 

(b) Content of published statistics. 

The statistics published pursuant to 

paragraph (a) of this section shall, at a 

minimum, be disaggregated by the 

circumstances of the cold case murder, 

including the classification of the 

offense, and by agency. 

(c) Annual publications. The statistics 

published in each year shall provide the 

required information for— 

(i) Cold case murders in which the 

murder occurred after the enactment of 

the Act and no likely perpetrator was 

identified by the end of the preceding 

year; and 

(ii) Cold case murders in which an 

application for review under § 95.3(a) 

was filed before the end of the 

preceding year and no likely perpetrator 

was identified by the end of that year. 

§ 95.11 Annual report. 

(a) In general. The Act provides that 

each agency shall submit an annual 

report to the Committees on the 

Judiciary of the House of 

Representatives and of the Senate 

describing actions taken and results 

achieved under this Act during the 

previous year. This requirement applies 

to any agency that may be the principal 

investigative agency in a murder 

investigation. An individual agency 

need not submit a separate report if the 

required information with respect to the 

agency is included in a report submitted 

to the Committees by another 

organizational unit of the government. 

(b) Contents of report. The Act 

provides that the report described in 

paragraph (a) of this section shall 

include— 

(1) The number of written 

applications filed with the agency 

pursuant to section 2(a) of the Act and 

§ 95.3(a); 

(2) The number of extensions granted, 

and an explanation of reasons provided 

under section 2(h) of the Act and 

§ 95.4(d); 

(3) The number of full 

reinvestigations initiated and closed 

pursuant to section 4 of the Act and 

§ 95.5; and 

(4) Statistics and individualized 

information on topics that include 

identified suspects, arrests, charges, and 

convictions for reviews under section 2 

of the Act and § 95.3 and 

reinvestigations under section 4 of the 

Act and § 95.5. 

§ 95.12 Withholding information. 

Nothing in the Act or this part 

requires an agency to provide 

information that would endanger the 

safety of any person, unreasonably 

impede an ongoing investigation, violate 

a court order, or violate legal obligations 

regarding privacy. 

Dated: January 13, 2025. 

Merrick B. Garland, 

Attorney General. 

[FR Doc. 2025–01159 Filed 1–16–25; 8:45 am] 

BILLING CODE 4410–18–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4000, 4006, 4007, 4010, 

4041, 4041A, 4043, 4065, 4203, 4204, 

4207, 4211, 4219, 4220, 4233, 4262, 

4281, and 4909 

RIN 1212–AB51 

Miscellaneous Corrections, 

Clarifications, and Improvements 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Proposed rule. 

SUMMARY: The Pension Benefit Guaranty 

Corporation (PBGC) proposes 

miscellaneous technical corrections, 

clarifications, and improvements to its 

regulations, including its regulations on 

premium rates, premium due dates, and 

termination of single-employer plans. 

These changes are a result of PBGC’s 

ongoing retrospective review of the 

effectiveness and clarity of its rules and 

of statutory changes. 

DATES: Comments must be submitted on 

or before March 24, 2025 to be assured 

of consideration. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal eRulemaking Portal: 

https://www.regulations.gov. Follow the 

online instructions for submitting 

comments. 

• Email: reg.comments@pbgc.gov. 

Refer to 1212–AB51 in the subject line. 

• Mail or Hand Delivery: Regulatory 

Affairs Division, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 445 12th Street SW, 

Washington, DC 20024–2101. 

Commenters are strongly encouraged 

to submit comments electronically. 

Commenters who submit comments on 

paper by mail should allow sufficient 

time for mailed comments to be 

received before the close of the 

comment period. All submissions must 

include the agency’s name (Pension 

Benefit Guaranty Corporation, or PBGC) 

and the Regulation Identifier Number 

(RIN) for this rulemaking (RIN 1212– 

AB51). Comments received will be 

posted without change to PBGC’s 

website, www.pbgc.gov, including any 

personal information provided. Do not 

submit comments that include any 

personally identifiable information or 

confidential business information. 

Copies of comments may also be 

obtained by writing to Disclosure 

Division (disclosure@pbgc.gov), Office 

of the General Counsel, Pension Benefit 

Guaranty Corporation, 445 12th Street 

SW, Washington, DC 20024–2101, or 

calling 202–326–4040 during normal 

business hours. If you are deaf or hard 

of hearing, or have a speech disability, 

please dial 7–1–1 to access 

telecommunications relay services. 

FOR FURTHER INFORMATION CONTACT: 

Monica O’Donnell (odonnell.monica@

pbgc.gov), Attorney, Regulatory Affairs 

Division, Office of the General Counsel, 

Pension Benefit Guaranty Corporation, 

445 12th Street SW, Washington, DC 

20024–2101; 202–229–8706. If you are 

deaf or hard of hearing, or have a speech 

disability, please dial 7–1–1 to access 

telecommunications relay services. 

SUPPLEMENTARY INFORMATION: 

Executive Summary 

Purpose and Authority 

The purpose of this regulatory action 

is to make miscellaneous technical 

corrections, clarifications, updates, and 

improvements to several of the Pension 

Benefit Guaranty Corporation’s (PBGC’s) 

regulations. These changes are based on 

PBGC’s ongoing retrospective review of 

the effectiveness and clarity of its rules 


ddrumheller on DSK120RN23PROD with PROPOSALS1
Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 6895 

1A CSEC plan is a plan maintained by multiple 

employers, most of which are rural cooperatives, 

charities, or agricultural cooperatives or maintained 

by a rural telephone cooperative association. See 

section 104 of the Pension Protection Act, Public 

Law 109–280. 

2A community newspaper plan means a plan as 

defined in section 303(m)(5) of ERISA and section 

430(m)(5) of the Code. 

3The SECURE Act’s reduced premium rates 

applicable to CSEC plans are reflected in § 4006.3(a) 

and (b) of PBGC’s premium rates regulation. 

4PBGC Technical Update 20–1 (2020). 

5Section 9707 of the American Rescue Plan Act 

of 2021, Public Law 117–2, further modified the 

definition of the term ‘‘eligible newspaper plan 

sponsor,’’ but that modification does not require 

additional changes to part 4006. 

and on statutory changes to the 

Employee Retirement Income Security 

Act of 1974 (ERISA). 

Legal authority for this action comes 

from section 4002(b)(3) of ERISA which 

authorizes PBGC to issue regulations to 

carry out the purposes of title IV of 

ERISA. It also comes from section 4006 

of ERISA (Premium Rates), section 4007 

of ERISA (Payment of Premiums), 

section 4010 of ERISA (Authority to 

Require Certain Information), section 

4041 of ERISA (Termination of SingleEmployer Plans), section 4041A of 

ERISA (Termination of Multiemployer 

Plans), section 4043 of ERISA 

(Reportable Events), section 4065 of 

ERISA (Annual Report of Plan 

Administrator), section 4203 of ERISA 

(Complete Withdrawal), section 4204 of 

ERISA (Sale of Assets), section 4207 of 

ERISA (Reduction or Waiver of 

Complete Withdrawal Liability), section 

4211 of ERISA (Methods for Computing 

Withdrawal Liability), section 4219 of 

ERISA (Notice, Collection, Etc., of 

Withdrawal Liability), section 4220 of 

ERISA (Approval of Amendments), 

section 4233 of ERISA (Partitions of 

Eligible Multiemployer Plans), section 

4262 of ERISA (Special Financial 

Assistance by the Corporation), and 

section 4281 of ERISA (Benefits Under 

Certain Terminated Plans). 

Major Provisions 

The major provisions of this proposed 

rulemaking would amend PBGC’s 

regulations on: 

• Premium Rates, by codifying the 

changes of the Setting Every Community 

Up for Retirement Enhancement Act of 

2019 (SECURE Act) (Pub. L. 116–94, 

Division O) applicable to cooperative 

and small employer charity (CSEC) 

plans 1 and certain community 

newspaper plans; 2

• Payment of Premiums, by revising 

the due date for the final premium for 

terminating plans to be the earlier of the 

normal premium due date or 45 days 

after the date the post-distribution 

certification is filed; and 

• Termination of Single-Employer 

Plans, by setting due dates for the 

standard termination notice and notice 

of intent to terminate where the plan 

administrator has not provided a 

proposed termination date, and by 

adding additional criteria majority 

owners must meet to waive their 

benefits if they are owners through 

constructive ownership. 

Background 

PBGC administers two insurance 

programs for private-sector defined 

benefit pension plans under title IV of 

ERISA: a single-employer plan 

termination insurance program and a 

multiemployer plan insolvency 

insurance program. In addition, PBGC 

administers a special financial 

assistance program for certain 

financially distressed multiemployer 

plans. The amendments proposed in 

this rulemaking apply primarily to the 

single-employer plan termination 

insurance program. 

Proposed Amendments 

The proposed technical and clarifying 

amendments and improvements to 

PBGC’s regulations are discussed below. 

PBGC invites comment on these 

proposals. 

Premium Rates—29 CFR Part 4006 

Sponsors of plans covered under 

PBGC’s single-employer program are 

subject to rules requiring the calculation 

and payment of annual premiums to 

PBGC under section 4006 of ERISA and 

PBGC’s regulation on Premium Rates 

(29 CFR part 4006), ‘‘premium rates 

regulation.’’ The SECURE Act modified 

the calculation of premiums under 

section 4006 of ERISA for a CSEC plan 

and the funding requirements for a 

community newspaper plan under 

section 303(m) of ERISA and section 

430(m) of the Internal Revenue Code 

(the Code). The SECURE Act also 

modified section 401 of the Code to 

allow an employer to adopt a new 

pension plan and elect to treat the plan 

as if it had been adopted during the 

prior taxable year. PBGC proposes to 

amend its premium rates regulation to 

account for these SECURE Act 

modifications. 

CSEC Plans—Variable Rate Premiums 

The SECURE Act modified flat and 

variable rate premiums and changed the 

way the variable rate premium is 

calculated for CSEC plans first effective 

for 2019.3 Under section 4006(a)(3)(A) 

of ERISA, as amended by the SECURE 

Act, CSEC plans calculate the variable 

rate premiums that they owe to PBGC 

based on alternative minimum funding 

standards. CSEC plans now apply an 

alternate definition of unfunded vested 

benefits (UVBs). This definition refers to 

the funding liability of the CSEC plan as 

determined under section 306(j)(5)(C) of 

ERISA and section 433(j)(5)(C) of the 

Code. PBGC issued guidance 4 on these 

changes and incorporated the special 

premium rules for CSEC plans into the 

premium filing instructions starting 

with the 2021 filing instructions. 

Although the rules have been in place 

for several years, PBGC is now 

proposing to amend its premium rates 

regulation to codify the SECURE Act 

changes regarding how CSEC plans 

determine UVBs for the purpose of 

calculating variable rate premiums. 

First, proposed new § 4006.5(h) would 

provide the rules to calculate a CSEC 

plan’s ‘‘premium funding target’’ using 

the alternate definition of UVBs as 

provided in section 306(j)(5)(C) of 

ERISA and section 433(j)(5)(C) of the 

Code. In addition, PBGC would make 

conforming amendments to §§ 4006.2, 

4006.4(b)(1) and 4006.4(f)(2) to further 

conform to changes under the SECURE 

Act for CSEC plans. 

Community Newspaper Plans 

The SECURE Act amended section 

430 of the Code and section 303 of 

ERISA, providing that community 

newspaper plans may elect to use 

alternative minimum funding 

standards.5 However, section 4006 of 

ERISA was not similarly amended, so 

community newspaper plans are not 

permitted to use these alternative 

standards to calculate the premiums 

that they owe to PBGC. PBGC proposes 

to add a reference to community 

newspaper plans in § 4006.4(f) to denote 

them as plans subject to special funding 

rules, which are disregarded for 

purposes of determining UVBs. 

Definition of New Plan 

Under PBGC’s premium rates 

regulation and its regulation on 

Payment of Premiums (29 CFR part 

4007) ‘‘payment of premiums 

regulation,’’ plans that are newly 

adopted are subject to special rules 

concerning calculations and payment of 

premiums. Before the SECURE Act, a 

‘‘new plan’’ meant a plan that did not 

exist before the premium payment year. 

Following the SECURE Act, which 

allows employers to elect to treat newly 

adopted plans as having been adopted 

during the prior tax year, this definition 

must be changed. The current definition 

does not account for newly adopted 

plans that employers have elected to 

treat as having a retroactive effective 


ddrumheller on DSK120RN23PROD with PROPOSALS1
6896 Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 

6See 79 FR 13547, 13562 (Mar. 11, 2014). 

7Because of a provision in the Bipartisan Budget 

Act of 2015 that supersedes § 4007.11 of PBGC’s 

Payment of Premiums regulation, premium filings 

for plan years beginning in 2025 are due on the 15th 

day of the 9th calendar month in the plan year, 

including plans that, in any other year, would be 

subject to the special rule for plans closing out in 

the first eight-and-a-half months of its final plan 

year. See Bipartisan Budget Act of 2015, Public Law 

114–74, Title V, Sect. 502 (2015). See also PBGC 

Technical Update 25–1 (2025). 

8 29 CFR 4041.21(b)(2). 

9 29 CFR 4041.47(d). 

10 29 CFR 4041.21(b)(2)(i)–(iv). 

11 29 CFR 4041.47(d). 

12 26 U.S.C. 1563(e)(1). 

date. Accordingly, PBGC proposes to 

change the definition of ‘‘New plan’’ in 

§ 4006.2 to mean a plan with an 

effective date during the premium 

payment year. 

Payment of Premiums—29 CFR Part 

4007 

The final step in a plan’s standard 

termination is the filing of the postdistribution certification under 

§ 4041.29 of PBGC’s regulation on 

Termination of Single-Employer Plans 

(29 CFR part 4041). The plan 

administrator of the terminating plan 

must file the certification (on PBGC 

Form 501) within 30 days of the final 

benefits distribution date, or within 60 

days of the final benefits distribution 

date if it certifies to PBGC within 30 

days after the final benefits distribution 

date that the plan assets have been 

distributed as required. Before 2014, the 

final premium filing for a terminating 

plan was due on the same date it would 

have been due if the plan had not 

terminated (i.e., the 15th day of the 10th 

month after the plan year began). 

However, there were instances in which 

plan administrators of terminating plans 

neglected to file the final premium filing 

by the time it was due because the due 

date was several months after the Form 

501 was filed. PBGC found that in some 

of these cases, especially when the plan 

sponsor was no longer in business by 

the final premium due date, it was 

difficult for the plan administrator to go 

back or even reconstruct records to 

calculate and pay premiums, as well as 

pay the late payment interest and 

penalties that PBGC assessed. 

In 2014, PBGC amended its payment 

of premiums regulation by revising the 

premium due date rules for terminating 

plans.6 This was intended to facilitate 

the timely payment of these final year 

premiums for terminating plans and to 

relieve them of the burden of calculating 

premiums long after the final 

distributions were made. This rule set 

the due date for the final premium filing 

for a terminating plan as the earlier of 

(1) the normal premium due date found 

in § 4007.11(a), or (2) the date when the 

post-distribution certification is filed. 

Therefore, a plan that closes out in the 

first eight-and-a-half months of its final 

plan year faces an accelerated premium 

filing due date.7

Practitioners have informed PBGC 

that in some cases, it is challenging to 

prepare and submit both the postdistribution certification (i.e., PBGC 

Form 501) and the final premium filing 

on the same day. As a result of these 

challenges, some plan administrators 

have missed filing due dates and been 

assessed late premium payment charges. 

For the reasons described in the 2014 

rule and above, PBGC still believes it is 

important to have an accelerated 

premium due date for plans that 

complete a standard termination long 

before the ‘‘normal’’ premium due date. 

However, to reduce the administrative 

difficulties and related possibility of late 

or missed filings, PBGC proposes to 

amend § 4007.11(d)(2) to revise the due 

date for the final premium filing to be 

the earlier of (1) the normal premium 

due date, or (2) 45 days after the date 

the post-distribution certification is 

filed. 

Termination of Single-Employer 

Plans—29 CFR Part 4041 

Under section 4041 of ERISA, a 

single-employer plan can terminate in 

either a standard termination or a 

distress termination. A plan 

administrator of a single-employer plan 

covered by PBGC’s termination 

insurance program that has sufficient 

assets to provide all plan benefits may 

voluntarily terminate the plan in a 

standard termination. The rules 

governing standard terminations are in 

section 4041 of ERISA and subpart B of 

PBGC’s regulation on Termination of 

Single-Employer Plans (29 CFR part 

4041), ‘‘termination regulation.’’ Within 

specified timeframes, a plan 

administrator must notify participants 

of the proposed termination; provide 

participants detailed information on 

their plan benefits; file certain 

information with PBGC; and, absent the 

issuance of a notice of noncompliance 

by PBGC, distribute plan assets to 

satisfy all plan benefits under the plan. 

A single-employer plan insured by 

PBGC that does not have sufficient 

assets to pay all plan benefits owed to 

participants and beneficiaries but does 

have sufficient assets to pay benefits 

guaranteed by PBGC, may terminate 

voluntarily in a distress termination 

only if the employer and the members 

of the employer’s ‘‘controlled group’’ of 

affiliated companies meet certain 

statutory requirements. 

Majority Owner 

Under PBGC’s termination regulation, 

in the event that a plan lacks sufficient 

funds to pay required plan benefits, a 

majority owner may forgo receipt of 

their plan benefits (1) to enable the plan 

to satisfy all other plan benefits in a 

standard termination,8 or (2) in 

connection with a distress termination.9

In a standard termination, the election 

to waive payment of benefits is 

permitted only to facilitate the standard 

termination. This alternative treatment 

of a majority owner’s plan benefit is 

only valid if the election is in writing; 

requisite spousal consent criteria is met, 

if applicable; and the majority owner’s 

election and the spouse’s consent does 

not violate a qualified domestic 

relations order.10 A majority owner 

electing to forgo receipt of their plan 

benefits in a distress termination must 

meet these same criteria as a majority 

owner in a standard termination, but in 

addition, must receive PBGC approval if 

such election is made after the 

termination date and would result in 

PBGC determining that the plan is 

sufficient for guaranteed benefits under 

paragraph (c) of § 4041.47.11

The term ‘‘majority owner’’ is defined 

under § 4041.2 of the termination 

regulation as a person who owns, 

directly or indirectly, 50 percent or 

more, taking into account the 

constructive ownership rules of sections 

414(b) and (c) of the Code, of an 

unincorporated trade or business; the 

capital interest or profits interest in a 

partnership; or either the voting stock of 

a corporation or the value of all of the 

stock of a corporation. One way in 

which a person can become a majority 

owner is through an option agreement to 

acquire stock. If a person has an option 

to acquire stock, that stock is considered 

as owned by the person who holds the 

option.12

PBGC is concerned that the rules in 

the current regulation do not effectively 

eliminate the risk of participants being 

coerced to waive their benefits as 

‘‘majority owners’’ when they are given 

ownership options by the plan sponsor 

in anticipation of plan termination. To 

avoid such potential coercion, PBGC 

proposes to amend the criteria 

individuals must meet to waive their 

benefits by modifying its application of 

the constructive ownership rules. Under 

the proposal, if the majority owner has 

an option to acquire any outstanding 

interest in an organization, such interest 


ddrumheller on DSK120RN23PROD with PROPOSALS1
Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 6897 

13 26 CFR 1.414(c)–3(d)(2). 14A filer is described in § 4010.4. 15See 85 FR 6046, 6049 (Feb. 4, 2020). 

will be considered as owned by such 

person by an option agreement under 26 

CFR 1.414(c)–4(b)(1) if the person 

directly owns 5 percent or more of the 

unincorporated business or trade, 

capital interest or the profits interest in 

a partnership, or either 5 percent or 

more of the voting stock of a corporation 

or the value of all the stock of a 

corporation.13 Alternatively, if the 

person does not have a 5 percent or 

more direct ownership interest, the 

person would be able to qualify as a 

majority owner under an option 

agreement if the person has been a 

member of the board of directors, a 

fiduciary, or participated in the 

management of the plan sponsor for 

each of the 3 years immediately 

preceding the date of plan termination. 

These exceptions to the ownership rules 

are intended to minimize the potential 

misuse of option agreements and protect 

the benefits of participants who are not 

direct owners or who have not 

participated in the management of the 

plan sponsor. 

Clarifying Due Dates 

To complete a standard termination, 

the plan administrator must: (1) issue 

notices of intent to terminate and 

notices of plan benefits to participants, 

beneficiaries, and other affected parties; 

(2) file a standard termination notice 

and post-distribution certification with 

PBGC; and (3) distribute the plan’s 

assets in satisfaction of the plan’s 

benefit liabilities. Under § 4041.25(a), 

the standard termination notice is due 

on or before the 180th day after the 

proposed termination date. Under 

§ 4041.25(b), a plan’s date of 

termination is the later of the date 

specified in the standard termination 

notice or the date specified in the notice 

of intent to terminate (but not later than 

90 days after the earliest date a notice 

of intent to terminate was provided to 

any party). However, if the plan 

administrator fails to specify such date 

in the notice of intent to terminate and/ 

or fails to file a standard termination 

notice (thus failing to declare a 

proposed termination date), then the 

due date for the standard termination 

notice is unclear. PBGC proposes, in 

such cases, to clarify this ambiguity by 

clearly establishing a due date for the 

standard termination notice that does 

not depend on the declaration of a 

proposed termination date. Under the 

proposed rule, § 4041.25(a) would be 

modified such that the due date for a 

standard termination notice is the 

earlier of: (1) 180 days after the plan’s 

proposed termination date as specified 

in the standard termination notice; or 

(2) 60 days before making any 

distribution governed by section 4041(b) 

of ERISA. Thus, the due date for a 

standard termination notice, where the 

notice is not filed with PBGC, will be 60 

days before distributions begin, and 

PBGC may assess penalties for the 

missed filing from that point going 

forward. 

PBGC is also proposing a 

corresponding change to § 4041.29(b), 

which provides to plan administrators 

who timely filed a standard termination 

notice a 90-day grace period for the 

assessment of penalties for an untimely 

post-distribution certification. This 

section would be modified such that the 

grace period continues to be available 

but only if the plan administrator filed 

a standard termination notice within 

180 days of the proposed termination 

date. 

Other Clarifications, Corrections, and 

Updates 

Filing, Issuance, Computation of Time, 

and Record Retention—29 CFR Part 

4000 

PBGC proposes to amend its 

regulation on Filing, Issuance, 

Computation of Time, and Record 

Retention (29 CFR part 4000) to require 

electronic filing by plans of standard 

termination filings, missing participant 

filings, and coverage determination 

forms. These filings are made by plans 

and practitioners representing plans, 

and not by individual participants. 

Filing this information electronically 

(by email or through an e-filing portal) 

is currently optional. However, because 

electronic filing is more efficient for 

both PBGC and filers and has become 

the standard method of filing for PBGC’s 

regulated community, PBGC proposes to 

amend § 4000.3(b) to require electronic 

filing by plans for standard termination 

filings under subpart B of 29 CFR part 

4041, missing participant filings under 

29 CFR part 4050, and coverage 

determination forms under section 4021 

of ERISA, in accordance with 

instructions on PBGC’s website at 

www.pbgc.gov. 

The proposed rule also makes other 

clarifying and editorial changes to part 

4000. 

Annual Financial and Actuarial 

Information Reporting—29 CFR Part 

4010 

Under PBGC’s regulation on Annual 

Financial and Actuarial Information 

Reporting (29 CFR part 4010), certain 

underfunded plans 14 must annually 

report identifying, financial, and 

actuarial information to PBGC. Section 

4010.8(a)(12) provides that the actuarial 

information must be certified, in 

writing, by an enrolled actuary. PBGC 

proposes to amend this paragraph so 

that the filing instructions, not the 

regulation, provide the rules about the 

certification (i.e., what information must 

be contained in the certification and 

how to complete the certification). This 

proposed amendment is intended to 

give PBGC greater flexibility to consider 

methods other than written 

certifications, such as e-certifications, in 

the future. 

Reportable Events and Certain Other 

Notification Requirements—29 CFR Part 

4043 

Plan administrators and contributing 

sponsors are responsible for notifying 

PBGC in the event of a reportable event 

under section 4043 of ERISA or a failure 

to make certain required contributions 

under section 303(k)(4) of ERISA or 

section 430(k)(4) of the Code. PBGC’s 

regulation on Reportable Events and 

Certain Other Notification Requirements 

(29 CFR part 4043), the ‘‘reportable 

events regulation,’’ prescribes the 

requirements for notifying PBGC of one 

of these circumstances. Filers must 

submit these notices using PBGC’s efiling portal. The e-filing portal, 

available for submitting notices for 

reportable events since 2016, offers a 

secure application for submitting 

reportable events information. 

Currently, under § 4043.3(a)(3), the 

language states that if notices are 

required for two or more events, the 

notices can be combined into one filing. 

This provision was originally intended 

to make filing paper notices easier by 

allowing filers to combine paper notices 

into one filing. However, this provision 

is obsolete as under the e-filing portal, 

the filer is prompted to enter 

information for only one reportable 

event per filing. This method is not 

burdensome for filers as information 

about the filer is saved in the e-filing 

portal and does not need to be reentered for each filing. Therefore, PBGC 

is proposing to remove the obsolete 

language in § 4043.3(a)(3). 

PBGC is also proposing changes to 

§ 4043.62 of the reportable events 

regulation. In 2020, § 4043.29 was 

amended to clarify that PBGC does not 

need notice of a change in the 

contributing sponsor to a plan if the 

change does not result in a contributing 

sponsor ceasing to be a member of the 

plan’s controlled group.15 Therefore, the 

heading of § 4043.29 was revised to 

remove ‘‘contributing sponsor,’’ and the 


ddrumheller on DSK120RN23PROD with PROPOSALS1
6898 Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 

16 5 U.S.C. 601 et seq. 

17The applicable definition of ‘‘rule’’ is found in 

section 601 of the RFA. See 5 U.S.C. 601(2). 

18The applicable definitions of ‘‘small business,’’ 

‘‘small organization,’’ and ‘‘small governmental 

jurisdiction’’ are found in section 601 of the RFA. 

See 5 U.S.C. 601. 

19PBGC consulted with the Small Business 

Administration’s Office of Advocacy before making 

this determination. Memorandum received from the 

U.S. Small Business Administration, Office of 

Advocacy on March 9, 2021. 

20See, e.g., special rules for small plans under 

part 4007 (Payment of Premiums). 

description of reportable event was 

revised to provide that a reportable 

event occurs for a plan when there is a 

transaction that results, or will result, in 

one or more persons (including any 

person who is or was a contributing 

sponsor) ceasing to be a member of the 

plan’s controlled group (other than by 

merger involving members of the same 

controlled group). The advance notice 

requirement in § 4043.62 refers to the 

description of the event that must be 

reported under § 4043.29. To conform 

with changes made to § 4043.29 in 2020, 

PBGC proposes to amend the heading of 

§ 4043.62 by removing ‘‘contributing 

sponsor or,’’ and proposes to amend 

paragraph (a) of § 4043.62 to remove 

‘‘contributing sponsor or.’’ These 

amendments would clarify and 

minimize confusion as to the advance 

notice requirement for a change in 

controlled group. 

Allocating Unfunded Vested Benefits To 

Withdrawing Employers—29 CFR Part 

4211 

Under PBGC’s regulation on 

Allocating Unfunded Vested Benefits to 

Withdrawing Employers (29 CFR part 

4211), a plan is responsible for 

determining the amount of unfunded 

vested benefits to be allocated to the 

withdrawing employer and using one of 

four methods to do so. Under § 4211.23, 

PBGC can approve an alternative 

allocation method or modification to an 

allocation method if such change or 

modification would not significantly 

increase the risk of loss to plan 

participants and beneficiaries or to 

PBGC. 

PBGC proposes to amend paragraph 

(c) of § 4211.23 by removing language 

that implies that reconsideration of 

PBGC’s decision on an alternative 

allocation method or modification to an 

allocation method is a right of a plan 

sponsor. Per PBGC’s regulations on 

Rules for Administrative Review of 

Agency Decision (29 CFR part 4003), 

decisions made by PBGC under 29 CFR 

part 4211 are not subject to either 

appeal or reconsideration. Instead, 

PBGC has the authority to review, upon 

request or its own initiative, 

determinations when it is deemed to be 

appropriate. This proposed change will 

clarify that a plan sponsor may request 

review of PBGC’s decision regarding an 

alternative allocation method. 

Partitions of Eligible Multiemployer 

Plans—29 CFR Part 4233 

A multiemployer plan that is seeking 

partition must comply with the 

requirements set forth under PBGC’s 

regulation on Partitions of Eligible 

Multiemployer Plans (29 CFR part 

4233). The specific application filing 

requirements are outlined in § 4233.3, 

including a specific statement under 

penalties of perjury that the plan 

sponsor must use with the signed and 

dated application for partition. 

PBGC proposes to amend paragraph 

(b) of § 4233.3 to better comply with the 

affidavit requirements prescribed by the 

Department of Justice for perjury cases 

under 28 U.S.C. 1746. The new language 

for the affidavit must include language 

specifically referring to the penalty of 

perjury ‘‘under the laws of the United 

States of America’’ to adhere the sample 

form outlined in paragraph (1) of 28 

U.S.C. 1746. 

Special Financial Assistance by PBGC— 

29 CFR Part 4262 

Under the Special Financial 

Assistance by PBGC regulation (29 CFR 

part 4262), PBGC is amending paragraph 

(h)(3)(iv)(B) of § 4262.16 by changing 

the reference from ‘‘section 

4291(b)(1)(A) of ERISA’’ to ‘‘section 

4219(b)(1)(A) of ERISA.’’ 

OMB Control Numbers for PBGC 

Information Collection Requirements— 

29 CFR Part 4909 

PBGC proposes to add a chart in 

currently reserved part 4909 which 

would display, per the requirements of 

5 CFR 1320.5(b)(2)(ii)(C), the Office of 

Management and Budget control 

numbers of PBGC information 

collections for which there is no 

corresponding paper or electronic form. 

This change is intended for better 

organization and clarity. In addition, 

PBGC proposes to remove outdated or 

duplicative OMB control numbers from 

the following sections: 4007.12, 

4010.15, 4041A.11, 4065.3, 4203.6, 

4204.11, 4204.21, 4207.10, 4211.22, 

4219.20, 4220.3, and 4281.4. 

Compliance With Rulemaking 

Guidelines 

Executive Orders 12866 and 13563 

The Office of Management and Budget 

(OMB) has determined that this rule is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866. 

Accordingly, OMB has not reviewed the 

proposed rule under Executive Order 

12866. 

Executive Order 12866 directs 

agencies to assess all costs and benefits 

of available regulatory alternatives and, 

if regulation is necessary, to select 

regulatory approaches that maximize 

net benefits (including potential 

economic, environmental, public health 

and safety effects, distributive impacts, 

and equity). 

Although this is not a significant 

regulatory action under Executive Order 

12866, PBGC has examined the 

economic and policy implications of 

this proposed rule. Most of the proposed 

amendments, including those to parts 

4006, 4007, 4010, and 4041, clarify 

regulations or conform regulations to 

statutory changes, or are otherwise costneutral in their impact. 

Section 6 of Executive Order 13563 

requires agencies to rethink existing 

regulations by periodically reviewing 

their regulatory program for rules that 

‘‘may be outmoded, ineffective, 

insufficient, or excessively 

burdensome.’’ These rules should be 

modified, streamlined, expanded, or 

repealed as appropriate. PBGC has 

identified technical corrections, 

clarifications, and improvements to 

some of its regulations and has included 

those amendments in this proposed 

rulemaking. PBGC expects to propose 

periodic rulemakings of this nature. 

Regulatory Flexibility Act 

The Regulatory Flexibility Act 16

(RFA) imposes certain requirements 

respecting rules that are subject to the 

notice-and-comment requirements of 

section 553(b) of the Administrative 

Procedure Act, or any other law,17 and 

that are likely to have a significant 

economic impact on a substantial 

number of small entities. Unless an 

agency certifies that a proposed rule 

will not, if promulgated, have a 

significant economic impact on a 

substantial number of small entities, 

section 603 of the RFA requires that the 

agency present an initial regulatory 

flexibility analysis at the time of the 

publication of the proposed rule 

describing the impact of the rule on 

small entities and seek public comment 

on such impact. Small entities include 

small businesses, organizations, and 

governmental jurisdictions.18

For purposes of the RFA requirements 

with respect to this proposed rule, 

PBGC considers a small entity to be a 

plan with fewer than 100 participants.19

This is substantially the same criterion 

PBGC uses in other regulations 20 and is 

consistent with certain requirements in 


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21See, e.g., section 104(a)(2) of ERISA, which 

permits the Secretary of Labor to prescribe 

simplified annual reports for pension plans that 

cover fewer than 100 participants. 

22See, e.g., section 430(g)(2)(B) of the Code, 

which permits plans with 100 or fewer participants 

to use valuation dates other than the first day of the 

plan year. 

23See, e.g., PBGC’s proposed rule on Reportable 

Events and Certain Other Notification 

Requirements, 78 FR 20039, 20057 (Apr. 3, 2013) 

and DOL’s final rule on Procedures Governing the 

Filing and Processing of Prohibited Transaction 

Exemption Applications, 89 FR 4662, 4690 (Jan. 24, 

2024). 

title I of ERISA 21 and the Code,22 as 

well as the definition of a small entity 

that PBGC and the Department of Labor 

(DOL) have used for purposes of the 

RFA.23

Further, while some large employers 

operate small plans along with larger 

ones, in general, most small plans are 

maintained by small employers. PBGC 

believes that assessing the impact of the 

final rule on small plans is an 

appropriate substitute for evaluating the 

effect on small entities. The definition 

of small entity considered appropriate 

for this purpose differs, however, from 

a definition of small business based on 

size standards promulgated by the Small 

Business Administration (13 CFR 

121.201) pursuant to the Small Business 

Act. PBGC therefore requests comments 

on the appropriateness of the size 

standard used in evaluating the impact 

on small entities of this proposed rule. 

Based on its proposed definition of 

small entity, PBGC certifies under 

section 605(b) of the RFA that the 

amendments in this proposed rule 

would not have a significant economic 

impact on a substantial number of small 

entities. As explained above under 

‘‘Executive Orders 12866 and 13563,’’ 

most of the proposed amendments offer 

clarifications or conform the regulation 

to statutory changes and thus are neutral 

in their impact. For instance, the 

clarification of deadlines of standard 

termination filings under part 4041 does 

not impose any new requirements, but 

rather clarifies existing ones. While it is 

possible that individual small plans 

may be impacted by this change, the 

overall effect on small plans will not be 

significant. Accordingly, as provided in 

section 605 of the Regulatory Flexibility 

Act, sections 603 and 604 do not apply. 

Paperwork Reduction Act 

This proposed rule contains 

collections of information that PBGC 

has submitted to OMB for review and 

approval under the Paperwork 

Reduction Act (PRA). OMB’s decision 

regarding these information collection 

requests will be available at http://

www.reginfo.gov. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

Most of the changes PBGC expects to 

make are revisions to filing instructions, 

where necessary or helpful, to 

incorporate the clarifications in the 

proposed rule. Therefore, PBGC 

estimates that the proposed rule will 

have no impact on the hour and cost 

burden of reporting as described below. 

Termination of Single-Employer Plans 

Regulation 

The collection of information under 

part 4041 is approved under OMB 

control number 1212–0036 (expires 

March 31, 2026). The current 

information collection requirements 

have an estimated annual hour burden 

of 41,730 hours and a cost burden of 

$8,509,747. 

PBGC’s Standard Termination Filing 

Instructions would be updated to reflect 

the changes in this proposed rule to 

make clear that the forms under OMB 

control number 1212–0036 must be 

submitted electronically (by email or 

through the e-filing portal) and 

eliminate the option of filing paper 

forms. In addition, PBGC is making 

other editorial and clarifying changes to 

both the standard termination and 

distress termination instructions. The 

clarifications incorporated into the 

instructions would replace or augment 

existing language but would not create 

additional filing burden. 

Annual Financial and Actuarial 

Information Reporting Regulation 

The collection of information under 

part 4010 is approved under OMB 

control number 1212–0049 (expires 

February 28, 2026). The current 

information collection requirements 

have an estimated annual hour burden 

of 800 hours and a cost burden of 

$11,080,000. 

PBGC’s ERISA 4010 Filing 

Instructions would be updated to reflect 

the change in this proposed rule to 

include the rules about the certification 

of actuarial information submitted by 

certain underfunded plans. The change 

incorporated into the instructions 

would replace or augment existing 

language but would not create 

additional filing burden. 

Missing Participants Regulation 

The collection of information under 

part 4050 is approved under OMB 

control number 1212–0069 (expires 

November 30, 2026). The current 

information collection requirements 

have an estimated annual hour burden 

of 70 hours and a cost burden of 

$497,835. 

PBGC’s Missing Participants 

Instructions would be updated to reflect 

the changes in this proposed rule to 

make clear that the forms under OMB 

control number 1212–0069 must be 

submitted electronically (by email or 

through an e-filing portal) and eliminate 

the option of filing paper forms. The 

clarifications incorporated into the 

instructions would replace or augment 

existing language but would not create 

additional filing burden. 

Premium Filing Regulation 

The collection of information under 

part 4007 is approved under OMB 

control number 1212–0009 (expires 

December 31, 2026). The current 

information collection requirements 

have an estimated annual hour burden 

of 13,565 hours and a cost burden of 

$21,661,676. 

PBGC’s Comprehensive Premium 

Instructions would be updated to reflect 

the changes in this proposed rule to 

change the options for the final 

premium filing due date. The 

clarifications incorporated into the 

instructions would replace or augment 

existing language but would not create 

additional filing burden. 

PBGC is soliciting public comments 

to— 

• Evaluate whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

collection of information, including the 

methodology and assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collection of information on those who 

are to respond, including the use of 

appropriate automated, electronic, 

mechanical, or other technological 

collection techniques or other forms of 

information technology (e.g., permitting 

electronic submission of responses). 

List of Subjects 

29 CFR Part 4000 

Administrative practice and 

procedure, Employee benefit plans, 

Pension insurance, Pensions, Reporting 

and recordkeeping requirements. 

29 CFR Part 4006 

Employee benefit plans, Pension 

insurance. 


ddrumheller on DSK120RN23PROD with PROPOSALS1
6900 Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 

29 CFR Part 4007 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4010 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4041 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4041A 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4043 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4065 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4203 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4204 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

29 CFR Part 4207 

Employee benefit plans; Pension 

insurance. 

29 CFR Part 4211 

Employee benefit plans; Pension 

insurance; Reporting and recordkeeping 

requirements. 

29 CFR Part 4219 

Employee benefit plans; Pension 

insurance; Reporting and recordkeeping 

requirements. 

29 CFR Part 4220 

Employee benefit plans; Pension 

insurance; Reporting and recordkeeping 

requirements. 

29 CFR Part 4233 

Employee benefit plans; Pension 

insurance; Reporting and recordkeeping 

requirements. 

29 CFR Part 4262 

Employee benefits plans; Pension 

insurance; Pensions; Reporting and 

recordkeeping requirements. 

29 CFR Part 4281 

Employee benefit plans; Pension 

insurance; Reporting and recordkeeping 

requirements. 

29 CFR Part 4909 

Employee benefit plans, Pension 

insurance, Reporting and recordkeeping 

requirements. 

In consideration of the foregoing, 

PBGC proposes to amend 29 CFR 

chapter XL as follows. 

PART 4000—FILING, ISSUANCE, 

COMPUTATION OF TIME, AND 

RECORD RETENTION 

■ 1. The authority citation for part 4000 

continues to read as follows: 

Authority: 29 U.S.C. 1083(k), 1302(b)(3). 

§ 4000.3 [Amended] 

■ 2. Amend § 4000.3 by: 

■ a. Removing the words ‘‘the PBGC’’ 

and ‘‘the PBGC’s’’ and adding in their 

places the words ‘‘PBGC’’ and 

‘‘PBGC’s’’, respectively, wherever they 

appear; 

■ b. Removing the words ‘‘Web site’’ 

and adding in their place the word 

‘‘website’’ wherever they appear in 

paragraph (b); 

■ c. Adding paragraphs (b)(5), (6), and 

(7); and 

■ d. Removing ‘‘, including permitted 

filing methods, fax numbers, and mail 

and email addresses,’’ in paragraph (c) 

introductory text. 

The additions read as follows: 

§ 4000.3 What methods of filing may I use? 

* * * * * 

(b) * * * 

(5) You must submit the information 

required under subpart B of part 4041 of 

this chapter electronically in accordance 

with the instructions on PBGC’s 

website, except as otherwise provided 

by PBGC. 

(6) You must submit the information 

required under part 4050 of this chapter 

electronically in accordance with the 

instructions on PBGC’s website, except 

as otherwise provided by PBGC. 

(7) You must submit the information 

necessary to request a coverage 

determination under section 4021 of 

ERISA electronically in accordance with 

the instructions on PBGC’s website, 

except as otherwise provided by PBGC. 

* * * * * 

PART 4006—PREMIUM RATES 

■ 3. The authority citation for part 4006 

continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1306, 

1307. 

■ 4. Amend § 4006.2 as follows: 

■ a. Add a definition of ‘‘CSEC plan’’ in 

alphabetical order; 

■ b. In the first sentence of the 

definition of ‘‘New plan,’’ remove ‘‘that 

did not exist before’’ and add in its 

place ‘‘with an effective date during’’; 

and 

■ c. In the definition of ‘‘UVB valuation 

date,’’ remove ‘‘in accordance with 

ERISA section 303(g)(2)’’ and add in its 

place ‘‘for a plan other than a CSEC plan 

in accordance with ERISA section 

303(g)(2) and for a CSEC plan in 

accordance with ERISA section 

306(c)(8)(B)(i) without regard to section 

306(c)(8)(B)(ii)’’. 

The addition reads as follows: 

§ 4006.2 Definitions. 

* * * * * 

CSEC plan means a plan as defined in 

section 210(f)(1) of ERISA. 

* * * * * 

■ 5. Amend § 4006.4 by revising 

paragraphs (b)(1) and (f)(2) to read as 

follows: 

§ 4006.4 Determination of unfunded vested 

benefits. 

* * * * * 

(b) * * * 

(1) In general. A plan’s premium 

funding target is its standard premium 

funding target under paragraph (b)(2) of 

this section, except that— 

(i) If the plan is not a CSEC plan and 

an election to use the alternative 

premium funding target under 

§ 4006.5(g) is in effect, its premium 

funding target is its alternative premium 

funding target under § 4006.5(g), and; 

(ii) If the plan is a CSEC plan, its 

premium funding target is determined 

under § 4006.5(h). 

* * * * * 

(f) * * * 

(2) Section 303(m) of ERISA and 

section 430(m) of the Code, dealing with 

defined benefit pension plans 

maintained by certain community 

newspapers. 

■ 6. Amend § 4006.5 by adding 

paragraph (h) to read as follows: 

§ 4006.5 Exemptions and special rules. 

* * * * * 

(h) CSEC plan premium funding 

target. The premium funding target of a 

CSEC plan is its funding liability as 

determined under section 306(j)(5)(C) of 

ERISA for the UVB valuation year taking 

only vested benefits into account. 

PART 4007—PAYMENT OF PREMIUMS 

■ 7. The authority citation for part 4007 

continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1303(a), 

1306, 1307. 


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■ 8. Amend § 4007.11 by revising 

paragraph (d)(2) to read as follows: 

§ 4007.11 Due Dates 

* * * * * 

(d) * * * 

(2) Forty-five (45) days after the date 

the post-distribution certification under 

§ 4041.29 of this chapter is filed. 

* * * * * 

§ 4007.12 [Amended] 

■ 9. Amend § 4007.12 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0009)’’. 

PART 4010—ANNUAL FINANCIAL AND 

ACTUARIAL INFORMATION 

REPORTING 

■ 10. The authority citation for part 

4010 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1310. 

■ 11. Amend § 4010.8 by revising 

paragraph (a)(12) to read as follows: 

§ 4010.8 Plan actuarial information. 

(a) * * * 

(12) Certification of the actuarial 

information by an enrolled actuary, as 

described in the related filing 

instructions and permitted under 26 

CFR 301.6059–1(d). 

* * * * * 

§ 4010.15 [Removed] 

■ 12. Remove § 4010.15. 

PART 4041—TERMINATION OF 

SINGLE-EMPLOYER PLANS 

■ 13. The authority citation for part 

4041 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1341, 

1344, 1350. 

■ 14. Amend § 4041.21 by adding 

paragraph (b)(2)(v) to read as follows: 

§ 4041.21 Requirements for a standard 

termination. 

* * * * * 

(b) * * * 

(2) * * * 

(v) In any case in which the majority 

owner has an option to acquire any 

outstanding interest in an organization, 

such interest will be considered as 

owned by such person only if the 

following requirements are met: 

(A) The person has a 5 percent or 

more direct ownership interest, or 

(B) Such person has been a member 

of the board of directors, a fiduciary, or 

participated in the management of the 

plan sponsor for each of the 3 years 

immediately preceding the date of the 

plan termination. 

■ 15. Amend § 4041.25 by revising 

paragraph (a) to read as follows: 

§ 4041.25 Standard termination notice. 

(a) Notice requirement. The plan 

administrator must file with PBGC a 

standard termination notice, consisting 

of PBGC Form 500, completed in 

accordance with the instructions 

thereto, on or before the earlier of— 

(1) One hundred-eighty (180) days 

after the proposed termination date; or 

(2) Sixty (60) days before making any 

distribution governed by section 4041(b) 

of ERISA and this part. 

* * * * * 

■ 16. Amend § 4041.29 by revising 

paragraph (b) to read as follows: 

§ 4041.29 Post-distribution certification. 

* * * * * 

(b) Penalty considerations. If a 

standard termination notice is filed in 

accordance with § 4041.25(a)(1), PBGC 

may assess a penalty for a late filing 

under paragraph (a) of this section only 

if the required information is filed more 

than 90 days after the distribution 

deadline (including extensions) under 

§ 4041.28(a). 

§ 4041.47 [Amended] 

■ 17. Amend § 4041.47 by removing 

‘‘§ 4041.21(b)(2)(i) through (iv)’’ and 

adding in its place ‘‘§ 4041.21(b)(2)(i) 

through (v)’’ in paragraph (d)(1). 

PART 4041A—TERMINATION OF 

MULTIEMPLOYER PLANS 

■ 18. The authority citation for part 

4041A continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1341a, 

1431, 1441. 

§ 4041A.11 [Amended] 

■ 19. Amend § 4041A.11 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0020)’’. 

PART 4043—REPORTABLE EVENTS 

AND CERTAIN OTHER NOTIFICATION 

REQUIREMENTS 

■ 20. The authority citation for part 

4043 continues to read as follows: 

Authority: 29 U.S.C. 1083(k), 1302(b)(3), 

1343. 

§ 4043.3 [Amended] 

■ 21. Amend § 4043.3 by removing the 

last sentence of paragraph (a)(3). 

■ 22. Amend § 4043.62 by revising the 

section heading and paragraph (a) to 

read as follows: 

§ 4043.62 Change in controlled group. 

(a) Reportable event. Advance notice 

is required for a change in a plan’s 

controlled group, as described in 

§ 4043.29(a). 

* * * * * 

PART 4065—ANNUAL REPORT 

■ 23. The authority citation for part 

4065 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1365. 

§ 4065.3 [Amended] 

■ 24. Amend § 4065.3 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0026)’’. 

PART 4203—EXTENSION OF SPECIAL 

WITHDRAWAL LIABILITY RULES 

■ 25. The authority citation for part 

4203 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3). 

§ 4203.6 [Removed] 

■ 26. Remove § 4203.6. 

PART 4204—VARIANCES FOR SALE 

OF ASSETS 

■ 27. The authority citation for part 

4204 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1384(c). 

§ 4204.11 [Amended] 

■ 28. Amend § 4204.11 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0021)’’. 

§ 4204.21 [Amended] 

■ 29. Amend § 4204.21 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0021)’’. 

PART 4207—REDUCTION OR WAIVER 

OF COMPLETE WITHDRAWAL 

LIABILITY 

■ 30. The authority citation for part 

4207 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1387. 

§ 4207.10 [Amended] 

■ 31. Amend § 4207.10 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0044)’’. 

PART 4211—ALLOCATING UNFUNDED 

VESTED BENEFITS TO WITHDRAWING 

EMPLOYERS 

■ 32. The authority citation for part 

4211 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3); 1391(c)(1), 

(c)(2)(D), (c)(5)(A), (c)(5)(B), (c)(5)(D), and (f). 

§ 4211.22 [Amended] 

■ 33. Amend § 4211.22 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0035)’’. 


ddrumheller on DSK120RN23PROD with PROPOSALS1
6902 Federal Register / Vol. 90, No. 12 / Tuesday, January 21, 2025 / Proposed Rules 

§ 4211.23 [Amended] 

■ 34. Amend § 4211.23 by removing ‘‘of 

the sponsor’s right to request a 

reconsideration of the decision pursuant 

to part 4003 of this chapter’’ and adding 

in its place ‘‘that the plan sponsor may 

request review of the decision’’ in 

paragraph (c). 

PART 4219—NOTICE, COLLECTION, 

AND REDETERMINATION OF 

WITHDRAWAL LIABILITY 

■ 35. The authority citation for part 

4219 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3) and 

1399(c)(6). 

§ 4219.20 [Removed] 

■ 36. Remove § 4219.20. 

PART 4220—PROCEDURES FOR 

PBGC APPROVAL OF PLAN 

AMENDMENTS 

■ 37. The authority citation for part 

4220 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1400. 

§ 4220.3 [Amended] 

■ 38. Amend § 4220.3 by removing 

‘‘(Approved by the Office of 

Management and Budget under control 

number 1212–0031)’’. 

PART 4233—PARTITIONS OF 

ELIGIBLE MULTIEMPLOYER PLANS 

■ 39. The authority citation for part 

4233 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1413. 

■ 40. Amend § 4233.3 by revising the 

second sentence in paragraph (b) to read 

as follows: 

§ 4233.3 Application filing requirements. 

* * * * * 

(b) * * * The application must be 

signed and dated by an authorized 

trustee who is a current member of the 

board of trustees, and must include the 

following statement under penalties of 

perjury: ‘‘Under penalty of perjury 

under the laws of the United States of 

America, I declare that I have examined 

this application, including 

accompanying documents, and, to the 

best of my knowledge and belief, the 

application contains all the relevant 

facts relating to the application; all 

statements of fact contained in the 

application are true, correct, and not 

misleading because of omission of any 

material fact; and all accompanying 

documents are what they purport to be.’’ 

* * * 

* * * * * 

PART 4262—SPECIAL FINANCIAL 

ASSISTANCE BY PBGC 

■ 41. The authority citation for part 

4262 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1432. 

§ 4262.16 [Amended] 

■ 42. Amend § 4262.16 by removing the 

citation to ‘‘section 4291(b)(1)(A) of 

ERISA’’ and adding in its place ‘‘section 

4219(b)(1)(A) of ERISA’’ in paragraph 

(h)(3)(iv)(B). 

PART 4281—DUTIES OF PLAN 

SPONSOR FOLLOWING MASS 

WITHDRAWAL 

■ 43. The authority citation for part 

4281 continues to read as follows: 

Authority: 29 U.S.C. 1302(b)(3), 1341(a), 

1399(c)(1)(D), 1431, and 1441. 

§ 4281.4 [Removed] 

■ 44. Remove § 4281.4. 

■ 45. Add part 4909, consisting of 

§ ??.??, to read as follows: 

PART 4909—OMB CONTROL 

NUMBERS FOR PBGC INFORMATION 

COLLECTION REQUIREMENTS 

Authority: 29 U.S.C. 1302(b)(3), 5 CFR 

part 1320. 

§ 4909.1 Information collection control 

numbers. 

PBGC regulations that contain 

information collections requirements 

without corresponding written or 

electronic forms, questionnaires, or 

instructions are displayed in table 1 to 

this section. They are displayed along 

with their respective control numbers as 

assigned by the Office of Management 

and Budget (OMB) under the Paperwork 

Reduction Act, 44 U.S.C. 3501 et seq. 

TABLE 1 TO § 4909.1 

Regulation(s) and Information Collection Title 

OMB 

control 

No. 

Part 4062, Liability for Termination of Single-Employer Plans ............................................................................................................... 1212–0017 

Part 4204, Variances for Sale of Assets ................................................................................................................................................. 1212–0021 

Part 4231, Mergers and Transfer Between Multiemployer Plans ........................................................................................................... 1212–0022 

Part 4203, Extension of Special Withdrawal Liability Rules ................................................................................................................... 1212–0023 

Part 4220, Procedures for PBGC Approval of Plan Amendments ......................................................................................................... 1212–0031 

Part 4219, Notice, Collection, and Redetermination of Withdrawal Liability ........................................................................................... 1212–0034 

Part 4211, Allocating Unfunded Vested Benefits .................................................................................................................................... 1212–0035 

Part 4208, Reduction or Waiver of Partial Withdrawal Liability .............................................................................................................. 1212–0039 

Part 4207, Reduction or Waiver of Complete Withdrawal Liability ......................................................................................................... 1212–0044 

Part 4003, Administrative Appeals (Employers) ...................................................................................................................................... 1212–0061 

Part 4003, Filings for Reconsiderations .................................................................................................................................................. 1212–0063 

Parts 4041 and 4042, Disclosure of Information in Distress and PBGC-Initiated Termination Information ........................................... 1212–0065 

Part 4233, Partitions of Eligible Multiemployer Plans ............................................................................................................................. 1212–0068 

Issued in Washington, DC, by 

Ann Y. Orr, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2025–00726 Filed 1–17–25; 8:45 am] 

BILLING CODE 7709–02–P 


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