81 FR 15432 - Annual Financial and Actuarial Information Reporting
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 81, Issue 56 (March 23, 2016)
Federal Register Volume 81, Issue 56 (March 23, 2016)
| Page Range | 15432-15440 | |
| FR Document | 2016-06470 |
[Federal Register Volume 81, Number 56 (Wednesday, March 23, 2016)] [Rules and Regulations] [Pages 15432-15440] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-06470] ======================================================================= ----------------------------------------------------------------------- PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part 4010 RIN 1212-AB30 Annual Financial and Actuarial Information Reporting AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is amending its regulation on Annual Financial and Actuarial Information Reporting to codify provisions of recent legislation and related guidance that affect reporting under ERISA section 4010. The final rule modifies the reporting waiver under the current regulation tied to aggregate plan underfunding of $15 million or less to be based on non- stabilized interest rates. In addition, the final rule adds new reporting waivers for smaller plans and for plans that must file solely on the basis of either a statutory lien resulting from missed [[Page 15433]] contributions over $1 million or outstanding minimum funding waivers exceeding the same amount (provided the missed contributions or applications for minimum funding waivers were previously reported to PBGC). The final rule also provides alternative methods of compliance for reporting certain actuarial information and makes a few technical changes to the regulation. DATES: Effective April 22, 2016. See Applicability in SUPPLEMENTARY INFORMATION. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion ([email protected]), Assistant General Counsel for Regulatory Affairs, Office of the General Counsel; or Daniel S. Liebman ([email protected]), Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington DC 20005-4026; 202-326-4024. (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326- 4024.) SUPPLEMENTARY INFORMATION: Executive Summary--Purpose of the Regulatory Action This rulemaking is necessary to implement recent statutory changes--under the Moving Ahead for Progress in the 21st Century Act (``MAP-21''),\1\ the Highway Transportation and Funding Act of 2014 (``HATFA'') \2\ and the Bipartisan Budget Act of 2015 (``BBA'') \3\-- that affect reporting under PBGC's regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010), to modify the regulation's waivers and information requirements to better balance the burden of reporting with PBGC's need for information, and to make certain technical changes. --------------------------------------------------------------------------- \1\ Public Law 112-141, enacted July 6, 2012. \2\ Public Law 113-159, enacted August 8, 2014. \3\ Public Law 114-74, enacted November 3, 2015. --------------------------------------------------------------------------- PBGC's legal authority for this action comes from section 4002(b)(3) of the Employee Retirement Income Security Act of 1974 (``ERISA''), which authorizes PBGC to issue regulations to carry out the purposes of Title IV of ERISA, and section 4010 of ERISA. Executive Summary--Major Provisions of the Regulatory Action Interest Rate Stabilization Rules MAP-21 provided rules that limited the volatility of interest rates (which are used for certain funding and benefit restriction purposes) by constraining them within a range, or ``corridor,'' around the 25- year average segment rates. The rates inside the corridor are referred to as ``stabilized rates.'' HATFA extended the period during which the narrowest range applies. BBA further extended that period, generally effective for plan years beginning after December 31, 2015. MAP-21 included statutory provisions regarding the application of the stabilized rates to ERISA section 4010 reporting requirements. The final rule codifies the statutory changes and PBGC guidance on when stabilized rates are and are not taken into account for purposes of 4010 reporting. Changes to $15 Million Aggregate Underfunding Waiver Section 4010.11(a) of the regulation provides a waiver from reporting if the aggregate underfunding (the ``4010 funding shortfall'') of pension plans in a controlled group does not exceed $15 million. PBGC's experience with this waiver under the old regulation, especially since MAP-21, was that it resulted in critical information not being reported. As a result, PBGC's ability to timely intervene to protect potentially troubled plans, participant benefits, and the pension insurance system was significantly undermined. To address this issue, PBGC proposed to limit the waiver to smaller plans. In response to public comments, the final rule permits plans of any size to use this waiver (as was the case under the old rule), but modifies how the 4010 funding shortfall is determined and, as explained below, provides a separate waiver based solely on plan size to ensure that smaller plans qualify for a waiver. New Waivers The final rule adds a waiver from reporting for plans with controlled groups with fewer than 500 participants, regardless of plan underfunding. Further, as part of PBGC's review of its regulations under Executive Order 13563, PBGC determined that it could reduce the burden of 4010 reporting and avoid duplicative reporting by adding two other new waivers. As in the proposed rule, the final rule waives reporting required solely on the basis of either a statutory lien resulting from missed contributions over $1 million or outstanding minimum funding waivers exceeding the same amount, provided that the missed contributions resulting in the lien or applications for minimum funding waivers were reported to PBGC under its regulation on Reportable Events and Certain Other Notification Requirements (part 4043) by the due date for the 4010 filing. Other Changes In response to comments, the final rule provides alternative methods of compliance for reporting certain actuarial information and makes a few technical changes to the regulation. Background PBGC administers the pension insurance programs under Title IV of ERISA. ERISA section 4010 requires the reporting of actuarial and financial information by controlled groups with single-employer pension plans that have significant funding problems. ERISA section 4010 also requires PBGC to provide an annual summary report to Congress containing aggregate information filed with PBGC under that section.\4\ --------------------------------------------------------------------------- \4\ See ERSIA section 4010(e). The report is submitted to the Committee on Health, Education, Labor, and Pensions and the Committee on Finance of the Senate and the Committee on Education and the Workforce and the Committee on Ways and Means of the House of Representatives. --------------------------------------------------------------------------- 4010 Regulation PBGC's regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010) \5\ implements ERISA section 4010. Under Sec. 4010.4(a), reporting is required if any of the following conditions exist: --------------------------------------------------------------------------- \5\ For ease of reference, this preamble refers to the regulation as it exists before the final rule becomes applicable as the ``old regulation'' and the regulation as amended by this final rule as the ``new regulation''. If a statement is true for both the old and new regulations, this preamble will simply refer to the ``regulation.'' --------------------------------------------------------------------------- 1. The funding target attainment percentage (``FTAP'') \6\ at the end of the preceding plan year of a plan maintained by the contributing sponsor or any member of its controlled group is less than 80 percent (80-percent Gateway Test). --------------------------------------------------------------------------- \6\ The FTAP is a measure of how well the plan is funded. In general, a plan's FTAP is the ratio (expressed as a percentage) of the value of plan assets to the plan's funding target. See ERISA section 303(d)(2). --------------------------------------------------------------------------- 2. The conditions for imposing a lien for missed contributions exceeding $1 million have been met with respect to any plan maintained by any member of the controlled group. 3. The Internal Revenue Service (``IRS'') has granted one or more minimum funding waivers totaling in excess of $1 million to any plan maintained by any member of the controlled group, and any portion of the waiver(s) is still outstanding. Part 4010 of PBGC's regulations specifies the identifying, financial, and actuarial information that filers must submit under ERISA section 4010. Filings under part 4010 play a major role in PBGC's ability to protect [[Page 15434]] participant and plan interests because 4010 information is typically more current than other sources of information available to PBGC. Protection for participants may be lost if a company completes a transaction that creates possible significant risk to the plan and participants before PBGC can act. PBGC can use 4010 information to quickly evaluate a fast-moving transaction to protect participants. When PBGC evaluates the risk of a plan terminating underfunded, it needs the plan's termination liability. If PBGC has a recent 4010 filing for the plan, it has the plan's termination liability calculated directly using seriatim data and certified by an enrolled actuary. With reliable information readily available, PBGC can conduct a timely and accurate analysis. But if PBGC does not have a 4010 filing for the plan, PBGC must estimate the plan's termination liability based on outdated Form 5500 Schedule SB data. This analysis takes time and, because it is based on estimates and older data, is less accurate, which may negatively impact asset recoveries and participant benefits if the plan terminates underfunded. PBGC also uses information from 4010 filings to value its contingent liabilities, as reported in its annual financial statements. Under ERISA section 4010(e), PBGC submits an annual report to Congress summarizing the data received in 4010 filings. Under Sec. 4010.11(a) of the regulation, reporting is waived if the aggregate underfunding of all plans (4010 funding shortfall) maintained by the filer's controlled group does not exceed $15 million (referred to in this preamble as the ``$15 million aggregate underfunding waiver''). PBGC added this waiver to the regulation in March 2009 when PBGC amended the regulation to implement changes under the Pension Protection Act of 2006.\7\ --------------------------------------------------------------------------- \7\ 74 FR 11022 (Mar. 16, 2009), http://www.thefederalregister.org/fdsys/pkg/FR-2009-03-16/pdf/E9-5741.pdf. --------------------------------------------------------------------------- MAP-21 and Statutory Extensions of Interest Rate Stabilization Rules MAP-21 provided relief from the minimum funding requirements that apply to plan sponsors of single-employer defined benefit plans. This was accomplished by establishing rules that limit the volatility of certain interest rates used for funding purposes by constraining them within a corridor. MAP-21 also contained provisions on the application of those rules to ERISA section 4010 reporting requirements. Section 40211(b)(3)(D) of MAP-21 amended ERISA section 4010 by adding paragraph (d)(3), which provides that the stabilized interest rates do not apply for purposes of determining the funding target or the FTAP required to be reported under ERISA section 4010(d). However, under MAP-21, the stabilized rates are otherwise extended to all other 4010 requirements involving minimum funding-related determinations, including those requirements created solely by regulation, such as the 4010 funding shortfall waiver. MAP-21 provided that the stabilized interest rate corridor would begin phasing-out in 2013. HATFA delayed the start of that phase-out until 2018. BBA further delayed the start of the phase-out until 2020, thereby further extending the period for which the interest rate stabilization rules are likely to impact 4010 filings (by making it more likely that the $15 million aggregate underfunding waiver will apply). IRS issued Notice 2012-61 providing guidance on pension funding stabilization under MAP-21.\8\ --------------------------------------------------------------------------- \8\ http://www.pbgc.gov/Documents/n-12-61.pdf. --------------------------------------------------------------------------- PBGC issued two Technical Updates providing guidance on applying the statutory rate stabilization provisions that began with MAP-21 to 4010 reporting.\9\ --------------------------------------------------------------------------- \9\ Technical Update 12-2: Effect of MAP-21 on 4010 Reporting (Sept. 11, 2012), http://www.pbgc.gov/prac/other-guidance/tu/tu12-2.html; Technical Update 14-2: Effect of HATFA on 4010 Reporting (Oct. 17, 2014), http://www.pbgc.gov/prac/other-guidance/tu/tu14-2.html. --------------------------------------------------------------------------- Regulatory Review On January 18, 2011, the President issued Executive Order 13563, ``Improving Regulation and Regulatory Review,'' to ensure that Federal regulations seek more affordable, less intrusive means to achieve policy goals, and that agencies give careful consideration to the benefits and costs of those regulations. In response to the Executive Order, PBGC on August 23, 2011, promulgated its Plan for Regulatory Review,\10\ noting several regulatory areas--including 29 CFR part 4010--for review to see how PBGC can reduce burden while preserving its ability to receive critical information. The plan identified expansion of waivers from 4010 reporting as an area to explore. --------------------------------------------------------------------------- \10\ See http://www.pbgc.gov/documents/plan-for-regulatory-review.pdf. --------------------------------------------------------------------------- Proposed Rule On July 27, 2015 (at 80 FR 44312), PBGC published in the Federal Register a proposed rule (the ``proposed rule'') for notice and comment that codified the statutory stabilized interest rate provisions related to 4010 reporting, made changes to the waiver structure, and other technical changes. The proposed rule limited the $15 million aggregate underfunding waiver to smaller plans and added reporting waivers for plans that must file solely on the basis of either a statutory lien resulting from missed contributions over $1 million or outstanding minimum funding waivers exceeding the same amount (provided the missed contributions or applications for minimum funding waivers were previously reported to PBGC). PBGC received ten comment letters (from a total of twelve entities) on the proposed rule.\11\ The commenters represented several professional and business trade organizations, pension plan consultants, plan sponsors, and a law firm. Generally, commenters opposed the proposal to limit the $15 million aggregate underfunding waiver to small plans while supporting PBGC's effort to add other waivers. Commenters provided suggestions on the proposal and on other matters under the regulation. The comments on the proposed rule and PBGC's responses are discussed below with the topics to which they relate. --------------------------------------------------------------------------- \11\ See comments at http://www.pbgc.gov/prac/pg/other/guidance/pending-proposed-rules.html. --------------------------------------------------------------------------- Regulatory Changes MAP-21 Interest Rate Stabilization Rules ERISA section 4010(b)(1) provides that 4010 reporting is required if any plan sponsored by a member of the controlled group has an FTAP, ``as determined as defined in subsection (d),'' below 80 percent. Because section 4010(d), as amended by MAP-21, requires that the FTAP be determined without regard to the interest rate stabilization rules, the FTAP used for the 80-percent Gateway Test is also determined without regard to such rules.\12\ --------------------------------------------------------------------------- \12\ Thus, the FTAP used for purposes of the 80-percent Gateway Test might not be the same as the FTAP reported on line 14 of the 2014 Schedule SB of Form 5500. --------------------------------------------------------------------------- To codify the statutory change and the guidance in Technical Updates 12-2 and 14-2, the final rule revises the definition of ``funding target attainment percentage'' in Sec. 4010.2 to provide that it is determined without regard to the interest rate stabilization rules and rename it the ``4010 funding target attainment percentage.'' The final rule includes conforming changes in Sec. Sec. 4010.4(a)(1), 4010.4(b), and 4010.8(a)(6). In addition, the final rule [[Page 15435]] revises Sec. 4010.8(a)(5) to clarify that the plan's funding target as of the valuation date (required to be reported in a 4010 filing) is determined without regard to the interest rate stabilization rules. To reduce the administrative burden of determining whether a 4010 filing is required, Technical Update 12-2 waived reporting if the FTAP of each plan maintained by the filer's controlled group, determined without regard to the statutory stabilized interest rate provisions, would be at least 80 percent if the value of plan assets used for minimum funding purposes were substituted for the value described in IRS Notice 2012-61, Q&A NA-3.\13\ (See Technical Update 12-2 for more explanation.) The final rule effectively codifies this waiver from reporting and extends the relief to the related information requirement. --------------------------------------------------------------------------- \13\ https://www.irs.gov/irb/2012-42_IRB/ar10.html. --------------------------------------------------------------------------- Changes to $15 Million Aggregate Underfunding Waiver As mentioned above, PBGC added the $15 million aggregate underfunding waiver to the 4010 regulation in 2009. The preamble to the 2009 final rule cited the Technical Explanation of the Pension Protection Act of 2006 prepared by the Staff of the Joint Committee on Taxation as support for the waiver. The Technical Explanation stated: ``It is intended that the PBGC may waive the requirement [for reporting under ERISA section 4010 based upon the 80-percent Gateway Test] in appropriate circumstances, such as in the case of small plans.'' \14\ --------------------------------------------------------------------------- \14\ See Joint Committee on Taxation, Technical Explanation of H.R. 4, the ``Pension Protection Act of 2006,'' as passed by the House on July 26, 2006, and as considered by the Senate on August 3, 2006 (JCX-38-06), August 3, 2006 on page 115. http://www.jct.gov/x-38-06.pdf. --------------------------------------------------------------------------- PBGC set the waiver threshold at $15 million in aggregate underfunding based on its experience that underfunding below that amount presented a level of risk and exposure to PBGC that was sufficiently low to warrant the waiver of reporting based solely on the 80-percent Gateway Test. The preamble to the 2009 final rule (see footnote 7) stated that ``the waiver will generally exempt controlled groups maintaining only small plans from section 4010 reporting.'' Because of the impact of stabilized interest rates that began with MAP-21, PBGC believes that further refinement of the $15 million aggregate underfunding waiver is necessary. Under the old regulation, many sponsors that would not have qualified for the waiver prior to MAP-21 were waived from reporting because underfunding was under $15 million based on stabilized rates. As a result, PBGC was not receiving valuable information from approximately 200 controlled groups for which 4010 reporting was required before MAP-21 and HATFA (i.e., after MAP-21 and HATFA, reporting was not required solely because the use of stabilized rates resulted in aggregate underfunding being less than $15 million).\15\ To put that number in context, it is comparable to the 207 filings PBGC received for 2014. PBGC's ability to protect plans can be reduced significantly if it does not have 4010 information to use to analyze transactions, evaluate termination risks, and measure its contingent liabilities for its financial statements. --------------------------------------------------------------------------- \15\ PBGC was aware of these 200 controlled groups because PBGC's regulation requires an explanation be provided where a filing is required one year, but not the next. These 200 controlled groups indicated on their 4010 filings that they had a plan below 80- percent funded, but the aggregate underfunding was below $15 million. PBGC believes the total number of reports it was not receiving solely due to the stabilized rates applicable to the $15 million aggregate underfunding waiver test was much greater than 200. Besides the 200 prior filers, PBGC was aware of other controlled groups that did not have to file in the past, but would have been required to file if not for the fact that the waiver is based on stabilized rates. --------------------------------------------------------------------------- The vast majority of plans for which 4010 reporting would be required if not for the statutory stabilized interest rate provisions cover more than 1,000 participants and have very large unfunded benefit liabilities measured on a termination basis. Thus, the old regulation did not allow PBGC to access important available information on plans that present substantial risk and exposure to the pension insurance system. Further, because PBGC is required to submit an annual report to Congress summarizing the data received in 4010 filings, Congress has not been receiving information it would otherwise receive solely because plans that were never intended to qualify for the regulatory waiver were, in fact, qualifying as a result of the statutory stabilized interest rate provisions that began with MAP-21. In the preamble to the proposed rule, PBGC stated that because Congress provided that stabilized rates are disregarded for purposes of determining whether a 4010 filing is required, it was appropriate to modify the $15 million aggregate underfunding waiver to fix this anomalous and unintended result. PBGC considered modifying the waiver to require that the 4010 funding shortfall be determined using non- stabilized rates, but concluded at the time that doing so would be overly complicated and administratively burdensome. PBGC was also concerned that this approach might make it more difficult to verify compliance because the liability underlying the shortfall calculation would not be reported on Schedule SB to Form 5500. In order to preserve simplicity, better align the waiver with the plans it was originally intended to cover, and eliminate any need to do an additional calculation solely to determine if the waiver applies, PBGC proposed to leave the determination of the 4010 funding shortfall unchanged and instead limit the availability of the $15 million aggregate underfunding waiver to controlled groups where the aggregate number of participants in all defined benefit plans maintained by the controlled group was fewer than 500. All commenters opposed limiting the availability of the $15 million aggregate underfunding waiver to controlled groups with fewer than 500 participants and reported that such limitation would unnecessarily burden many large plans by requiring 4010 reporting. Some commenters pointed out instances in which the proposed waiver would be unavailable due to circumstances that were incidental to the aims of the regulation (e.g., recent acquisitions of small plans where additional funding may not have yet occurred or multiple employer plans that have over 500 participants but where individual employers may not have control over plan funding). Some commenters suggested that the proposed change would result in lower funding contributions for large plans by eliminating the incentive under the old rule to fund up to qualify for the waiver. In addition, several commenters believed that the proposed participant count limit would be a permanent change to the regulation to address a temporary condition that would impact reporting long after stabilized rates no longer had an impact on plan liabilities.\16\ --------------------------------------------------------------------------- \16\ PBGC received comments on the proposed rule before BBA was enacted. Although BBA does not make stabilized interest rates permanent, it still lengthens the amount of time such rates impact 4010 reporting. --------------------------------------------------------------------------- As an alternative to the proposal to limit the $15 million aggregate underfunding waiver to controlled groups with fewer than 500 participants, six commenters (including three who commented in one letter) suggested that PBGC's concerns could be addressed if potential filers were required to use non-stabilized rates (instead of stabilized rates) to determine the 4010 funding shortfall instead of stabilized rates. Two of these commenters pointed out that sponsors still use non- stabilized [[Page 15436]] rates for other purposes and therefore, basing the 4010 funding shortfall determination on non-stabilized rates would not be overly burdensome.\17\ These same commenters suggested that if PBGC were to have a participant count limit, the threshold should be increased (with suggested limits ranging from 1,000 or 3,000 participants). Two other commenters recommended that PBGC consider incorporating the low-default risk waiver from PBGC's 2015 final rule on Reportable Events \18\ into the 4010 regulation as an effective way to tie risk to reporting. Other suggestions for alternatives included incorporating funding ratios of at least 90 percent on a stabilized interest rate basis, allowing for simplified reporting if the waiver under the proposed rule were to be retained, and increasing the participant count threshold. --------------------------------------------------------------------------- \17\ These uses include: 4010 Funding Target Attainment Percentage, Variable Rate Premium under the alternative method, annual funding notice supplement, and Code section 404 deduction limits. \18\ 80 FR 54979 (Sept. 11, 2015), http://www.thefederalregister.org/fdsys/pkg/FR-2015-09-11/pdf/2015-22941.pdf. --------------------------------------------------------------------------- PBGC was interested to learn that commenters were not concerned that basing the determination of the waiver on non-stabilized rates would result in overly burdensome reporting requirements. Given that a substantial segment of the commenters supported this suggestion and the fact that statutory stabilized interest rate provisions are scheduled to eventually phase-out, PBGC believes making this modification to the waiver is appropriate to reduce potential filer burden even though the data underlying the calculation does not get reported on Schedule SB. PBGC will be able to estimate the 4010 funding shortfall to evaluate compliance with the filing requirements using other information sponsors routinely file. As a result, the final rule eliminates the participant count limit for purposes of the $15 million aggregate underfunding waiver and instead requires that the liability used to determine the 4010 funding shortfall be determined using non-stabilized rates. The final rule does not change how the asset portion of the 4010 funding shortfall is calculated (i.e., the asset value used for this purpose is the asset value used for funding purposes, including averaging, if applicable, with no reduction for prefunding or carryover balances). PBGC acknowledges that under this change, some smaller plans that would have qualified for the waiver under the proposed rule would not qualify for the waiver under the final rule. Accordingly, as described below, the final rule adds a new waiver for controlled groups with less than 500 participants, regardless of plan underfunding. With the final rule modification to the $15 million aggregate underfunding waiver and the new smaller plans waiver, PBGC believes that most of the commenters' concerns about modifying the waiver have been addressed. However, PBGC may reconsider suggestions from commenters that are not incorporated into the final rule, as well as other possibilities, as it gains experience with reporting under the new regulation. New Waivers--Smaller Plans PBGC concluded that it could provide burden relief for smaller plans without compromising the pension insurance system. Thus, the final rule provides that 4010 reporting is waived for controlled groups where the aggregate number of participants in all plans (including any exempt plans) is fewer than 500 (the ``smaller plans waiver''). The final regulation provides that for purposes of the new smaller plans waiver, the aggregate number of participants in all plans maintained by a person's controlled group includes any participants covered by a multiple employer plan in which the person participates (including participants covered by the multiple employer plan who are not or were not employed by the person). In other words, the person is treating as ``maintaining'' the whole multiple employer plan. For example, in the case of a multiple employer plan where each contributing sponsor has fewer than 500 participants in all of its plans, but the multiple employer plan as a whole covers 500 or more participants, the smaller plans waiver would not apply. This treatment is analogous to how the aggregate funding shortfall of a multiple employer plan is determined for purposes of the $15 million aggregate underfunding waiver under the current regulation; for that purpose, the multiple employer plan's entire shortfall is taken into account. New Waivers--Missed Contributions Resulting in a Lien or Outstanding Minimum Funding Waivers As part of PBGC's implementation of its Plan for Regulatory Review (which included public comment on how PBGC could reduce reporting burden), PBGC reviewed part 4010 to see how it could reduce burden while preserving its ability to receive critical information. As part of this process, PBGC proposed to waive reporting for plans that must file 4010 information solely on the basis of either a statutory lien resulting from missed required contributions of over $1 million or outstanding minimum funding waivers exceeding the same amount. In 2012 and 2013, less than five percent of 4010 filers were required to report based on these two filing tests; in 2014, there were 10 such filers. PBGC can look to reportable events filings \19\ to obtain information similar to that reported in 4010 filings required solely because of these reporting triggers. --------------------------------------------------------------------------- \19\ PBGC receives reports for missed funding contributions under Sec. Sec. 4043.25 and 4043.81 (Form 200) and applications for minimum funding waivers under Sec. 4043.33. --------------------------------------------------------------------------- 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 financial information and approximately $16,000 in actuarial costs (depending in part on whether it was a first-time filing). Based on 2014 data, the aggregate actuarial cost savings for all filers could be over $160,000. Therefore, to reduce the burden of duplicative reporting, the proposed rule added waivers from reporting for persons that must file a 4010 report solely on the basis of either a reporting trigger under Sec. 4010.4(a)(2) for a statutory lien resulting from missed required contributions of over $1 million or under Sec. 4010.4(a)(3) for outstanding minimum funding waivers exceeding the same amount, provided that the missed contributions or applications for minimum funding waivers were reported under part 4043 by the due date for the 4010 filing. PBGC did not receive any comments on these proposed new waivers. The final rule retains these waivers as proposed. Alternative Methods of Compliance for Reporting Certain Actuarial Information ERISA section 4010(d) requires that certain information be reported to PBGC when a filer makes a report under ERISA section 4010, including the funding target of the plan determined as if the plan has been in at-risk status for at least five plan years and determined without regard to the interest rate stabilization rules.\20\ Section 4010.8 of the regulation implements the statutory information requirements. While not addressed in the proposed rule, three comment letters (representing five entities) suggested that PBGC either [[Page 15437]] eliminate the requirement for plans that are not in at-risk status or provide a simpler alternative method of compliance for such plans. These commenters stated that PBGC does not need that information and that plans are not required to do the calculation for any purpose other than 4010 reporting. In addition, commenters noted that due to the complications of the at-risk rules, doing the calculation substantially increases the costs of preparing a 4010 filing. --------------------------------------------------------------------------- \20\ See ERISA section 4010(d)(1)(B). Under Sec. 4010.2, at- risk status means, with respect to a plan for a plan year, at-risk status as defined in ERISA section 303(i)(4) and Code section 430(i)(4). --------------------------------------------------------------------------- PBGC finds these comments credible and agrees that PBGC generally does not need this information from plans that are not in at-risk status. And although PBGC does need information about the at-risk funding target from plans that are in at-risk status, the relevant information for PBGC is the at-risk funding target determined using stabilized rates, not the statutorily-required information determined without regard to the stabilization rules. However, because it is possible that PBGC might need the statutorily-required information from a particular plan or that Congress might request that information, PBGC concluded that providing an alternate method of compliance is preferable to waiving the requirement altogether. Therefore, the final rule provides that plans are not required to provide the at-risk funding target information (determined without regard to the stabilization rules) unless PBGC makes a written request for the information. In that event, the plan would have at least 30 days after PBGC's written request to provide the information. In addition, to ensure that PBGC receives relevant and timely information about the at- risk funding target from plans that are in at-risk status (i.e., determined using stabilized rates), PBGC is adding that information to the list in Sec. 4010.8(a)(11) of information required to be reported in an attachment to the 4010 filing (the valuation report). Some of these same commenters also suggested that PBGC eliminate or provide for an alternate method of compliance for reporting the year- end plan termination liability calculation information required under ERISA section 4010(d)(1)(A) and Sec. 4010.8(a)(3) of the regulation. PBGC needs this information to run its analysis of whether a 4010 filer poses a risk to the pension insurance system. Thus, PBGC is not modifying or eliminating the year-end plan termination liability calculation in the final rule. One commenter expressed its appreciation for the proposed rule's codification of relief provided in Technical Update 12-2, under which reporting would be waived if the 4010 FTAP of each plan maintained by a person's controlled group would be at least 80 percent if the value of plan assets used for minimum funding purposes were substituted for the asset value determined without regard to the interest rate stabilization rules (i.e., the amount determined in accordance with IRS notice 2012-61, Q&A NA 3). However, under the proposed rule, if reporting were required, a filer would still need to calculate asset values without regard to the interest rate stabilization rules (in accordance with IRS notice 2012-61) for purposes of determining the 4010 FTAP to be reported in the filing. This commenter believed that this calculation should not be required at all since the difference in values (i.e., the value of assets determined without regard to the interest rate stabilization rules compared to the value of plan assets used for minimum funding purposes) would generally be small. The commenter also noted that IRS and the Department of Labor (``DOL'') do not require this calculation and that if PBGC were to require it, then two sets of asset values would need to be reported in the Annual Funding Notice (under ERISA section 101(f)) resulting in complexity and participant confusion. PBGC agrees that requiring this calculation for a 4010 report is unnecessary. Thus, the final rule provides that for purposes of determining the 4010 FTAP, the value of plan assets used for minimum funding purposes may be substituted for the asset value determined without regard to interest rate stabilization rules. By doing so, there is no need to provide for the alternative 4010 FTAP waiver that was included in the proposed rule and thus, that waiver has been eliminated from the final rule. Other Changes The final rule revises Sec. 4010.11 to conform to the new waivers discussed above, remove a paragraph on transition rules that are no longer necessary, and reorganize the paragraphs under the section. The final rule deletes transition rules in current Sec. Sec. 4010.4(b)(3) and (4) and 4010.8(h) that are no longer necessary and updates provisions regarding special funding rules. Finally, the final rule makes two corrections to the regulation. First, the final rule amends Sec. 4010.8(b)(1) to correct a cross reference from Sec. 4010.11(b) to Sec. 4010.10(b). Second, the final rule amends Sec. 4010.8(d)(2) to provide that the form-of-payment assumption used when determining benefit liabilities for purposes of 4010 reporting is the assumption prescribed in Sec. 4044.51 of PBGC's regulation on Allocation of Assets in Single-Employer Plans (part 4044) and make a related conforming change. This change conforms the regulation to the statutory requirement. As a result of a drafting error in the 2009 final rule, the old regulation provided that, for purposes of determining a plan's benefit liabilities, the form-of-payment assumption must be the same as that used to determine the minimum required contribution. Although this assumption has had a relatively minor impact on the overall calculation, PBGC was concerned about the programming changes that would need to be made to valuation software to effectuate this unintended assumption change and therefore issued guidance that the actuary may use either the form-of-payment assumption prescribed in Sec. 4044.51 or the form-of-payment assumption used to determine the minimum required contribution for the plan year ending within the filer's information year.\21\ --------------------------------------------------------------------------- \21\ Technical Update 09-2: ERISA section 4010 reporting; Alternative form-of-payment assumption for determining benefit liabilities (Mar. 25, 2009), http://www.pbgc.gov/prac/other-guidance/tu/tu09-2.html. --------------------------------------------------------------------------- Three commenters suggested that PBGC retain the option of using the Sec. 4044.51 assumption. However it appeared to PBGC that none of these commenters held a particularly strong belief in this regard and that making any software program changes would not be too difficult. Further, PBGC has concluded that this information will help PBGC to conduct its analysis of the impact of a 4010 filing on the pension insurance system more effectively. For these reasons, and to conform to the statutory requirement, PBGC decided not to retain this provision from the proposed rule. Thus, the final rule requires the use of the Sec. 4044.51 assumption for purposes of Sec. 4010.8(d)(2). Timing PBGC proposed that the final rule would be applicable to information years beginning after December 31, 2015. Three commenters urged PBGC to allow a longer transition period/effective date so that controlled groups can plan for, or take action to avoid, 4010 filings (such as making funding contribution). One of these commenters specifically recommended that the effective date be no earlier than information years beginning 18 months after the final rule is published. Another [[Page 15438]] commenter recommended that the ``effective date be changed to information years beginning one year after the final rule is final or at [a] minimum allow plans to substitute their 2016 FTAP for applicable 4010 calculations if necessary to avoid filing.'' PBGC did not change the applicability date from the proposed rule. PBGC believes sponsors will have sufficient time to make additional contributions in order to qualify for the $15 million aggregate underfunding waiver or make additional contributions or waive carryover or prefunding balances to increase the 4010 FTAP to above 80 percent.\22\ Moreover, as always, PBGC will consider case-by-case waivers in the case of unusual situations. Finally, PBGC has been without 4010 information from certain plans since MAP-21 and needs that information from those plans as soon as practicable to better understand their current status and its impact on the pension insurance system. Accordingly, PBGC did not change the proposed applicability date in the final rule. --------------------------------------------------------------------------- \22\ PBGC is aware that in the case of a controlled group with a calendar year information year that includes a plan with a non- calendar year plan year, that plan may have needed to make decisions about funding or contributions before this final rule was published. However, PBGC believes that in such a case the plan had sufficient notice in the proposed rule that it would likely need to fund up to avoid a 4010 filing for the 2016 information year. --------------------------------------------------------------------------- Applicability The regulatory changes in the final rule are applicable to information years beginning after December 31, 2015. The first filings under the new regulation are due April 17, 2017.\23\ --------------------------------------------------------------------------- \23\ April 15, 2017, is a Saturday. In the rare case of a short information year beginning in 2016, the due date would be earlier; filers in that situation should contact PBGC. --------------------------------------------------------------------------- Compliance With Rulemaking Guidelines Executive Orders 12866 ``Regulatory Planning and Review'' and 13563 ``Improving Regulation and Regulatory Review'' PBGC has determined, in consultation with the Office of Management and Budget (OMB), that this rulemaking is not a ``significant regulatory action'' under Executive Order 12866. Executive Orders 12866 and 13563 direct 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). Executive Order 13563 emphasizes the importance of quantifying both costs and benefits, of reducing costs, of harmonizing rules, and of promoting flexibility. Executive Orders 12866 and 13563 require a comprehensive regulatory impact analysis be performed for any economically significant regulatory action, defined as an action that would result in an annual effect of $100 million or more on the national economy or which would have other substantial impacts. Pursuant to section 1(b)(1) of E.O. 12866 (as amended by Executive Order 13422), PBGC has determined that regulatory action is required in this area. Principally, this regulatory action is necessary to codify changes made to 4010 reporting by MAP-21 and HATFA and related guidance. In addition, this final rule is necessary to modify waivers from 4010 reporting to better balance the burden of reporting with PBGC's need for the information and to target those plans with the highest risk and exposure to PBGC and the pension insurance system. Finally, the final rule is needed to correct errors in the current regulation. In accordance with OMB Circular A-4, PBGC also has examined the economic and policy implications of this final rule and has concluded that the action's benefits justify its costs. Under Section 3(f)(1) of Executive Order 12866, a regulatory action is economically significant if ``it is likely to result in a rule that may * * * [h]ave an annual effect on the economy of $100 million or more or adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities.'' PBGC has determined that this final rule does not cross the $100 million threshold for economic significance and is not otherwise economically significant. The annual effect of the regulation with the final rule changes would far be less than $100 million. See discussion under Paperwork Reduction Act. This final rule is associated with retrospective review and analysis in PBGC's Plan for Regulatory Review issued in accordance with Executive Order 13563. Regulatory Flexibility Act The Regulatory Flexibility Act imposes certain requirements with respect to rules that are subject to the notice and comment requirements of section 553(b) of the Administrative Procedure Act and that are likely to have a significant economic impact on a substantial number of small entities. Unless an agency determines that a final rule is not likely to have a significant economic impact on a substantial number of small entities, section 604 of the Regulatory Flexibility Act requires that the agency present a final regulatory flexibility analysis at the time of the publication of the final rule describing the impact of the rule on small entities and steps taken to minimize the impact. Small entities include small businesses, organizations and governmental jurisdictions. For purposes of the Regulatory Flexibility Act requirements with respect to the amendments to the Annual Financial and Actuarial Information Reporting regulation, PBGC considers a small entity to be a plan with fewer than 100 participants. This is substantially the same criterion PBGC uses in other regulations \24\ and is consistent with certain requirements in Title I of ERISA \25\ and the Internal Revenue Code,\26\ as well as the definition of a small entity that DOL has used for purposes of the Regulatory Flexibility Act.\27\ --------------------------------------------------------------------------- \24\ See e.g., special rules for small plans under part 4007 (Payment of Premiums). \25\ See, e.g., ERISA section 104(a)(2), which permits the Secretary of Labor to prescribe simplified annual reports for pension plans that cover fewer than 100 participants. \26\ See, e.g., Code section 430(g)(2)(B), which permits plans with 100 or fewer participants to use valuation dates other than the first day of the plan year. \27\ See, e.g., DOL's final rule on Prohibited Transaction Exemption Procedures, 76 FR 66637, 66644 (Oct. 27, 2011). --------------------------------------------------------------------------- Further, while some large employers may have small plans, in general most small plans are maintained by small employers. Thus, 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 requested comments on the appropriateness of the size standard used in the proposed rule. PBGC received no comments on this point. PBGC certifies under section 605(b) of the Regulatory Flexibility Act that the amendments in this final rule would not have a significant economic impact on a substantial number of small entities. Accordingly, as provided in section 605 of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.), sections 603 and 604 do not apply. [[Page 15439]] Paperwork Reduction Act PBGC is submitting the information requirements under part 4010 to OMB for review and approval under the Paperwork Reduction Act. The information requirements under part 4010 have been approved by the OMB under the Paperwork Reduction Act (OMB control number 1212-0049, expires July 31, 2018). 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. PBGC estimates that once the final rule takes effect it will receive 4010 filings from about 410 contributing sponsors or controlled group members annually and that the total annual burden of the collection of information will be about 3,600 hours and $6,560,000. List of Subjects in 29 CFR Part 4010 Pension insurance, Pensions, Reporting and recordkeeping requirements. For the reasons given above, PBGC is amending 29 CFR part 4010 as follows: PART 4010--ANNUAL FINANCIAL AND ACTUARIAL INFORMATION REPORTING 0 1. The authority citation for part 4010 continues to read as follows: Authority: 29 U.S.C. 1302(b)(3), 1310. 0 2. Section 4010.2 is amended by removing the definition for ``Funding target attainment percentage'' and adding a definition for ``4010 funding target attainment percentage'' in alphanumeric order to read as follows: Sec. 4010.2 Definitions. * * * * * 4010 funding target attainment percentage means, with respect to a plan for a plan year, the percentage as determined under Sec. 4010.4(b) for the plan year. * * * * * 0 3. In Sec. 4010.4: 0 a. Paragraph (a) introductory text is amended by removing the words ``A contributing sponsor'' and adding in their place the words ``Unless a waiver in Sec. 4010.11 of this part applies, a contributing sponsor''. 0 b. Paragraph (a)(1) is amended by adding ``4010'' before the phrase ``funding target attainment percentage''. 0 c. Paragraph (a)(2) is amended by adding the words ``or 306(g)'' after the word ``303(k)'' and adding the words ``or 433(g)'' after the word ``430(k)''. 0 d. Paragraph (b) is revised. 0 e. Paragraph (d) is removed, and paragraphs (e) and (f) are redesignated as paragraphs (d) and (e), respectively. 0 f. Newly redesignated paragraph (e) is revised. The revisions read as follows: Sec. 4010.4 Filers. * * * * * (b) 4010 Funding target attainment percentage--(1) General. The 4010 funding target attainment percentage for a plan for a plan year equals the funding target attainment percentage as provided under ERISA section 303(d)(2) and Code section 430(d)(2) determined without regard to the interest rate stabilization provisions of ERISA section 303(h)(2)(C)(iv) and Code section 430(h)(2)(C)(iv). (2) Assets used to determine 4010 funding target attainment percentage. For purposes of determining the 4010 funding target attainment percentage for a plan for the plan year, the value of plan assets determined under ERISA section 303(g)(3) and Code section 430(g)(3) may (but need not) be substituted for the asset value determined without regard to the interest rate stabilization provisions of ERISA section 303(h)(2)(C)(iv) and Code section 430(h)(2)(C)(iv). (3) Prefunding balance and funding standard carryover balance elections. For purposes of determining the 4010 funding target attainment percentage for a plan for the plan year, prefunding balances and funding standard carryover balances must reflect any elections (or deemed elections) under ERISA section 303(f) and Code section 430(f) that affect the value of such balances as of the beginning of the plan year, regardless of when the elections (or deemed elections) are made. * * * * * (e) Certain plans to which special funding rules apply. Except for purposes of determining the information to be submitted under Sec. 4010.8(h) (in connection with the actuarial valuation report), the following statutory provisions are disregarded for purposes of this part: (1) Section of 402(b) of the Pension Protection Act of 2006, Public Law 109-280, dealing with certain frozen plans of commercial passenger airlines and airline caterers. (2) Section 104 of the Pension Protection Act of 2006 as amended by the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, Public Law 111-192, dealing with eligible charity plans and plans of certain rural cooperatives. (3) The Cooperative and Small Employer Charity Pension Flexibility Act, Public Law 113-97, dealing with certain defined benefit pension plans maintained by certain cooperatives and charities. 0 4. In Sec. 4010.8: 0 a. Paragraph (a)(5) is revised. 0 b. Paragraph (a)(6) is amended by adding ``4010'' before ``funding target attainment percentage.'' 0 c. Paragraph (a)(9) is amended by adding the words ``or 306(g)'' after the word ``303(k)'' and adding the words ``or 433(g)'' after the word ``430(k)''. 0 d. Paragraph (a)(11)(vi) is amended by adding ``and funding target'' after ``the target normal cost.'' 0 e. Paragraph (b) is revised. 0 f. Paragraph (c)(1)(i) is amended by removing the reference ``Sec. 4010.11(c)'' and adding in its place the reference ``Sec. 4010.11(a)(1)''. 0 g. Paragraph (d)(2)(i) is amended by adding the words ``form of payment,'' after ``Interest,''. 0 h. Paragraph (d)(2)(ii) is amended by removing the words ``form of payment'' from the parenthetical and adding the words ``form of payment'' after ``interest,''. 0 i. Paragraph (h) is removed and paragraph (i) is redesignated as paragraph (h) and revised. The revisions read as follows: Sec. 4010.8 Plan actuarial information. (a) * * * (5) The at-risk funding target for the plan year ending within the information year determined under ERISA section 303(i) and Code section 430(i)-- (i) As if the plan has been in at-risk status for a consecutive period of at least five years, and (ii) Without regard to the interest rate stabilization provisions of ERISA section 303(h)(2)(C)(iv) and Code section 430(h)(2)(C)(iv); * * * * * (b) Alternative methods of compliance--(1) At-risk funding target. Notwithstanding any other provision of this section, a filer is not required to provide the information specified in paragraph (a)(5) of this section for the plan year for which actuarial information is being reported unless PBGC requests in writing that the information be provided, in which case the filer must provide the information within 30 days of such request or such later date as PBGC specifies in the request. (2) Actuarial valuation report. If any of the information specified in paragraph (a)(11) of this section is not available by the date specified in Sec. 4010.10(a), a filer may satisfy the requirement to provide such information by-- [[Page 15440]] (i) Including a statement, with the material that is submitted to PBGC, that the filer will file the unavailable information by the alternative due date specified in Sec. 4010.10(b), and (ii) Filing such information (along with a certification by an enrolled actuary under paragraph (a)(12) of this section) with PBGC by that alternative due date. * * * * * (h) Plans subject to special funding rules. Instead of the requirements of paragraph (a)(11) of this section: (1) In the case of a plan year for which a plan is subject to section 402(b) of the Pension Protection Act of 2006, Public Law 109- 280, dealing with certain frozen plans of commercial passenger airlines and airline caterers, the plan must meet the requirements in connection with the actuarial valuation report in accordance with instructions on PBGC's Web site, http://www.pbgc.gov. (2) In the case of a plan year for which the application of new funding rules is deferred for a plan under section 104 of the Pension Protection Act of 2006, Public Law 109-280, as amended by the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, Public Law 111-192, dealing with eligible charity plans and plans of certain rural cooperatives, the plan must meet the requirements in paragraph (a)(5) of this section (in connection with the actuarial valuation report) in effect as of December 31, 2007. (3) In the case of a plan year for which a plan is subject to the Cooperative and Small Employer Charity Pension Flexibility Act, Public Law 113-97, dealing with certain defined benefit pension plans maintained by more than one employer, the plan must meet the requirements in connection with the actuarial valuation report in accordance with instructions on PBGC's Web site, http://www.pbgc.gov. 0 5. Section 4010.11 is revised to read as follows: Sec. 4010.11 Waivers. (a) Aggregate funding shortfall not in excess of $15 million waiver. Unless reporting is required by Sec. 4010.4(a)(2) or (3), reporting is waived for a person (that would be a filer if not for the waiver) for an information year if, for the plan year ending within the information year, the aggregate 4010 funding shortfall for all plans (including any exempt plans) maintained by the person's controlled group (disregarding those plans with no 4010 funding shortfall) does not exceed $15 million, as determined under paragraphs (a)(1) and (2) of this section. (1) 4010 funding shortfall; in general. A plan's 4010 funding shortfall for a plan year equals the funding shortfall for the plan year as provided under ERISA section 303(c)(4) and Code section 430(c)(4), with the following exceptions: (i) The funding target used to calculate the 4010 funding shortfall is determined without regard to the interest rate stabilization provisions of ERISA section 303(h)(2)(C)(iv) and Code section 430(h)(2)(C)(iv). (ii) The value of plan assets used to calculate the 4010 funding shortfall is determined without regard to the reduction under ERISA section 303(f)(4)(B) and Code section 430(f)(4)(B) (dealing with reduction of assets by the amount of prefunding and funding standard carryover balances). (2) Multiple employer plans. For purposes of Sec. 4010.8(c) and paragraph (a) of this section, the entire 4010 funding shortfall of any multiple employer plan of which the filer or any member of the filer's controlled group is a contributing sponsor is included. (b) Smaller plans waiver--(1) General. Unless reporting is required by Sec. 4010.4(a)(2) or (a)(3), reporting is waived for a person (that would be a filer if not for the waiver) for an information year if, for the plan year ending within the information year, the aggregate number of participants in all plans (including any exempt plans) maintained by the person's controlled group is fewer than 500. For this purpose, the number of participants in any plan may be determined either as of the end of the plan year ending within the information year or as of the valuation date for that plan year. (2) Multiple employer plans. For purposes of this paragraph (b), the aggregate number of participants in all plans maintained by a person's controlled group includes any participants covered by a multiple employer plan in which the person participates (including participants covered by the multiple employer plan who are not or were not employed by the person). (c) Missed contributions resulting in a lien or outstanding minimum funding waivers. Reporting is waived for a person (that would be a filer if not for the waiver) for an information year if, for the plan year ending within the information year, reporting would have been required solely under Sec. 4010.4(a)(2) or (3), provided that the missed contributions or applications for minimum funding waivers (as applicable) were reported to PBGC under part 4043 of this chapter by the due date for the 4010 filing. (d) Other waiver authority. PBGC may waive the requirement to submit information with respect to one or more filers or plans or may extend the applicable due date or dates specified in Sec. 4010.10. PBGC will exercise this discretion in appropriate cases where it finds convincing evidence supporting a waiver or extension; any waiver or extension may be subject to conditions. A request for a waiver or extension must be filed in writing with PBGC at the address provided in Sec. 4010.10(c) no later than 15 days before the applicable due date specified in Sec. 4010.10, and must state the facts and circumstances on which the request is based. Issued in Washington, DC, this 17th day of March, 2016. W. Thomas Reeder, Director, Pension Benefit Guaranty Corporation. [FR Doc. 2016-06470 Filed 3-22-16; 8:45 am] BILLING CODE 7709-02-P
![15432 Federal Register / Vol. 81, No. 56 / Wednesday, March 23, 2016 / Rules and Regulations
location point names as used in the the price or the receipt and delivery Issued: March 17, 2016.
NAESB WGQ Version 3.0 Standards. points until nominations are made. The Nathaniel J. Davis, Sr.,
3. In comments on the Notice of Commission, therefore, removed the Deputy Secretary.
Proposed Rulemaking (NOPR), Southern requirement to post the receipt and
Star and INGAA pointed out that the In consideration of the foregoing, the
delivery points ‘‘covered by the
Commission in the NOPR had failed to Commission amends part 284, chapter I,
contract’’ from the posting
make conforming changes to certain title 18, Code of Federal Regulations, as
requirements, so that pipelines will post
regulations, including, as relevant here, follows:
the actual points used for transporting
the regulations requiring posting of natural gas: PART 284—CERTAIN SALES AND
interruptible transportation at 18 CFR TRANSPORTATION OF NATURAL GAS
This language [covered by the contract]
284.13(b)(2)(iv). Based on the regulatory
implies that the receipt or delivery points UNDER THE NATURAL GAS POLICY
text proposed by Southern Star, the
should be those in the master contract, rather ACT OF 1978 AND RELATED
Commission revised this regulation to
than the points in the subsequent agreement AUTHORITIES
require pipelines to post: ‘‘[t]he receipt to provide interruptible service. Section
and delivery points and the zones or 284.13(b)(2)(iv) will be revised to require the ■ 1. The authority citation for part 284
segments covered by the contract, posting of the receipt and delivery points continues to read as follows:
including the location name and code over which the shipper is entitled to
adopted by the pipeline in conformance Authority: 15 U.S.C. 717–717z, 3301–3432;
transport gas at the rate charged to make clear 42 U.S.C. 7101–7352; 43 U.S.C. 1331–1356.
with paragraph (f) of this section for that the pipeline should post the receipt and
each point, zone or segment.’’ delivery points in each individual agreement ■ 2. Section 284.13 is amended by
(Emphasis added.) to provide interruptible service, not simply revising paragraph (b)(2)(iv) to read as
4. After the issuance of Order No. the receipt and delivery points in the master follows:
587–W, both Southern Star and INGAA contract.4
filed separate requests for rehearing, § 284.13 Reporting requirements for
challenging the inclusion of the phrase 6. Accordingly, we will grant interstate pipelines.
‘‘covered by the contract’’ in the rehearing and revise the regulatory text * * * * *
regulation. They argue that the to require pipelines to post the receipt (b) * * *
regulatory text adopted for posting of and delivery points between which the (2) * * *
interruptible transportation shipper is entitled to transport gas at the (iv) The receipt and delivery points
promulgated in 18 CFR 284.13(b)(2)(iv) rate charged, including the location between which the shipper is entitled to
did not correctly reflect the name and code adopted by the pipeline transport gas at the rate charged,
Commission’s determination in Order in conformance with paragraph (f) of the including the location name and code
No. 637–A that the postings for section for each point, zone, or segment. adopted by the pipeline in conformance
interruptible transportation should not 7. The Paperwork Reduction Act with paragraph (f) of this section for
refer to points covered by the contract, (PRA) provides that an agency may not each point, zone, or segment;
but rather to the points over which the conduct or sponsor the collection of * * * * *
shipper is permitted to transport natural information unless the agency has [FR Doc. 2016–06510 Filed 3–22–16; 8:45 am]
gas.3 INGAA contends the Commission published an estimate of the burden that BILLING CODE 6717–01–P
rejected that contract-covered language shall result from the information
in Order No. 637, because that language collection in advance of adopting or
implied that receipt or delivery points revising such collection. Agency rules PENSION BENEFIT GUARANTY
should be those in the pro forma or that require information collection are CORPORATION
master contracts, rather than the points subject to review and approval by the
in the subsequent agreement to provide Office of Management and Budget 29 CFR Part 4010
interruptible service. (OMB), in accordance with the RIN 1212–AB30
requirements of the PRA. The reporting
II. Discussion requirements imposed in Order No. Annual Financial and Actuarial
5. We grant rehearing, concluding that 587–W (Docket No. RM96–1–038) were Information Reporting
the language we adopted in Order No. submitted to and approved (on
587–W incorrectly includes the December 9, 2015) by OMB.5 The AGENCY: Pension Benefit Guaranty
‘‘covered by the contract’’ language that revisions made in this Order merely Corporation.
does not reflect how pipelines arrange clarify those reporting requirements and ACTION: Final rule.
for and schedule interruptible service. are not expected to modify the burden
In Order No. 637–A, the Commission estimates. This Order will be submitted SUMMARY: The Pension Benefit Guaranty
recognized that shippers obtaining to OMB for information only. Corporation (‘‘PBGC’’) is amending its
interruptible service frequently execute regulation on Annual Financial and
pro forma master contracts for List of Subjects in 18 CFR Part 284 Actuarial Information Reporting to
interruptible service, but do not specify codify provisions of recent legislation
Incorporation by reference, Natural and related guidance that affect
3 Regulation of Short-Term Natural Gas
gas, Reporting and recordkeeping reporting under ERISA section 4010.
Transportation Services and Regulations of
requirements. The final rule modifies the reporting
Interstate Natural Gas Transportation Services, By the Commission. waiver under the current regulation tied
jstallworth on DSK7TPTVN1PROD with RULES
Order No. 637. FERC Stats. & Regs. ¶ 31,091,
clarified, Order No. 637–A, FERC Stats. & Regs.
to aggregate plan underfunding of $15
¶ 31,099, reh’g denied, Order No. 637–B, 92 FERC 4 Order No. 637–A, FERC Stats. & Regs. ¶ 31,099 million or less to be based on non-
¶ 61,062 (2000), aff’d in part and remanded in part at 31,619–20. stabilized interest rates. In addition, the
sub nom. Interstate Natural Gas Ass’n of America 5 FERC–545 (Gas Pipeline Rates: Rate Change
final rule adds new reporting waivers
v. FERC, 285 F.3d 18 (D.C. Cir. 2002), order on (Non-Formal)) is covered under OMB Control No.
remand, 101 FERC ¶ 61,127 (2002), order on reh’g, 1902–0154, and FERC–549C (Standards for
for smaller plans and for plans that must
106 FERC ¶ 61,088 (2004), aff’d sub nom. American Business Practices of Interstate Natural Gas file solely on the basis of either a
Gas Ass’n v. FERC, 428 F.3d 255 (D.C. Cir. 2005). Pipelines) is covered under 1902–0174. statutory lien resulting from missed
VerDate Sep<11>2014 17:25 Mar 22, 2016 Jkt 238001 PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 E:\FR\FM\23MRR1.SGM 23MRR1](https://thefederalregister.org/doc/81_FR_15488/page/1.svg)
![Federal Register / Vol. 81, No. 56 / Wednesday, March 23, 2016 / Rules and Regulations 15435
revises § 4010.8(a)(5) to clarify that the because underfunding was under $15 burdensome. PBGC was also concerned
plan’s funding target as of the valuation million based on stabilized rates. that this approach might make it more
date (required to be reported in a 4010 As a result, PBGC was not receiving difficult to verify compliance because
filing) is determined without regard to valuable information from the liability underlying the shortfall
the interest rate stabilization rules. approximately 200 controlled groups for calculation would not be reported on
To reduce the administrative burden which 4010 reporting was required Schedule SB to Form 5500. In order to
of determining whether a 4010 filing is before MAP–21 and HATFA (i.e., after preserve simplicity, better align the
required, Technical Update 12–2 MAP–21 and HATFA, reporting was not waiver with the plans it was originally
waived reporting if the FTAP of each required solely because the use of intended to cover, and eliminate any
plan maintained by the filer’s controlled stabilized rates resulted in aggregate need to do an additional calculation
group, determined without regard to the underfunding being less than $15 solely to determine if the waiver
statutory stabilized interest rate million).15 To put that number in applies, PBGC proposed to leave the
provisions, would be at least 80 percent context, it is comparable to the 207 determination of the 4010 funding
if the value of plan assets used for filings PBGC received for 2014. PBGC’s shortfall unchanged and instead limit
minimum funding purposes were ability to protect plans can be reduced the availability of the $15 million
substituted for the value described in significantly if it does not have 4010 aggregate underfunding waiver to
IRS Notice 2012–61, Q&A NA–3.13 (See information to use to analyze controlled groups where the aggregate
Technical Update 12–2 for more transactions, evaluate termination risks, number of participants in all defined
explanation.) The final rule effectively and measure its contingent liabilities for benefit plans maintained by the
codifies this waiver from reporting and its financial statements. controlled group was fewer than 500.
extends the relief to the related The vast majority of plans for which All commenters opposed limiting the
information requirement. 4010 reporting would be required if not availability of the $15 million aggregate
for the statutory stabilized interest rate underfunding waiver to controlled
Changes to $15 Million Aggregate provisions cover more than 1,000 groups with fewer than 500 participants
Underfunding Waiver participants and have very large and reported that such limitation would
As mentioned above, PBGC added the unfunded benefit liabilities measured unnecessarily burden many large plans
on a termination basis. Thus, the old by requiring 4010 reporting. Some
$15 million aggregate underfunding
regulation did not allow PBGC to access commenters pointed out instances in
waiver to the 4010 regulation in 2009.
important available information on which the proposed waiver would be
The preamble to the 2009 final rule
plans that present substantial risk and unavailable due to circumstances that
cited the Technical Explanation of the
exposure to the pension insurance were incidental to the aims of the
Pension Protection Act of 2006 prepared
system. Further, because PBGC is regulation (e.g., recent acquisitions of
by the Staff of the Joint Committee on
required to submit an annual report to small plans where additional funding
Taxation as support for the waiver. The
Congress summarizing the data received may not have yet occurred or multiple
Technical Explanation stated: ‘‘It is
in 4010 filings, Congress has not been employer plans that have over 500
intended that the PBGC may waive the
receiving information it would participants but where individual
requirement [for reporting under ERISA otherwise receive solely because plans employers may not have control over
section 4010 based upon the 80-percent that were never intended to qualify for plan funding). Some commenters
Gateway Test] in appropriate the regulatory waiver were, in fact, suggested that the proposed change
circumstances, such as in the case of qualifying as a result of the statutory would result in lower funding
small plans.’’ 14 stabilized interest rate provisions that contributions for large plans by
PBGC set the waiver threshold at $15 began with MAP–21. eliminating the incentive under the old
million in aggregate underfunding based In the preamble to the proposed rule, rule to fund up to qualify for the waiver.
on its experience that underfunding PBGC stated that because Congress In addition, several commenters
below that amount presented a level of provided that stabilized rates are believed that the proposed participant
risk and exposure to PBGC that was disregarded for purposes of determining count limit would be a permanent
sufficiently low to warrant the waiver of whether a 4010 filing is required, it was change to the regulation to address a
reporting based solely on the 80-percent appropriate to modify the $15 million temporary condition that would impact
Gateway Test. The preamble to the 2009 aggregate underfunding waiver to fix reporting long after stabilized rates no
final rule (see footnote 7) stated that this anomalous and unintended result. longer had an impact on plan
‘‘the waiver will generally exempt PBGC considered modifying the waiver liabilities.16
controlled groups maintaining only to require that the 4010 funding As an alternative to the proposal to
small plans from section 4010 shortfall be determined using non- limit the $15 million aggregate
reporting.’’ stabilized rates, but concluded at the underfunding waiver to controlled
Because of the impact of stabilized time that doing so would be overly groups with fewer than 500 participants,
interest rates that began with MAP–21, complicated and administratively six commenters (including three who
PBGC believes that further refinement of commented in one letter) suggested that
the $15 million aggregate underfunding 15 PBGC was aware of these 200 controlled groups
PBGC’s concerns could be addressed if
waiver is necessary. Under the old because PBGC’s regulation requires an explanation potential filers were required to use
be provided where a filing is required one year, but
regulation, many sponsors that would not the next. These 200 controlled groups indicated non-stabilized rates (instead of
not have qualified for the waiver prior on their 4010 filings that they had a plan below 80- stabilized rates) to determine the 4010
to MAP–21 were waived from reporting percent funded, but the aggregate underfunding was funding shortfall instead of stabilized
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below $15 million. PBGC believes the total number
of reports it was not receiving solely due to the
rates. Two of these commenters pointed
13 https://www.irs.gov/irb/2012-42_IRB/ar10.html.
stabilized rates applicable to the $15 million out that sponsors still use non-stabilized
14 See Joint Committee on Taxation, Technical
aggregate underfunding waiver test was much
Explanation of H.R. 4, the ‘‘Pension Protection Act greater than 200. Besides the 200 prior filers, PBGC 16 PBGC received comments on the proposed rule
of 2006,’’ as passed by the House on July 26, 2006, was aware of other controlled groups that did not before BBA was enacted. Although BBA does not
and as considered by the Senate on August 3, 2006 have to file in the past, but would have been make stabilized interest rates permanent, it still
(JCX–38–06), August 3, 2006 on page 115. http:// required to file if not for the fact that the waiver lengthens the amount of time such rates impact
www.jct.gov/x-38-06.pdf. is based on stabilized rates. 4010 reporting.
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![15438 Federal Register / Vol. 81, No. 56 / Wednesday, March 23, 2016 / Rules and Regulations
commenter recommended that the equity). Executive Order 13563 Unless an agency determines that a final
‘‘effective date be changed to emphasizes the importance of rule is not likely to have a significant
information years beginning one year quantifying both costs and benefits, of economic impact on a substantial
after the final rule is final or at [a] reducing costs, of harmonizing rules, number of small entities, section 604 of
minimum allow plans to substitute their and of promoting flexibility. Executive the Regulatory Flexibility Act requires
2016 FTAP for applicable 4010 Orders 12866 and 13563 require a that the agency present a final
calculations if necessary to avoid comprehensive regulatory impact regulatory flexibility analysis at the time
filing.’’ analysis be performed for any of the publication of the final rule
PBGC did not change the applicability economically significant regulatory describing the impact of the rule on
date from the proposed rule. PBGC action, defined as an action that would small entities and steps taken to
believes sponsors will have sufficient result in an annual effect of $100 minimize the impact. Small entities
time to make additional contributions in million or more on the national include small businesses, organizations
order to qualify for the $15 million economy or which would have other and governmental jurisdictions.
aggregate underfunding waiver or make substantial impacts.
additional contributions or waive Pursuant to section 1(b)(1) of E.O. For purposes of the Regulatory
carryover or prefunding balances to 12866 (as amended by Executive Order Flexibility Act requirements with
increase the 4010 FTAP to above 80 13422), PBGC has determined that respect to the amendments to the
percent.22 Moreover, as always, PBGC regulatory action is required in this area. Annual Financial and Actuarial
will consider case-by-case waivers in Principally, this regulatory action is Information Reporting regulation, PBGC
the case of unusual situations. Finally, necessary to codify changes made to considers a small entity to be a plan
PBGC has been without 4010 4010 reporting by MAP–21 and HATFA with fewer than 100 participants. This
information from certain plans since and related guidance. In addition, this is substantially the same criterion PBGC
MAP–21 and needs that information final rule is necessary to modify waivers uses in other regulations 24 and is
from those plans as soon as practicable from 4010 reporting to better balance consistent with certain requirements in
to better understand their current status the burden of reporting with PBGC’s Title I of ERISA 25 and the Internal
and its impact on the pension insurance need for the information and to target Revenue Code,26 as well as the
system. Accordingly, PBGC did not those plans with the highest risk and definition of a small entity that DOL has
change the proposed applicability date exposure to PBGC and the pension used for purposes of the Regulatory
in the final rule. insurance system. Finally, the final rule Flexibility Act.27
is needed to correct errors in the current Further, while some large employers
Applicability
regulation. In accordance with OMB may have small plans, in general most
The regulatory changes in the final Circular A–4, PBGC also has examined small plans are maintained by small
rule are applicable to information years the economic and policy implications of employers. Thus, PBGC believes that
beginning after December 31, 2015. The this final rule and has concluded that assessing the impact of the final rule on
first filings under the new regulation are the action’s benefits justify its costs. small plans is an appropriate substitute
due April 17, 2017.23 Under Section 3(f)(1) of Executive for evaluating the effect on small
Compliance With Rulemaking Order 12866, a regulatory action is entities. The definition of small entity
Guidelines economically significant if ‘‘it is likely considered appropriate for this purpose
to result in a rule that may * * * [h]ave differs, however, from a definition of
Executive Orders 12866 ‘‘Regulatory an annual effect on the economy of $100 small business based on size standards
Planning and Review’’ and 13563 million or more or adversely affect in a promulgated by the Small Business
‘‘Improving Regulation and Regulatory material way the economy, a sector of Administration (13 CFR 121.201)
Review’’ the economy, productivity, competition, pursuant to the Small Business Act.
PBGC has determined, in consultation jobs, the environment, public health or PBGC therefore requested comments on
with the Office of Management and safety, or State, local, or tribal the appropriateness of the size standard
Budget (OMB), that this rulemaking is governments or communities.’’ PBGC used in the proposed rule. PBGC
not a ‘‘significant regulatory action’’ has determined that this final rule does received no comments on this point.
under Executive Order 12866. not cross the $100 million threshold for
Executive Orders 12866 and 13563 economic significance and is not PBGC certifies under section 605(b) of
direct agencies to assess all costs and otherwise economically significant. The the Regulatory Flexibility Act that the
benefits of available regulatory annual effect of the regulation with the amendments in this final rule would not
alternatives and, if regulation is final rule changes would far be less than have a significant economic impact on
necessary, to select regulatory $100 million. See discussion under a substantial number of small entities.
approaches that maximize net benefits Paperwork Reduction Act. Accordingly, as provided in section 605
(including potential economic, This final rule is associated with of the Regulatory Flexibility Act (5
environmental, public health and safety retrospective review and analysis in U.S.C. 601 et seq.), sections 603 and 604
effects, distributive impacts, and PBGC’s Plan for Regulatory Review do not apply.
issued in accordance with Executive
22 PBGC is aware that in the case of a controlled Order 13563. 24 See e.g., special rules for small plans under part
group with a calendar year information year that 4007 (Payment of Premiums).
includes a plan with a non-calendar year plan year, Regulatory Flexibility Act 25 See, e.g., ERISA section 104(a)(2), which
that plan may have needed to make decisions about permits the Secretary of Labor to prescribe
The Regulatory Flexibility Act simplified annual reports for pension plans that
jstallworth on DSK7TPTVN1PROD with RULES
funding or contributions before this final rule was
published. However, PBGC believes that in such a imposes certain requirements with cover fewer than 100 participants.
case the plan had sufficient notice in the proposed respect to rules that are subject to the 26 See, e.g., Code section 430(g)(2)(B), which
rule that it would likely need to fund up to avoid notice and comment requirements of permits plans with 100 or fewer participants to use
a 4010 filing for the 2016 information year. section 553(b) of the Administrative valuation dates other than the first day of the plan
23 April 15, 2017, is a Saturday. In the rare case year.
of a short information year beginning in 2016, the
Procedure Act and that are likely to 27 See, e.g., DOL’s final rule on Prohibited
due date would be earlier; filers in that situation have a significant economic impact on Transaction Exemption Procedures, 76 FR 66637,
should contact PBGC. a substantial number of small entities. 66644 (Oct. 27, 2011).
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![15440 Federal Register / Vol. 81, No. 56 / Wednesday, March 23, 2016 / Rules and Regulations
(i) Including a statement, with the as determined under paragraphs (a)(1) under part 4043 of this chapter by the
material that is submitted to PBGC, that and (2) of this section. due date for the 4010 filing.
the filer will file the unavailable (1) 4010 funding shortfall; in general. (d) Other waiver authority. PBGC may
information by the alternative due date A plan’s 4010 funding shortfall for a waive the requirement to submit
specified in § 4010.10(b), and plan year equals the funding shortfall information with respect to one or more
(ii) Filing such information (along for the plan year as provided under filers or plans or may extend the
with a certification by an enrolled ERISA section 303(c)(4) and Code applicable due date or dates specified in
actuary under paragraph (a)(12) of this section 430(c)(4), with the following § 4010.10. PBGC will exercise this
section) with PBGC by that alternative exceptions: discretion in appropriate cases where it
due date. (i) The funding target used to finds convincing evidence supporting a
* * * * * calculate the 4010 funding shortfall is waiver or extension; any waiver or
determined without regard to the extension may be subject to conditions.
(h) Plans subject to special funding
interest rate stabilization provisions of A request for a waiver or extension must
rules. Instead of the requirements of
ERISA section 303(h)(2)(C)(iv) and Code be filed in writing with PBGC at the
paragraph (a)(11) of this section:
section 430(h)(2)(C)(iv). address provided in § 4010.10(c) no
(1) In the case of a plan year for which (ii) The value of plan assets used to
a plan is subject to section 402(b) of the later than 15 days before the applicable
calculate the 4010 funding shortfall is due date specified in § 4010.10, and
Pension Protection Act of 2006, Public determined without regard to the
Law 109–280, dealing with certain must state the facts and circumstances
reduction under ERISA section on which the request is based.
frozen plans of commercial passenger 303(f)(4)(B) and Code section
airlines and airline caterers, the plan 430(f)(4)(B) (dealing with reduction of Issued in Washington, DC, this 17th day of
must meet the requirements in assets by the amount of prefunding and March, 2016.
connection with the actuarial valuation funding standard carryover balances). W. Thomas Reeder,
report in accordance with instructions (2) Multiple employer plans. For Director, Pension Benefit Guaranty
on PBGC’s Web site, http:// purposes of § 4010.8(c) and paragraph Corporation.
www.pbgc.gov. (a) of this section, the entire 4010 [FR Doc. 2016–06470 Filed 3–22–16; 8:45 am]
(2) In the case of a plan year for which funding shortfall of any multiple BILLING CODE 7709–02–P
the application of new funding rules is employer plan of which the filer or any
deferred for a plan under section 104 of member of the filer’s controlled group is
the Pension Protection Act of 2006, a contributing sponsor is included. ENVIRONMENTAL PROTECTION
Public Law 109–280, as amended by the (b) Smaller plans waiver—(1) General. AGENCY
Preservation of Access to Care for Unless reporting is required by
Medicare Beneficiaries and Pension § 4010.4(a)(2) or (a)(3), reporting is 40 CFR Part 271
Relief Act of 2010, Public Law 111–192, waived for a person (that would be a
dealing with eligible charity plans and filer if not for the waiver) for an [EPA–R09–RCRA–2015–0822; FRL–9943–
plans of certain rural cooperatives, the 99–Region 9]
information year if, for the plan year
plan must meet the requirements in ending within the information year, the Nevada: Final Authorization of State
paragraph (a)(5) of this section (in aggregate number of participants in all Hazardous Waste Management
connection with the actuarial valuation plans (including any exempt plans) Program Revisions
report) in effect as of December 31, maintained by the person’s controlled
2007. group is fewer than 500. For this AGENCY: Environmental Protection
(3) In the case of a plan year for which purpose, the number of participants in Agency (EPA).
a plan is subject to the Cooperative and any plan may be determined either as of ACTION: Direct final rule.
Small Employer Charity Pension the end of the plan year ending within
Flexibility Act, Public Law 113–97, the information year or as of the SUMMARY: Nevada has applied to the
dealing with certain defined benefit valuation date for that plan year. Environmental Protection Agency (EPA)
pension plans maintained by more than (2) Multiple employer plans. For for final authorization of changes to its
one employer, the plan must meet the purposes of this paragraph (b), the hazardous waste program under the
requirements in connection with the aggregate number of participants in all Resource Conservation and Recovery
actuarial valuation report in accordance plans maintained by a person’s Act (RCRA). EPA has determined that
with instructions on PBGC’s Web site, controlled group includes any these changes satisfy all requirements
http://www.pbgc.gov. participants covered by a multiple needed to qualify for final authorization,
■ 5. Section 4010.11 is revised to read employer plan in which the person and is authorizing the State’s changes
as follows: participates (including participants through this direct final rule. In the
covered by the multiple employer plan ‘‘Proposed Rules’’ section of today’s
§ 4010.11 Waivers. who are not or were not employed by Federal Register, EPA is also publishing
(a) Aggregate funding shortfall not in the person). a separate document that serves as the
excess of $15 million waiver. Unless (c) Missed contributions resulting in a proposal to authorize these changes.
reporting is required by § 4010.4(a)(2) or lien or outstanding minimum funding EPA believes this action is not
(3), reporting is waived for a person waivers. Reporting is waived for a controversial and does not expect
(that would be a filer if not for the person (that would be a filer if not for comments that oppose it. Unless EPA
waiver) for an information year if, for the waiver) for an information year if, receives written comments that oppose
jstallworth on DSK7TPTVN1PROD with RULES
the plan year ending within the for the plan year ending within the this authorization during the comment
information year, the aggregate 4010 information year, reporting would have period, the decision to authorize
funding shortfall for all plans (including been required solely under Nevada’s changes to its hazardous waste
any exempt plans) maintained by the § 4010.4(a)(2) or (3), provided that the program will take effect. If EPA receives
person’s controlled group (disregarding missed contributions or applications for comments that oppose this action, EPA
those plans with no 4010 funding minimum funding waivers (as will publish a document in the Federal
shortfall) does not exceed $15 million, applicable) were reported to PBGC Register withdrawing today’s direct
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Document Created: 2016-03-23 00:04:17
Document Modified: 2016-03-23 00:04:17
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | Effective April 22, 2016. See Applicability in SUPPLEMENTARY INFORMATION. | |
| Contact | Catherine B. Klion ([email protected]), Assistant General Counsel for Regulatory Affairs, Office of the General Counsel; or Daniel S. Liebman ([email protected]), Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington DC 20005-4026; 202-326-4024. (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326- 4024.) | |
| FR Citation | 81 FR 15432 | |
| RIN Number | 1212-AB30 | |
| CFR Associated | Pension Insurance; Pensions and Reporting and Recordkeeping Requirements |
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