82 FR 34619 - Regulatory Planning and Review of Existing Regulations

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 82, Issue 142 (July 26, 2017)

Page Range		34619-34620
FR Document		2017-15551

The Pension Benefit Guaranty Corporation (PBGC) is asking for input on what regulatory and deregulatory actions it should be considering as part of its regulatory program. PBGC is committed to a program that provides clear and helpful guidance, minimizes burdens and maximizes benefits, and addresses ineffective and outdated rules. This initiative supports PBGC's ongoing regulatory planning and active retrospective review of regulations and responds to the President's executive order on ``Enforcing the Regulatory Reform Agenda.''

Federal Register, Volume 82 Issue 142 (Wednesday, July 26, 2017)

[Federal Register Volume 82, Number 142 (Wednesday, July 26, 2017)]
[Proposed Rules]
[Pages 34619-34620]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-15551]


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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Chapter XL


Regulatory Planning and Review of Existing Regulations

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Request for information.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is asking for 
input on what regulatory and deregulatory actions it should be 
considering as part of its regulatory program. PBGC is committed to a 
program that provides clear and helpful guidance, minimizes burdens and 
maximizes benefits, and addresses ineffective and outdated rules. This 
initiative supports PBGC's ongoing regulatory planning and active 
retrospective review of regulations and responds to the President's 
executive order on ``Enforcing the Regulatory Reform Agenda.''

DATES: PBGC requests that comments be received on or before August 25, 
2017 to be assured of consideration.

ADDRESSES: Comments, identified by ``Regulatory Planning and Review,'' 
may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the Web site instructions for submitting comments.
     Email: [email protected].
     Mail or Hand Delivery: Regulatory Affairs Group, Office of 
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026.
    Comments received, including personal information provided, will be 
posted to www.pbgc.gov. Copies of comments may also be obtained by 
writing to Disclosure Division, Office of the General Counsel, Pension 
Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-
4026, or calling 202-326-4040 during normal business hours. (TTY and 
TDD users may call the Federal relay service toll-free at 1-800-877-
8339 and ask to be connected to 202-326-4040.)

FOR FURTHER INFORMATION CONTACT: Stephanie Cibinic, Deputy Assistant 
General Counsel for Regulatory Affairs, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington DC 
20005-4026; [email protected]; 202-326-4400 extension 6352. 
(TTY and TDD users may call the Federal relay service toll-free at 800-
877-8339 and ask to be connected to 202-326-4400 extension 6352.)

SUPPLEMENTARY INFORMATION:

Background

    The Pension Benefit Guaranty Corporation (PBGC) is a federal 
corporation created under the Employee Retirement Income Security Act 
of 1974 (ERISA) to guarantee the payment of pension benefits earned by 
nearly 40 million American workers and retirees in nearly 24,000 
private-sector defined benefit pension plans. PBGC administers two 
insurance programs--one for single-employer defined benefit pension 
plans and a second for multiemployer defined benefit pension plans. 
Each program is operated and financed separately from the other, and 
assets from one cannot be used to support the other. PBGC receives no 
funds from general tax revenues. Operations are financed by insurance 
premiums, investment income, assets from pension plans trusteed by 
PBGC, and recoveries from the companies formerly responsible for the 
trusteed plans.
    To carry out its mission, PBGC issues regulations interpreting or 
implementing ERISA on such matters as: how to pay premiums, when 
reports are due, what benefits are covered by the insurance program, 
how to terminate a plan, the liability for underfunding, and how 
multiemployer plan withdrawal liability works. Regulatory objectives 
and priorities are developed in the context of PBGC's statutory 
purposes:
     To encourage the continuation and maintenance of voluntary 
private pension plans;
     To provide for the timely and uninterrupted payment of 
pension benefits; and
     To keep premiums at the lowest possible levels consistent 
with carrying out PBGC's obligations under title IV of ERISA.
    PBGC intends to issue regulations consistent with its statutory 
mission of implementing the law and encouraging the continuation and 
maintenance of defined benefit plans. Thus, PBGC attempts to minimize 
administrative burdens on plans and participants, improve transparency, 
simplify filing, provide relief for small businesses, and assist plans 
to comply with applicable requirements. PBGC is committed to issuing 
simple, understandable, and timely regulations that help affected 
parties. PBGC looks to maximize net benefits and actively reviews 
regulations to identify and ameliorate inconsistencies, inaccuracies, 
and requirements made irrelevant over time, with the goal that net cost 
impact is zero or less overall.
    PBGC develops its regulatory planning and review under a series of 
executive orders. E.O. 12866 (issued in 1993) and E.O. 13563 (issued in 
2011) 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. E.O. 13563 also calls 
for the periodic review of existing regulations to identify any that 
can be made more effective or less burdensome in achieving regulatory 
objectives. E.O. 13771 (issued in January 2017) seeks to reduce 
regulatory requirements and control regulatory costs. This executive 
order was followed by E.O. 13777 (issued in February 2017), which calls 
for a Regulatory Reform Task Force (RRTF) in each agency to evaluate 
existing regulations and make recommendations regarding their ``repeal, 
replacement, or modification, consistent with applicable law.'' In 
evaluating regulations, the RRTF should ask for input from persons and 
entities affected by such regulations.

[[Page 34620]]

Request for Input

    With an eye toward the Fall iteration of the semi-annual regulatory 
agenda, PBGC is requesting information, suggestions, and comment from 
the public--including from plan sponsors, participants, practitioners, 
organizations representing retirees and plan participants, and other 
parties participating in or affected by PBGC's programs--on regulatory 
and deregulatory actions PBGC should take.
    To facilitate this request for information, PBGC developed the 
questions below, the answers to which will help determine whether there 
are gaps in regulatory guidance where the public believes rulemaking 
would be beneficial, and help PBGC evaluate the continued effectiveness 
and usefulness of existing regulations.
    To maximize the effectiveness of comments, PBGC suggests that 
commenters:
     Clearly identify the regulation at issue, providing the 
Code of Federal Regulations (CFR) citation where available;
     Explain, in as much detail as possible, why they believe 
regulating in a specific area is necessary or beneficial, or why an 
existing rule may be outdated, unnecessary, or ineffective; and
     Describe the costs and benefits of taking a particular 
regulatory or deregulatory action and the data or experience on which 
the commenter bases a recommendation.
    1. Are there areas where PBGC rulemaking or other guidance would 
clarify or ease the burden of certain statutory requirements on the 
public? Would tools such as regulatory safe harbors help plans and 
sponsors comply with applicable requirements, and if so, what areas 
particularly would benefit from safe harbors?
    2. Are there challenges affecting the establishment and maintenance 
of pension plans or other aspects of the private pension plan system 
that should be addressed through rulemaking or other guidance?
    3. Are there regulations PBGC should modernize that have become 
outdated? If so, what type of change (e.g., innovations in technology, 
business or actuarial practices, consumer (worker and retiree) needs) 
has caused the rules to become outdated? How would PBGC modernize such 
rules?
    4. What, if any, technological developments would relieve the 
administrative burden of an existing regulation or existing information 
collection?
    5. Are there regulations establishing programs or processes that 
have not operated as well as expected? If so, what specifically has not 
worked and why?
    6. Are there regulations that are unnecessarily complicated which 
could be streamlined to achieve regulatory objectives more efficiently?
    7. Does PBGC have regulations or information collections (e.g., 
forms, reports, or notices) that are duplicative or that have 
conflicting requirements with other agencies, such as the Department of 
the Treasury, Internal Revenue Service, or Department of Labor?
    8. Does PBGC ask for information in forms or on reports that may be 
stale, duplicative, or unnecessary to achieve a particular statutory 
purpose or regulatory objective? Are there PBGC-required notices from 
plans to third parties (such as plan participants) that ask for or 
relay duplicative information?
    9. Has PBGC issued any significant guidance documents (e.g., 
technical updates, policy statements) that may be outdated, 
ineffective, or unnecessary to achieve a particular statutory purpose 
or regulatory objective?
    10. Are there regulations that could be tailored to impose less 
burden on the public? If so, what could be alternative regulatory or 
other approaches to such rules?
    11. Are there regulations that are unnecessary and could be 
repealed or replaced without impairing a PBGC program's statutory 
purpose?
    12. Are there PBGC regulations that eliminate jobs, or inhibit job 
creation?
    13. Are there any other areas where PBGC could improve its 
regulations to better accomplish its mission?
    These questions are not intended to be exhaustive. Commenters may 
raise other issues or make suggestions unrelated to these questions 
that they believe would help PBGC develop a better and more responsive 
regulatory structure.

    Issued in Washington, DC.
W. Thomas Reeder,
Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2017-15551 Filed 7-25-17; 8:45 am]
 BILLING CODE 7709-02-P

Federal Register / Vol. 82, No. 142 / Wednesday, July 26, 2017 / Proposed Rules 34619

government in the General Schedule ADDRESSES: Comments, identified by implementing ERISA on such matters
Locality Areas to adjust for the varying ‘‘Regulatory Planning and Review,’’ may as: how to pay premiums, when reports
cost-of-living across different parts of be submitted by any of the following are due, what benefits are covered by
the United States? What would the methods: the insurance program, how to
impact of multiple total annual • Federal eRulemaking Portal: http:// terminate a plan, the liability for
compensation levels be on particular www.regulations.gov. Follow the Web underfunding, and how multiemployer
regions or industries? site instructions for submitting plan withdrawal liability works.
11. Should the standard salary level comments. Regulatory objectives and priorities are
and the highly compensated employee • Email: reg.comments@pbgc.gov. developed in the context of PBGC’s
total annual compensation level be • Mail or Hand Delivery: Regulatory statutory purposes:
automatically updated on a periodic Affairs Group, Office of the General • To encourage the continuation and
basis to ensure that they remain Counsel, Pension Benefit Guaranty maintenance of voluntary private
effective, in combination with their Corporation, 1200 K Street NW., pension plans;
respective duties tests, at identifying Washington, DC 20005–4026.
exempt employees? If so, what • To provide for the timely and
Comments received, including
mechanism should be used for the uninterrupted payment of pension
personal information provided, will be
automatic update, should automatic benefits; and
posted to www.pbgc.gov. Copies of
updates be delayed during periods of comments may also be obtained by • To keep premiums at the lowest
negative economic growth, and what writing to Disclosure Division, Office of possible levels consistent with carrying
should the time period be between the General Counsel, Pension Benefit out PBGC’s obligations under title IV of
updates to reflect long term economic Guaranty Corporation, 1200 K Street ERISA.
conditions? NW., Washington, DC 20005–4026, or PBGC intends to issue regulations
calling 202–326–4040 during normal consistent with its statutory mission of
IV. Conclusion
business hours. (TTY and TDD users implementing the law and encouraging
The Department invites interested may call the Federal relay service toll- the continuation and maintenance of
parties to submit comments during the free at 1–800–877–8339 and ask to be defined benefit plans. Thus, PBGC
public comment period and welcomes connected to 202–326–4040.) attempts to minimize administrative
any pertinent information that will FOR FURTHER INFORMATION CONTACT: burdens on plans and participants,
provide a basis for reviewing the 2016 Stephanie Cibinic, Deputy Assistant improve transparency, simplify filing,
Final Rule. General Counsel for Regulatory Affairs, provide relief for small businesses, and
Signed at Washington, DC, this 21st day of Office of the General Counsel, Pension assist plans to comply with applicable
July 2017. Benefit Guaranty Corporation, 1200 K requirements. PBGC is committed to
Patricia Davidson, Street NW., Washington DC 20005– issuing simple, understandable, and
Deputy Administrator for Program 4026; cibinic.stephanie@pbgc.gov; 202– timely regulations that help affected
Operations, Wage and Hour Division. 326–4400 extension 6352. (TTY and parties. PBGC looks to maximize net
[FR Doc. 2017–15666 Filed 7–25–17; 8:45 am] TDD users may call the Federal relay benefits and actively reviews
BILLING CODE 4510–27–P service toll-free at 800–877–8339 and regulations to identify and ameliorate
ask to be connected to 202–326–4400 inconsistencies, inaccuracies, and
extension 6352.) requirements made irrelevant over time,
PENSION BENEFIT GUARANTY SUPPLEMENTARY INFORMATION: with the goal that net cost impact is zero
CORPORATION or less overall.
Background PBGC develops its regulatory
29 CFR Chapter XL The Pension Benefit Guaranty planning and review under a series of
Corporation (PBGC) is a federal executive orders. E.O. 12866 (issued in
Regulatory Planning and Review of corporation created under the Employee 1993) and E.O. 13563 (issued in 2011)
Existing Regulations Retirement Income Security Act of 1974 direct agencies to assess all costs and
AGENCY: Pension Benefit Guaranty (ERISA) to guarantee the payment of benefits of available regulatory
Corporation. pension benefits earned by nearly 40 alternatives and, if regulation is
ACTION: Request for information. million American workers and retirees necessary, to select regulatory
in nearly 24,000 private-sector defined approaches that maximize net benefits.
SUMMARY: The Pension Benefit Guaranty benefit pension plans. PBGC E.O. 13563 also calls for the periodic
Corporation (PBGC) is asking for input administers two insurance programs— review of existing regulations to identify
on what regulatory and deregulatory one for single-employer defined benefit any that can be made more effective or
actions it should be considering as part pension plans and a second for less burdensome in achieving regulatory
of its regulatory program. PBGC is multiemployer defined benefit pension objectives. E.O. 13771 (issued in January
committed to a program that provides plans. Each program is operated and 2017) seeks to reduce regulatory
clear and helpful guidance, minimizes financed separately from the other, and requirements and control regulatory
burdens and maximizes benefits, and assets from one cannot be used to costs. This executive order was followed
addresses ineffective and outdated support the other. PBGC receives no by E.O. 13777 (issued in February 2017),
rules. This initiative supports PBGC’s
pmangrum on DSKBC4BHB2PROD with PROPOSALS

funds from general tax revenues. which calls for a Regulatory Reform
ongoing regulatory planning and active Operations are financed by insurance Task Force (RRTF) in each agency to
retrospective review of regulations and premiums, investment income, assets evaluate existing regulations and make
responds to the President’s executive from pension plans trusteed by PBGC, recommendations regarding their
order on ‘‘Enforcing the Regulatory and recoveries from the companies ‘‘repeal, replacement, or modification,
Reform Agenda.’’ formerly responsible for the trusteed consistent with applicable law.’’ In
DATES: PBGC requests that comments be plans. evaluating regulations, the RRTF should
received on or before August 25, 2017 To carry out its mission, PBGC issues ask for input from persons and entities
to be assured of consideration. regulations interpreting or affected by such regulations.

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34620 Federal Register / Vol. 82, No. 142 / Wednesday, July 26, 2017 / Proposed Rules

Request for Input operated as well as expected? If so, what DEPARTMENT OF HOMELAND
With an eye toward the Fall iteration specifically has not worked and why? SECURITY
of the semi-annual regulatory agenda, 6. Are there regulations that are
PBGC is requesting information, Coast Guard
unnecessarily complicated which could
suggestions, and comment from the be streamlined to achieve regulatory
public—including from plan sponsors, 33 CFR Chapter I
objectives more efficiently?
participants, practitioners, organizations
7. Does PBGC have regulations or 46 CFR Chapters I and III
representing retirees and plan
participants, and other parties information collections (e.g., forms,
participating in or affected by PBGC’s reports, or notices) that are duplicative 49 CFR Chapter IV
programs—on regulatory and or that have conflicting requirements
[Docket No. USCG–2017–0662]
deregulatory actions PBGC should take. with other agencies, such as the
To facilitate this request for Department of the Treasury, Internal Navigation Safety Advisory Council—
information, PBGC developed the Revenue Service, or Department of Input To Support Regulatory Reform of
questions below, the answers to which Labor? Coast Guard Regulations—New Task
will help determine whether there are 8. Does PBGC ask for information in
gaps in regulatory guidance where the AGENCY: U.S. Coast Guard, Department
forms or on reports that may be stale, of Homeland Security.
public believes rulemaking would be duplicative, or unnecessary to achieve a
beneficial, and help PBGC evaluate the ACTION: Announcement of new task
particular statutory purpose or
continued effectiveness and usefulness assignment for the Navigation Safety
regulatory objective? Are there PBGC-
of existing regulations. Advisory Council (NAVSAC);
To maximize the effectiveness of required notices from plans to third
teleconference meeting.
comments, PBGC suggests that parties (such as plan participants) that
commenters: ask for or relay duplicative information? SUMMARY: The U.S. Coast Guard is
• Clearly identify the regulation at 9. Has PBGC issued any significant issuing a new task to the Navigation
issue, providing the Code of Federal guidance documents (e.g., technical Safety Advisory Council (NAVSAC).
Regulations (CFR) citation where updates, policy statements) that may be The U.S. Coast Guard is asking
available; outdated, ineffective, or unnecessary to NAVSAC to help the agency identify
• Explain, in as much detail as achieve a particular statutory purpose or existing regulations, guidance, and
possible, why they believe regulating in regulatory objective? collections of information (that fall
a specific area is necessary or beneficial, within the scope of the Council’s
or why an existing rule may be 10. Are there regulations that could be charter) for possible repeal,
outdated, unnecessary, or ineffective; tailored to impose less burden on the replacement, or modification. This
and public? If so, what could be alternative tasking is in response to the issuance of
• Describe the costs and benefits of regulatory or other approaches to such Executive Orders 13771, ‘‘Reducing
taking a particular regulatory or rules? Regulation and Controlling Regulatory
deregulatory action and the data or 11. Are there regulations that are Costs; 13777, ‘‘Enforcing the Regulatory
experience on which the commenter unnecessary and could be repealed or Reform Agenda;’’ and 13783,
bases a recommendation. ‘‘Promoting Energy Independence and
1. Are there areas where PBGC replaced without impairing a PBGC
program’s statutory purpose? Economic Growth.’’ The full Council is
rulemaking or other guidance would scheduled to meet by teleconference on
clarify or ease the burden of certain 12. Are there PBGC regulations that August 16, 2017, to discuss this tasking.
statutory requirements on the public? eliminate jobs, or inhibit job creation? This teleconference will be open to the
Would tools such as regulatory safe 13. Are there any other areas where public. The U.S. Coast Guard will
harbors help plans and sponsors comply PBGC could improve its regulations to consider NAVSAC recommendations as
with applicable requirements, and if so, better accomplish its mission? part of the process of identifying
what areas particularly would benefit regulations, guidance, and collections of
from safe harbors? These questions are not intended to
information to be repealed, replaced, or
2. Are there challenges affecting the be exhaustive. Commenters may raise
modified pursuant to the three
establishment and maintenance of other issues or make suggestions
Executive Orders discussed above.
pension plans or other aspects of the unrelated to these questions that they
believe would help PBGC develop a DATES: The full Council is scheduled to
private pension plan system that should
be addressed through rulemaking or better and more responsive regulatory meet by teleconference on August 16,
other guidance? 2017, from 1 p.m. to 3 p.m. EDT. Please
structure.
3. Are there regulations PBGC should note that this teleconference may
Issued in Washington, DC. adjourn early if the Council has
modernize that have become outdated?
If so, what type of change (e.g., W. Thomas Reeder, completed its business.
innovations in technology, business or Director, Pension Benefit Guaranty ADDRESSES: To join the teleconference
actuarial practices, consumer (worker Corporation. or to request special accommodations,
and retiree) needs) has caused the rules [FR Doc. 2017–15551 Filed 7–25–17; 8:45 am] contact the individual listed in the FOR
pmangrum on DSKBC4BHB2PROD with PROPOSALS

to become outdated? How would PBGC BILLING CODE 7709–02–P FURTHER INFORMATION CONTACT section
modernize such rules? no later than 1 p.m. on August 9, 2017.
4. What, if any, technological The number of teleconference lines is
developments would relieve the limited and will be available on a first-
administrative burden of an existing come, first-served basis.
regulation or existing information Instructions: Submit comments on the
collection? task statement at any time, including
5. Are there regulations establishing orally at the teleconference, but if you
programs or processes that have not want Council members to review your

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Document Created: 2017-07-26 01:30:28
Document Modified: 2017-07-26 01:30:28

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		Proposed Rules
Action		Request for information.
Dates		PBGC requests that comments be received on or before August 25, 2017 to be assured of consideration.
Contact		Stephanie Cibinic, Deputy Assistant General Counsel for Regulatory Affairs, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington DC 20005-4026; [email protected]; 202-326-4400 extension 6352. (TTY and TDD users may call the Federal relay service toll-free at 800- 877-8339 and ask to be connected to 202-326-4400 extension 6352.)
FR Citation		82 FR 34619