PBGC semiannual regulatory agenda addresses missing participants, cash balance plans

The Pension Benefit Guaranty Corporation (PBGC) has released its semiannual regulatory agenda for Fall 2015, which outlines regulations that have been selected for amendment during the next year.

Proposed rule stage

The items in the PBGC’s proposed rule stage include:

• A proposed rule to implement section 410 of the Pension Protection Act of 2006 (PPA; P.L. 109-280), which allows certain terminating plans not covered by the existing Missing Participants program to participate in that program.
• A proposed rule that would make clarifications and codify policies in the PBGC’s benefit payments and valuation regulations.
• A proposed regulation that will prescribe rules for facilitated mergers of multiemployer plans under the Multiemployer Pension Reform Act of 2014 (MPRA), Division O of the Consolidated and Further Continuing Appropriations Act, 2015 (P.L. 113-235), and conform the existing regulation to changes in the law.
• Proposed amendments to the PBGC’s benefit valuation and asset allocation regulations that improves its valuation assumptions and methods.

Final rule stage

There are two items in the PBGC’s final rule stage:

• A final rule that would amend its regulations to prescribe rules on valuing and paying benefits in terminating cash balance and other hybrid plans.
• Final rules amending the PBGC’s regulation on Annual Financial and Actuarial Information
Reporting to codify provisions of the Moving Ahead in the 21st Century Act (P.L. 112-141) and the Highway Transportation Funding Act of 2014 (P.L. 113-159) and related PBGC guidance, revising waivers from reporting, and making technical changes.

Source: PBGC Agenda for Fall 2015.

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