[Federal Register Volume 60, Number 193 (Thursday, October 5, 1995)]
[Proposed Rules]
[Page 52135]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-24778]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 2615
RIN 1212-AA77
Reportable Events
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of establishment of the Reportable Events Negotiated
Rulemaking Advisory Committee.
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SUMMARY: The Pension Benefit Guaranty Corporation has established a
negotiated rulemaking advisory committee under the Negotiated
Rulemaking Act of 1990, which will meet for the first time on October
11, 1995. The committee will develop proposed amendments to the PBGC's
regulations governing reportable events, i.e., events that may be
indicative of a need to terminate a pension plan. These amendments
will, among other things, implement recent amendments contained in the
Retirement Protection Act of 1994.
ADDRESSES: Minutes of all meetings and other documents made available
to the committee will be available for public inspection and copying at
the PBGC's Communications and Public Affairs Department, Suite 240,
1200 K Street, Washington, DC 20005-4026 between the hours of 9:00 a.m.
and 4:00 p.m.
FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General
Counsel, or James L. Beller, Attorney, Office of the General Counsel,
PBGC, 1200 K Street NW., Washington, DC 20005-4026, 202-326-4024 (202-
326-4179 for TTY and TDD).
SUPPLEMENTARY INFORMATION:
Background
On August 11, 1995, the PBGC published (at 60 FR 41033) a notice of
intent to establish a negotiated rulemaking advisory committee to
develop proposed amendments to the PBGC's regulations governing
reportable events. Further information on the role of the committee and
the scope of the proposed rule can be found in the notice of intent.
In the notice of intent, the PBGC requested comments on the
appropriateness of regulatory negotiations for the proposed
regulations. A number of comments supported, and none opposed, the
PBGC's planned use of regulatory negotiations for this rulemaking.
Based on this response and for the reasons stated in the notice of
intent, the PBGC has determined that establishing this advisory
committee is necessary and in the public interest.
In accordance with the Federal Advisory Committee Act, the PBGC
prepared a Charter for the establishment of the Reportable Events
Negotiated Rulemaking Advisory Committee. On September 25, 1995, the
Office of Management and Budget approved the advisory committee, and on
September 29, 1995, the PBGC filed the Charter with Congress.
Committee Membership
In the notice of intent, the PBGC included a list of possible
committee members and requested that applications and nominations for
membership on the committee be submitted by September 15, 1995. The
PBGC received two applications for additional membership on the
committee.
The first application was submitted by McDermott, Will & Emery, a
law firm, to represent companies subject to reportable events
requirements. The applicant expressed concern that non-public companies
that may be subject to the new advance reporting requirements in ERISA
section 4043(b) may have unique interests that other committee members
would not have a particular stake in advancing. While other committee
members will represent the interests of all employers, the PBGC
believes it would be useful to have a member representing the
particular interests of advance reporting companies. Accordingly, the
PBGC accepts McDermott, Will & Emery as a committee member to serve
that purpose.
The second application was submitted by a certified public
accountant. The applicant did not identify any reason that the proposed
committee members do not adequately represent his interests. The PBGC
notes that the applicant is a member of the American Institute of
Certified Public Accountants, which is a member of the committee. For
these reasons, the PBGC does not accept the application.
Accordingly, the members of the committee are the PBGC, the other
members proposed in the notice of intent, and McDermott, Will & Emery
(to represent advance reporting companies).
First Meeting of Committee
On September 26, 1995, the PBGC published a notice of the first
meeting of the committee (60 FR 49531), which will be held at 10:00
a.m. on October 11, 1995, at 1200 K Street, Washington, DC 20005-4026.
The primary purpose of the first meeting will be to establish
committee procedures. One comment recommended that certain procedures
be followed in the conduct of committee meetings. The committee will
consider this comment in establishing its procedures.
Issued in Washington, D.C., this 29th day of September, 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-24778 Filed 10-4-95; 8:45 am]
BILLING CODE 7708-01-P
