[Federal Register Volume 60, Number 138 (Wednesday, July 19, 1995)]
[Rules and Regulations]
[Page 36998]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17713]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 2627
RIN 1212-AA77
Disclosure to Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule; correction.
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SUMMARY: This document makes a clarifying correction to the final rule
on disclosure to participants (29 CFR part 2627) that was published in
the Federal Register of Friday, June 30, 1995 (60 FR 34412). The final
regulations in that document implement a new notice requirement under
section 4011 of the Employee Retirement Income Security Act of 1974, as
amended by the Retirement Protection Act of 1994. The action is needed
to clarify the final regulations.
EFFECTIVE DATE: July 31, 1995.
FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, or Catherine B. Klion,
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: The following correction is made to the
final rule that was the subject of FR Doc. No. 95-16196, which was
published Friday, June 30, 1995 (60 FR 34412). The final regulations in
that document implement section 4011 of ERISA, which requires plan
administrators of certain underfunded plans to provide notice to plan
participants and beneficiaries of the plan's funding status and the
limits on the PBGC's guarantee.
The PBGC is correcting Sec. 2627.3 of the final regulations to make
clear that a plan does not have to provide the Participant Notice for a
plan year if it meets the DRC Exception Test in Sec. 2627.3(b) for that
plan year or for the prior plan year. Accordingly, on page 34414, in
the second and third columns, paragraph (a) of Sec. 2627.3 is corrected
to read as follows:
Sec. 2627.3 Notice requirement.
(a) General. Except as otherwise provided in this part, the plan
administrator of a plan must provide a Participant Notice for a plan
year if a variable rate premium is payable for the plan under section
4006(a)(3)(E) of the Act and part 2610 of this chapter for that plan
year, unless, for that plan year or for the prior plan year, the plan
meets the Deficit Reduction Contribution (``DRC'') Exception Test in
paragraph (b) of this section. The DRC Exception Test may be applied
using the Small Plan DRC Exception Test rules in Sec. 2627.4(b), where
applicable.
* * * * *
Issued in Washington, DC, this 12th day of July 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-17713 Filed 7-18-95; 8:45 am]
BILLING CODE 7708-01-M
