Labor & Employment Law Daily Wrap Up, FEDERAL REGULATIONS—PBGC regulatory agenda addresses benefit payments, multiemployer plans, (Sep 9, 2025)
Organizations Mentioned:Employee Benefits Security Administration | Pension Benefit Guaranty Corporation | U.S. Department of Labor
By WK Editorial Staff
In the prerule stage, the PBGC lists a Request for Information (RFI).
The Pension Benefit Guaranty Corporation (PBGC) has released its regulatory agenda for Spring 2025, which outlines regulations that have been selected for amendment during the next year.
Prerule stage. In the prerule stage, the PBGC lists a Request for Information (RFI). The SECURE 2.0 Act of 2022 requires the Department of the Treasury, the IRS, the Employee Benefits Security Administration of the U.S. Department of Labor, and the PBGC to publish a Request for Information (RFI) to develop a public record for purposes of section 319 of the SECURE 2.0. This RFI addresses the requirement that the agencies consult with participant and employer representatives and review the existing reporting and disclosure requirements for retirement plans under the ERISA and the Code applicable to each agency. Following the review, the agencies are to report to Congress by December 29, 2025, concerning the effectiveness of the reporting and disclosure requirements.
Proposed rule stage. The items in the PBGC’s proposed rule stage include:
A proposed rulemaking would improve the PBGC’s recoupment of benefit overpayment rules.
A proposed rule would primarily codify the PBGC policies for assessing and waiving monetary penalties for failure to timely provide certain required notices or other material information.
A proposed rule would make technical corrections, clarifications, and improvements to the restrictions and conditions under the PBGC's regulation on Special Financial Assistance by the PBGC.
Final rule stage. There are several items in the PBGC’s final rule stage:
A final rule that amends the PBGC’s civil penalty regulations to adjust for inflation the maximum penalty provided for in 29 C.F.R. §§4071 and 4302.
A final rule that makes miscellaneous updates, clarifications, and improvements to the PBGC’s regulations, primarily focusing on 29 C.F.R. Part 4006 (to address SECURE Act changes affecting premium rates for CSEC plans) and 29 C.F.R. Part 4041 (termination of single-employer plans).
A final rule that provides actuarial assumptions that may be used by a multiemployer plan actuary in determining an employer’s withdrawal liability.
A final rule that amends the PBGC's regulation on Allocation of Assets in Single-Employer Plans to prescribe the spreads component of the interest assumption for plans with valuation dates in the following quarter.
A final rule that substitutes a new table for determining the benefit levels used to establish expected retirement ages for participants in pension plans undergoing distress or involuntary termination in the next year as well as the mortality assumption for use with the PBGC's missing participants program for determination dates in the next year.
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