Federal Register #RIN 1212AB50

PBGC Proposed Rule on Penalties for Failure to Provide Notices or Material Information

This opportunity involves a proposed rulemaking by the Pension Benefit Guaranty Corporation (PBGC), not a procurement action. - Government Buyer: - Pension Benefit Guaranty Corporation (PBGC), a federal agency - No OEMs or vendors are involved, as this is a regulatory action - No products or services are being requested or procured - Key details of the proposed rule: - Establishes PBGC's policies for calculating, imposing, and waiving monetary penalties on pension plans that fail to provide required notices or material information in a timely manner - Penalty amounts are generally set below statutory maximums - Discretionary waivers may be granted for reasonable cause, legal errors, or PBGC delays - Encourages voluntary self-reporting and correction by offering reduced penalties for early action - Penalties are designed to reflect the potential harm to plan participants and PBGC's insurance program - Applies to both single-employer and multiemployer pension plans - Relevant regulations: 29 CFR Part 4071 and 29 CFR Part 4302 - No unique technical or product requirements, as this is not a procurement

Description

This proposed rule by the Pension Benefit Guaranty Corporation (PBGC) outlines policies for calculating, imposing, and waiving monetary penalties to pension plans for failure to provide certain required notices or other material information timely to PBGC and plan participants. The rule establishes that penalties are generally below the maximum statutory amounts and provides for discretionary waivers based on reasonable cause, error of law, or PBGC delay. It encourages voluntary self-reporting and self-correction by offering lower penalties for early reporting and correction. The penalty amounts reflect the potential harm to plan participants and PBGC's insurance program caused by untimely filings.

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