The PBGC's negotiated rule-making committee today proposed its first rules.
The three proposed rules would require a plan sponsor to tell the agency if it defaults on loans with outstanding balances of $10 million or more; if there is a bankruptcy of any controlled group member; and when it files an application for a pension funding waiver.
The proposed rules would be added to four existing corporate events that plans - underfunded by $50 million or more and have a funding level below 90% - must report to the PBGC.
The 14-member committee is made up of members representing employers, workers, pension experts. The rules will go into effect after a public comment period if approved by the PBGC.