The Pension Benefit Guaranty Corp. on Tuesday announced plans to ease the regulatory burden placed on sponsors of pension plans.
The first step will be soliciting feedback from plan sponsors and the public through several methods, including public hearings, online town hall meetings, social media and the agency's website.
PBGC spokesman Marc Hopkins said the agency plans to announce specific regulatory relief measures in September, but he declined to identify the regulations. “We want to get more feedback from plan sponsors to see what issues concern them most, and then adjust them,” he said in an interview.
The announcement is part of a federal governmentwide effort to implement a White House executive order issued earlier this year that asked all regulatory agencies to make regulations more user friendly and less costly for businesses.
“By cutting through needless red tape, PBGC is encouraging businesses to set up and keep pension plans,” PBGC Director Joshua Gotbaum said in a news release, which noted that the agency “is doing everything it can to keep and expand its customer base.”
The regulatory review will look at ways to cut administrative burdens, streamline the premium filing process, and make compliance easier for small businesses.