As employers migrate away from offering traditional pensions, the Pension Benefit Guaranty Corporation announced Tuesday it will take efforts to streamline regulations.
PBGC Director Josh Gotbaum says regulations shouldn't burden companies that voluntarily provide pensions, and that the agency is doing everything it can to keep and expand its customer base.
"Pensions are complicated, but regulations don't have to be," Gotbaum said. "By cutting through needless red tape, PBGC is encouraging businesses to set up and keep pension plans."
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As part of the Obama administration's government-wide effort to save U.S. companies billions of dollars announced today, PBGC will review its regulations to:
- Cut down administrative burdens.
- Streamline the filing of premiums and information.
- Make it easier for small businesses to comply with regulations
In reviewing regulations, PBGC will ask:
- Does it do the job it sets out to do?
- Is it a burden on business?
- Are there unintended consequences?
- Are there better alternatives?
PBGC is asking for more public comment in the process of developing regulations. To do that PBGC will hold public hearings on major regulations, rather than relying solely on written comments. PBGC also plans to provide additional means for public involvement, including on-line town hall meetings, social media, and continuing opportunity for public comment on PBGC's website.
PBGC's Plan for Regulatory Review is available online at WhiteHouse.gov.
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