A number of retirement industry groups have written letters of concern about the Pension Benefit Guaranty Corporation's proposed regulations regarding reportable events requirements.
In April, the PBGC issued proposed regulations under the Employee Retirement Income Security Act that would change the circumstances under which plan administrators would have to notify the PBGC about problems with their pension plans. The goal of the rule was to eliminate unnecessary reporting from small plans that were not at risk of defaulting and focus the agency's attention on those plans that are at risk.
According to the PBGC, pension plan sponsors would not have to report most events that are currently covered by ERISA if they meet certain critieria regarding their financial soundness.
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