PBGC Director Josh Gotbaum said 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, according to a news release. “By cutting through needless red tape, PBGC is encouraging businesses to set up and keep pension plans.”
As part of the Obama administration’s government-wide effort to save U.S. companies billions of dollars, PBGC will review its regulations to:
- Cut down administrative burdens;
- Streamline the filing of premiums and information; and
- 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?
The agency said it wants to involve the public more often in the process of developing regulations. To do that it 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 Web site.PBGC’s Plan for Regulatory Review is here.
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