Pension plan reporting requirements loosened

The agency defended the rule change, claiming it help “to avoid unnecessary reporting requirements, to make reporting more efficient and effective, and as a result help preserve retirement plans.”

The organization had proposed in 2009 to increase reporting requirements, but pension professionals and company groups objected. The pension oversight board reviewed its procedure and is now moving forward with a new course.

The proposed change is a part of the agency's attempt to be more responsive to the concerns of companies. Last month it announced pension savings of about $925 million from a pilot program that reassessed the enforcement of liabilities.

The proposal will be published in the Federal Register on Wednesday, and the Pension Benefit Guaranty Corporation is accepting comments on the change for 60 days. The agency will also hold a public hearing on the change June 18.