[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR4002.3]

[Page 735-736]
 
                             TITLE 29--LABOR
 
            CHAPTER XL--PENSION BENEFIT GUARANTY CORPORATION
 
PART 4002_BYLAWS OF THE PENSION BENEFIT GUARANTY CORPORATION
--Table of Contents
 
Sec. 4002.3  Board of Directors.

    (a) The Board of Directors shall establish the policies of the 
Corporation and shall perform the other functions assigned to the Board 
of Directors in title IV of the Employee Retirement Income Security Act 
of 1974. The Board of Directors of the Corporation shall be composed of 
the Secretary of Labor, the Secretary of the Treasury, and the Secretary 
of Commerce. Members of the Board shall serve without compensation, but 
shall be reimbursed by the Corporation for travel, subsistence, and 
other necessary expenses incurred in the performance of their duties as 
members of the Board. A person at the time of a meeting of the Board of 
Directors who is serving as Secretary of Labor, Secretary of the 
Treasury or Secretary of Commerce in an acting capacity, shall serve as 
a member of

[[Page 736]]

the Board of Directors with the same authority and effect as the 
designated Secretary.
    (b) The following powers are expressly reserved to the Board of 
Directors and shall not be delegated:
    (1) Approval of all final substantive regulations prior to 
publication in the Federal Register, except for amendments to the 
regulations on Allocation of Assets in Single-employer Plans and Duties 
of Plan Sponsor Following Mass Withdrawal (parts 4044 and 4281 of this 
chapter) establishing new interest rates and factors, which may be 
approved by the Executive Director of the PBGC.
    (2) Approval of all reports or recommendations to the Congress that 
are required by statute;
    (3) Establishment from time to time of the Corporation's budget and 
debt ceiling up to the statutory limit;
    (4) Determination from time to time of limits on advances to the 
revolving funds administered by the Corporation pursuant to section 
4005(a) of ERISA;
    (5) Final decision on any policy matter that would materially affect 
the rights of a substantial number of employers or covered participants 
and beneficiaries.
    (c) Final non-substantive regulations and all proposed regulations 
shall be approved by the Executive Director prior to publication in the 
Federal Register; provided that all proposed substantive regulations 
shall first be circulated for review to the Board of Directors or their 
designees, and may thereafter be issued by the Executive Director after 
responding to any comments made within 21 days after circulation of the 
proposed regulation, or, if no comments are received, after expiration 
of the 21-day period.