The Pension Benefit Guaranty Corporation announced a new proposal that will reverse its 2009 proposal and thereby reform and reduce reporting requirements for more than 90% of companies and pension plans.

The move will exempt from many requirements all small plans and the more than 70% of pension plans whose sponsors are financially sound. Some reporting requirements like bankruptcy filings will be eliminated entirely because PBGC can get the information from other sources without burdening companies or plans.

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