Federal Register Documents

[Federal Register: July 12, 1996 (Volume 61, Number 135)]
[Notices]
[Page 36771]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]

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PENSION BENEFIT GUARANTY CORPORATION
Survey of Nonparticipating Single Premium Group Annuity Rates
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of submission for OMB review; comment request.
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SUMMARY: The American Council of Life Insurance conducts a quarterly survey of insurance company prices for annuity contracts for the PBGC. Responses to the survey are voluntary. The Pension Benefit Guaranty Corporation has requested that the Office of Management and Budget extend a previously approved collection of information under the Paperwork Reduction Act for this voluntary collection of information, which is not contained in a regulation. OMB's current approval of this collection of information (OMB control number 1212-0030) expires on August 31, 1996.

ADDRESSES: All written comments should be addressed to: Office of Information and Regulatory Affairs of OMB, Attention: Desk Officer for the Pension Benefit Guaranty Corporation, 725 17th Street, NW., Room 10235, Washington, DC 20503. The request for approval will be available for public inspection at the PBGC Communications and Public Affairs Department, suite 240, 1200 K Street, NW., Washington, DC 20005, between the hours of 9 a.m. and 4 p.m.

FOR FURTHER INFORMATION CONTACT: Marc L. Jordan, Attorney, Office of the General Counsel, Suite 340, 1200 K Street, NW., Washington, DC 20005, 202-326-4026 (202-326-4179 for TTY and TDD). (These are not toll-free numbers.)

SUPPLEMENTARY INFORMATION: The Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35) establishes policies and procedures for controlling the paperwork burdens imposed by Federal agencies on the public. The Act vests the Office of Management and Budget with regulatory responsibility over these burdens, and OMB has promulgated rules on the clearance of collections of information by Federal agencies. Each month the PBGC publishes the interest rates to be used under its regulations for plans terminating or undergoing mass withdrawal during the next month. (See 29 CFR Parts 4044 and 4281). The interest rates are intended to reflect current conditions in the investment and annuity markets.
To determine these interest rates, the PBGC gathers pricing data from the insurance companies through a quarterly ``Survey of Nonparticipating Single Premium Group Annuity Rates.'' The survey is sent out by the American Council of Life Insurance, which tabulates it to assure that the PBGC receives blind data. Beginning in 1996, the September survey will request that respondents specify the mortality assumptions used in developing the pricing quotes.
The survey is directed at insurance companies that have volunteered to participate, most or all of which are members of the American Council of Life Insurance. The survey will be conducted quarterly and will be sent to approximately 14 insurance companies. Based on experience under the current approval, the PBGC estimates that 10 insurance companies will complete and return the survey each quarter and that each respondent will take 45 minutes to complete it. The annual burden of responding to the survey is therefore estimated to be 30 hours.
On April 9, 1996, the PBGC published in the Federal Register a notice of intention to request OMB approval of this collection. No comments were received in response to the notice. Issued at Washington, D.C., this 5th day of July, 1996.

Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 96-17801 Filed 7-11-96; 8:45 am]
BILLING CODE 7708-01-P