[Federal Register Volume 77, Number 30 (Tuesday, February 14, 2012)]
[Notices]
[Page 8297]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-3417]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Survey of Nonparticipating Single Premium Group Annuity Rates
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is
requesting that the Office of Management and Budget (``OMB'') extend
approval, under the Paperwork Reduction Act, of a collection of
information (OMB control number 1212-0030; expires March 31, 2012).
This voluntary collection of information is a quarterly survey of
insurance company rates for pricing annuity contracts. The American
Council of Life Insurers conducts the survey for PBGC. This notice
informs the public of PBGC's request and solicits public comment on the
collection of information.
DATES: Comments should be submitted by March 15, 2012
ADDRESSES: Comments should be sent to the Office of Information and
Regulatory Affairs, Office of Management and Budget, Attention: Desk
Officer for Pension Benefit Guaranty Corporation, via electronic mail
at OIRA_DOCKET@omb.eop.gov or by fax to (202) 395-6974.
Copies of the request (including the collection of information) may
be obtained without charge by writing to the Disclosure Division of the
Office of the General Counsel of PBGC at the above address, visiting
the Disclosure Division, faxing a request to 202-326-4042, or calling
202-326-4040 during normal business hours. (TTY and TDD users may call
the Federal relay service toll-free at 1-800-877-8339 and ask to be
connected to 202-326-4040.) The Disclosure Division will email, fax, or
mail the requested information to you, as you request.
FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, or
Catherine B. Klion, Manager, Regulatory and Policy Division,
Legislative and Regulatory Department, Pension Benefit Guaranty
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024. (For TTY/TDD users, call the Federal relay service toll-free at
1-800-877-8339 and ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: PBGC's regulations prescribe actuarial
valuation methods and assumptions (including interest rate assumptions)
to be used in determining the actuarial present value of benefits under
single-employer plans that terminate (29 CFR part 4044) and under
multiemployer plans that undergo a mass withdrawal of contributing
employers (29 CFR part 4281). Each month PBGC publishes the interest
rates to be used under those regulations for plans terminating or
undergoing mass withdrawal during the next month.
The interest rates are intended to reflect current conditions in
the annuity markets. To determine these interest rates, PBGC gathers
pricing data from insurance companies that are providing annuity
contracts to terminating pension plans through a quarterly ``Survey of
Nonparticipating Single Premium Group Annuity Rates.'' The American
Council of Life Insurers distributes the survey and provides PBGC with
``blind'' data (i.e., PBGC is unable to match responses with the
companies that submitted them). PBGC also uses the information from the
survey in determining the interest rates it uses to value benefits
payable to participants and beneficiaries in PBGC-trusteed plans for
purposes of PBGC's financial statements.
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 Insurers. The survey is conducted quarterly and will be
sent to approximately 22 insurance companies. Based on experience under
the current approval, PBGC estimates that 6 insurance companies will
complete and return the survey. PBGC further estimates that the average
annual burden of this collection of information is 12 hours and $360.
The collection of information has been approved by OMB under
control number 1212-0030 through March 31, 2012. PBGC is requesting
that OMB extend its approval for another three years. An agency may not
conduct or sponsor, and a person is not required to respond to, a
collection of information unless it displays a currently valid OMB
control number.
Issued in Washington, DC, this 6th day of February 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2012-3417 Filed 2-13-12; 8:45 am]
BILLING CODE 7709-01-P