[Federal Register Volume 67, Number 248 (Thursday, December 26, 2002)]
[Notices]
[Pages 78828-78829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-32494]
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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 January 31, 2003).
This voluntary collection of information is a quarterly survey of
insurance company rates for pricing annuity contracts. The survey is
conducted by the American Council of Life Insurers for the PBGC. This
notice informs the public of the PBGC's request and solicits public
comment on the collection of information.
DATES: Comments should be submitted by January 27, 2003.
ADDRESSES: Comments may be mailed to the Office of Information and
Regulatory Affairs of the Office of Management and Budget, Attn: Desk
Officer for Pension Benefit Guaranty Corporation, Washington, DC 20503.
Copies of the request for extension (including the collection of
information) may be obtained without charge by writing to the PBGC's
Communications and Public Affairs Department, Suite 240, 1200 K Street,
NW., Washington, DC 20005-4026, or by visiting that office 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 request
connection to 202-326-4040.)
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street,
[[Page 78829]]
NW., Washington, DC 20005-4026, 202-326-4024. (TTY and TDD users may
call the Federal relay service toll-free at 1-800-877-8339 and request
connection to 202-326-4024).
SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation'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 the 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 investment and annuity markets. To determine these interest rates,
the 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 survey is distributed by the American Council of Life
Insurers and provides the PBGC with ``blind'' data (i.e., is conducted
in such a way that the PBGC is unable to match responses with the
companies that submitted them). The information from the survey is also
used by the PBGC in determining the interest rates it uses to value
benefits payable to participants and beneficiaries in PBGC-trusteed
plans for purposes of the 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, the PBGC estimates that 11 insurance companies
will complete and return the survey. The PBGC further estimates that
the average annual burden of this collection of information is 41 hours
and $88.
The collection of information has been approved by OMB under
control number 1212-0030 through January 31, 2003. The 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 19th day of December, 2002.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 02-32494 Filed 12-24-02; 8:45 am]
BILLING CODE 7708-01-P