[Federal Register Volume 73, Number 230 (Friday, November 28, 2008)]
[Notices]
[Pages 72529-72530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-28333]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed 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 Intent To Request Extension of OMB Approval of
Information Collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to
request that the Office of Management and Budget (``OMB'') extend
approval, under the Paperwork Reduction Act, of a collection of
information that is not contained in a regulation (OMB control number
1212-0030; expires March 31, 2009). This voluntary collection of
information is a quarterly survey of insurance company rates for
pricing annuity contracts. The American Council of Life Insurers
conducts this survey for PBGC. This notice informs the public of PBGC's
intent and solicits public comment on the collection of information.
DATES: Comments should be submitted by January 27, 2009.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov. Follow the
Web site instructions for submitting comments.
E-mail: [email protected].
Fax: 202-326-4224.
Mail or Hand Delivery: Legislative and Regulatory Department,
Pension Benefit Guaranty Corporation, 1200 K
[[Page 72530]]
Street, NW., Washington, DC 20005-4026. Comments received will be
posted to http://www.pbgc.gov.
Copies of the collection of information may also be obtained
without charge by writing to the Disclosure Division of the Office of
the General Counsel of PBGC at the above address or by visiting the
Disclosure Division 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.) PBGC's
regulations on multiemployer plans may be accessed on PBGC's Web site
at http://www.pbgc.gov.
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: 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 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 23 hours and $75.
OMB has approved this collection of information under control
number 1212-0030 through March 31, 2009. PBGC intends to request 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.
PBGC is soliciting public comments to--
Evaluate whether the collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the collection of information, including the validity of the
methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
Issued in Washington, DC, this 24th day of November 2008.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. E8-28333 Filed 11-26-08; 8:45 am]
BILLING CODE 7709-01-P