[Federal Register Volume 64, Number 130 (Thursday, July 8, 1999)]
[Notices]
[Pages 36937-36938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17250]
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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 intention to request extension of OMB approval.
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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 September 30, 1999). 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 Insurance for the PBGC. This notice informs the public
of the PBGC's intent and solicits public comment on the collection of
information.
DATES: Comments should be submitted by September 7, 1999.
ADDRESSES: Comments may be mailed to the Office of the General Counsel,
suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,
Washington, DC 20005-4026, or delivered to that address between 9 a.m.
and 4 p.m. on business days. Written comments will be available for
public inspection at the PBGC's Communications and Public Affairs
Department, suite 240 at the same address, between 9 a.m. and 4 p.m. on
business days.
Copies of the collection of information may be obtained without
charge by writing to the PBGC's Communications and Public Affairs
Department at the address given above or calling 202-326-4040. (For TTY
and TDD users, call the Federal relay service toll-free at 1-800-877-
8339 and ask to be connected to 202-326-4040.)
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD,
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
Insurance 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 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 is conducted quarterly and will
be sent to approximately 12 insurance companies. Based on experience
under the current approval, the PBGC estimates that 8 insurance
companies will complete and return the survey. The PBGC further
estimates that the average annual
[[Page 36938]]
burden of this collection of information is 32 hours and $48.
The collection of information under the regulation has been
approved by OMB under control number 1212-0030 through September 30,
1999. The 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.
The 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, D.C., this 1st day of July, 1999.
Stuart Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 99-17250 Filed 7-7-99; 8:45 am]
BILLING CODE 7708-01-P