Notice2024-02072
Proposed Submission of Information Collection for OMB Review; Comment Request; Survey of Nonparticipating Single Premium Group Annuity Rates
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 2, 2024
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
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 (OMB control number 1212-0030, expiring July 31, 2024). The purpose of this information collection is to survey insurance company rates for pricing annuity contracts to obtain information needed to set actuarial assumptions. The American Council of Life Insurers conducts this voluntary survey for PBGC. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.
Full Text
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<title>Federal Register, Volume 89 Issue 23 (Friday, February 2, 2024)</title>
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[Federal Register Volume 89, Number 23 (Friday, February 2, 2024)]
[Notices]
[Pages 7418-7419]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-02072]
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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 (OMB
control number 1212-0030, expiring July 31, 2024). The purpose of this
information collection is to survey insurance company rates for pricing
annuity contracts to obtain information needed to set actuarial
assumptions. The American Council of Life Insurers conducts this
voluntary 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 April 2, 2024.
ADDRESSES: Comments may be submitted by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
Follow the website instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#87f7e6f7e2f5f0e8f5eca9e4e8eaeae2e9f3f4c7f7e5e0e4a9e0e8f1"><span class="__cf_email__" data-cfemail="423223322730352d30296c212d2f2f272c363102322025216c252d34">[email protected]</span></a>. Refer to Survey of
Insurance Company Rates or OMB control number 1212-0030 in the subject
line.
<bullet> Mail or Hand Delivery: Regulatory Affairs Division, Office
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th
Street SW, Washington, DC 20024-2101.
Commenters are strongly encouraged to submit comments
electronically. Commenters who submit comments on paper by mail should
allow sufficient time for mailed comments to be received before the
close of the comment period.
All submissions received must include the agency's name (Pension
Benefit Guaranty Corporation, or PBGC) and refer to Survey of Insurance
Company Rates or OMB control number 1212-0030. All comments received
will be posted without change to PBGC's website, <a href="http://www.pbgc.gov">www.pbgc.gov</a>,
including any personal information provided. Do not submit comments
that include any personally identifiable information or confidential
business information.
[[Page 7419]]
Copies of the collection of information may be obtained without
charge by writing to the Disclosure Division, (<a href="/cdn-cgi/l/email-protection#11757862727d7e6264637451617376723f767e67"><span class="__cf_email__" data-cfemail="9afef3e9f9f6f5e9efe8ffdaeaf8fdf9b4fdf5ec">[email protected]</span></a>),
Office of the General Counsel, Pension Benefit Guaranty Corporation,
445 12th Street SW, Washington, DC 20024-2101; or, calling 202-229-4040
during normal business hours. If you are deaf or hard of hearing, or
have a speech disability, please dial 7-1-1 to access
telecommunications relay services.
FOR FURTHER INFORMATION CONTACT: Gregory Katz (<a href="/cdn-cgi/l/email-protection#056e64717f2b627760626a777c45756762662b626a73"><span class="__cf_email__" data-cfemail="244f45505e0a435641434b565d64544643470a434b52">[email protected]</span></a>),
Attorney, Regulatory Affairs Division, Office of the General Counsel,
Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington,
DC 20024-2101, 202-229-3829. If you are deaf or hard of hearing, or
have a speech disability, please dial 7-1-1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: PBGC's regulations prescribe actuarial
valuation methods and assumptions (including interest rate assumptions)
to be used to determine the actuarial present value of benefits under
single-employer plans in involuntary or distress terminations (29 CFR
part 4044) and the present value of benefits and certain assets under
multiemployer plans that undergo a mass withdrawal of contributing
employers (29 CFR part 4281). In each month immediately preceding the
start of a new calendar quarter, PBGC publishes the interest assumption
to be used under those regulations for plans terminating or undergoing
mass withdrawal during the next quarter.
The interest assumption is intended to reflect current conditions
in the group annuity markets. To determine the interest assumption,
PBGC gathers premium rate data from insurance companies that are
providing annuity contracts to terminating pension plans through a
quarterly survey. The American Council of Life Insurers (ACLI)
distributes the survey and provides PBGC with ``double blind'' data
(i.e., PBGC is unable to match responses with the insurance companies
that submitted them). PBGC also uses the information from the surveys
to determine the interest assumption it uses to value benefits payable
to participants and beneficiaries in PBGC-trusteed plans for purposes
of PBGC's financial statements.
PBGC intends to make conforming, clarifying, and editorial changes
to the survey forms and instructions.
This voluntary survey is directed at insurance companies most, if
not all, of which are members of ACLI. The survey is conducted
quarterly and approximately 10 insurance companies will be asked to
participate. PBGC estimates that about six insurance companies will
respond to the survey each quarter, and that each survey will require
approximately 30 minutes to complete and return. The total burden is
estimated to be 12 hours (30 minutes per survey x four surveys per year
x six respondents per quarter).
The existing collection of information was approved under OMB
control number 1212-0030 (expires July 31, 2024). PBGC intends to
request that OMB approve PBGC's use of this form for 3 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--
<bullet> Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodologies and assumptions used;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> 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 by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2024-02072 Filed 2-1-24; 8:45 am]
BILLING CODE 7709-02-P
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