Notice2024-08081
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
April 16, 2024
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
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, 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 request and solicits public comment on the collection.
Full Text
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<title>Federal Register, Volume 89 Issue 74 (Tuesday, April 16, 2024)</title>
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[Federal Register Volume 89, Number 74 (Tuesday, April 16, 2024)]
[Notices]
[Pages 26950-26951]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-08081]
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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, 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
request and solicits public comment on the collection.
DATES: Comments must be submitted by May 16, 2024.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. 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.
Copies of the collection of information may be obtained by writing
to Disclosure Division (<a href="/cdn-cgi/l/email-protection#32565b41515e5d4147405772425055511c555d44"><span class="__cf_email__" data-cfemail="a9cdc0dacac5c6dadcdbcce9d9cbceca87cec6df">[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#e289839698cc859087858d909ba292808581cc858d94"><span class="__cf_email__" data-cfemail="1873796c62367f6a7d7f776a6158687a7f7b367f776e">[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
[[Page 26951]]
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 is making conforming, clarifying, and editorial changes to the
survey forms and instructions.
The existing collection of information was approved under OMB
control number 1212-0030 (expires July 31, 2024). On February 2, 2024,
PBGC published in the Federal Register (at 89 FR 7418) a notice
informing the public of its intent to request an extension of this
collection of information. No comments were received. PBGC is
requesting that OMB extend approval of the collection for 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.
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).
Issued in Washington, DC, by
Gregory Katz,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2024-08081 Filed 4-15-24; 8:45 am]
BILLING CODE 7709-02-P
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