[Federal Register Volume 61, Number 69 (Tuesday, April 9, 1996)]
[Notices]
[Pages 15839-15840]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-8811]
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PENSION BENEFIT GUARANTY CORPORATION
Request for Comment on Proposed Collection of Information Under
the Paperwork Reduction Act; Survey of Nonparticipating Single Premium
Group Annuity Rates
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention to request OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation intends to request
that the Office of Management and Budget extend a previously approved
collection of information under the Paperwork Reduction Act. OMB's
current approval of this collection of information (OMB control number
1212-0030), expires on August 31, 1996. This voluntary collection of
information, which is not contained in a regulation, 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.
ADDRESSES: All written comments should be addressed to: Office of
[[Page 15840]]
General Counsel, Pension Benefit Guaranty Corporation, Suite 340, 1200
K St. NW., Washington, D. C. 20005. The comments will be available for
public inspection at the PBGC Communications and Public Affairs
Department, Suite 240, 1200 K Street, NW., Washington, DC 20005,
between the hours of 9 a.m. and 4 p.m.
FOR FURTHER INFORMATION CONTACT: Marc L. Jordan, Attorney, Office of
the General Counsel, Suite 340, 1200 K Street, NW., Washington, DC
20005, 202-326-4026 (202-326-4179 for TTY and TDD). (These are not
toll-free numbers.)
SUPPLEMENTARY INFORMATION: The Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35) establishes policies and procedures for controlling
the paperwork burdens imposed by Federal agencies on the public. The
Act vests the Office of Management and Budget with regulatory
responsibility over these burdens, and OMB has promulgated rules on the
clearance of collections of information by Federal agencies.
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 2619)
and under multiemployer plans that undergo a mass withdrawal of
contributing employers (29 CFR Part 2676). 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 the insurance companies that are
closing out plans through a quarterly ``Survey of Nonparticipating
Single Premium Group Annuity Rates.'' The survey is sent out by the
American Council of Life Insurance, which tabulates it to assure that
the PBGC receives blind data.
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 will be conducted quarterly and
will be sent to approximately 14 insurance companies. Based on
experience under the current approval, the PBGC estimates that 10
insurance companies will complete and return the survey and that each
respondent will take 45 minutes to complete it. The annual burden of
responding to the survey is therefore estimated to be 30 hours.
The PBGC is specifically seeking public comments to:
(1) 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;
(2) evaluate the accuracy of the estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used;
(3) enhance the quality, utility, and clarity of the information to
be collected; and
(4) 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.
Issued at Washington, D.C., this 3rd day of April, 1996.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 96-8811 Filed 4-8-96; 8:45 am]
BILLING CODE 7708-01-P
