[Federal Register Volume 61, Number 135 (Friday, July 12, 1996)]
[Notices]
[Page 36771]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17801]
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PENSION BENEFIT GUARANTY CORPORATION
Survey of Nonparticipating Single Premium Group Annuity Rates
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of submission for OMB review; comment request.
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SUMMARY: The American Council of Life Insurance conducts a quarterly
survey of insurance company prices for annuity contracts for the PBGC.
Responses to the survey are voluntary. The Pension Benefit Guaranty
Corporation has requested that the Office of Management and Budget
extend a previously approved collection of information under the
Paperwork Reduction Act for this voluntary collection of information,
which is not contained in a regulation. OMB's current approval of this
collection of information (OMB control number 1212-0030) expires on
August 31, 1996.
ADDRESSES: All written comments should be addressed to: Office of
Information and Regulatory Affairs of OMB, Attention: Desk Officer for
the Pension Benefit Guaranty Corporation, 725 17th Street, NW., Room
10235, Washington, DC 20503. The request for approval 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.
Each month the PBGC publishes the interest rates to be used under
its regulations for plans terminating or undergoing mass withdrawal
during the next month. (See 29 CFR Parts 4044 and 4281). 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 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. Beginning in 1996, the
September survey will request that respondents specify the mortality
assumptions used in developing the pricing quotes.
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 each quarter
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.
On April 9, 1996, the PBGC published in the Federal Register a
notice of intention to request OMB approval of this collection. No
comments were received in response to the notice.
Issued at Washington, D.C., this 5th day of July, 1996.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 96-17801 Filed 7-11-96; 8:45 am]
BILLING CODE 7708-01-P
