[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