[Federal Register Volume 76, Number 205 (Monday, October 24, 2011)]
[Notices]
[Pages 65755-65756]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-27411]


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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 that is not contained in a regulation (OMB control number 
1212-0030; expires March 31, 2012). This voluntary collection of 
information is a quarterly survey of insurance company rates for 
pricing annuity contracts. The American Council of Life Insurers 
conducts this 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 December 23, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:
    Federal eRulemaking Portal: http://www.regulations.gov. Follow the 
Web site instructions for submitting comments.
    E-mail: [email protected].
    Fax: 202-326-4224.
    Mail or Hand Delivery: Legislative and Regulatory Department, 
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, 
DC 20005-4026. PBGC will make all comments available on its Web site at 
http://www.pbgc.gov.
    Copies of the collection of information may be obtained without 
charge by writing to the Disclosure Division of the Office of the 
General Counsel of PBGC at the above address, visiting the Disclosure 
Division, faxing a request to 202-326-4042, or calling 202-326-4040 
during normal business hours. (TTY and TDD users may call the Federal 
relay service toll-free at 1-800-877-8339 and ask to be connected to 
202-326-4040.)

FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, or 
Catherine B. Klion, Manager, Regulatory and Policy Division, 
Legislative and Regulatory Department, Pension Benefit Guaranty 
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024. (For TTY/TDD users, call the Federal relay service toll-free at 
1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: PBGC'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 4044) and under 
multiemployer plans that undergo a mass withdrawal of contributing 
employers (29 CFR part 4281). Each month 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 annuity markets. To determine these interest rates, PBGC gathers 
pricing data from insurance companies that are providing annuity 
contracts to terminating pension plans through a quarterly ``Survey of 
Nonparticipating Single Premium Group Annuity Rates.'' The American 
Council of Life Insurers distributes the survey and provides PBGC with 
``blind'' data (i.e., PBGC is unable to match responses with the 
companies that submitted them). PBGC also uses the information from the 
survey in determining the interest rates it uses to value benefits 
payable to participants and beneficiaries in PBGC-trusteed plans for 
purposes of PBGC's financial statements.
    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 Insurers. The survey is conducted quarterly and will be 
sent to approximately 22 insurance companies. Based on experience under 
the current approval, PBGC estimates that 6 insurance companies will 
complete and return the survey. PBGC further estimates that the average 
annual burden of this collection of information is 12 hours and $360.
    OMB has approved this collection of information under control 
number 1212-0030 through March 31, 2012. PBGC intends to request that 
OMB extend its approval for another 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.
    PBGC is soliciting public comments to--
     Evaluate whether the collection of information is 
necessary for the proper performance of the functions of the

[[Page 65756]]

agency, including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the collection of information, including the validity of the 
methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     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, this 18th day of October, 2011.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2011-27411 Filed 10-21-11; 8:45 am]
BILLING CODE 7700-01-P