[Federal Register Volume 77, Number 30 (Tuesday, February 14, 2012)]
[Notices]
[Page 8297]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-3417]


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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; 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 the survey for PBGC. This notice 
informs the public of PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments should be submitted by March 15, 2012

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at [email protected] or by fax to (202) 395-6974.
    Copies of the request (including 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.) The Disclosure Division will email, fax, or 
mail the requested information to you, as you request.

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.
    The collection of information has been approved by OMB under 
control number 1212-0030 through March 31, 2012. PBGC is requesting 
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.

    Issued in Washington, DC, this 6th day of February 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2012-3417 Filed 2-13-12; 8:45 am]
BILLING CODE 7709-01-P