[Federal Register Volume 79, Number 246 (Tuesday, December 23, 2014)]
[Notices]
[Page 77053]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-30002]


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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.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that OMB extend approval (with no changes), under the Paperwork 
Reduction Act, of a quarterly survey of insurance company rates for 
pricing annuity contracts (OMB control number 1212-0030; expires March 
31, 2015). The American Council of Life Insurers (ACLI) conducts this 
voluntary 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 February 23, 2015.

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.
    Email: [email protected].
    Fax: 202-326-4224.
    Mail or Hand Delivery: Office of General Counsel, 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, Office of the General 
Counsel, 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: Jo Amato Burns, Attorney, or Catherine 
B. Klion, Assistant General Counsel, Office of the General Counsel, 
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 ACLI 
distributes the survey and provides PBGC with ``blind'' data (i.e., 
PBGC is unable to match responses with the insurance 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 ACLI. The survey is 
conducted quarterly and will be sent to approximately 22 insurance 
companies. PBGC estimates that about 6 insurance companies will respond 
to the survey each quarter, and that each survey will require 
approximately 30 minutes to complete and return. PBGC further estimates 
that the average annual burden of this collection of information is 12 
hours and $474.
    OMB has approved this collection of information under control 
number 1212-0030 through March 31, 2015. 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 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 17th day of December, 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-30002 Filed 12-22-14; 8:45 am]
BILLING CODE 7708-01-P