[Federal Register Volume 83, Number 98 (Monday, May 21, 2018)]
[Notices]
[Pages 23493-23494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10794]


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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 with modifications, under the Paperwork Reduction Act, of a 
collection of information (OMB control number 1212-0030; expires May 
31, 2018). 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 June 20, 2018.

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.
    A copy of the request (including the collection of information) 
will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review. It may also be 
obtained without charge by writing to the Disclosure Division of the 
Office of the General Counsel, 1200 K Street NW, Washington, DC 20005-
4026, faxing a request to 202-326-4042, or calling 202-326-4040 during 
normal business hours (TTY 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 information to 
you, as you request.

FOR FURTHER INFORMATION CONTACT: Stephanie Cibinic 
([email protected]), Deputy Assistant General Counsel, 
Regulatory Affairs Division, Office of the General Counsel, Pension 
Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-
4026, 202 326-4400, extension 6352. TTY users may call the Federal 
relay service toll-free at 800-877-8339 and ask to be connected to 202-
326-4400.

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 (ACLI) 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.
    PBGC is proposing several changes to the survey distributed by 
ACLI:
     Reduction in the number of ages for which PBGC requests 
net rate plan factors for immediate and deferred annuities, and removal 
of columns asking for Deferred to Exact Age 60 net rate plan factors. 
These changes are proposed because the net rate plan factors for the 
annuitant ages removed are no longer used when deriving interest 
factors. The proposed changes will simplify the completion of the 
survey.
     Increases in the dollar ranges of the Settlement 
Categories in Parts III and IV to better capture variability and range 
of business accepted by respondents. Dollar amounts previously used 
were too low to differentiate among insurance companies that responded 
to the survey.
     Addition of a question asking whether the respondent 
participated in the survey in the previous year to enable PBGC to 
determine the extent to which the survey respondents vary over time.
     Addition of a question asking whether the current value of 
the respondent's annuity portfolio is greater than $5 billion. This 
proposed addition will permit PBGC to determine if the insurers who 
respond to the survey represent a sizable portion of the total annuity 
market.
    On February 8, 2018 (at 83 FR 5649), PBGC gave public notice that 
it intended to request extension of OMB approval of this collection of 
information with the modifications and invited public comment by April 
9, 2018. One comment was received in response to the notice.
    The commenter made two suggestions. After consideration, PBGC 
determined not to adopt either suggestion because their adoption would 
reduce the anonymity of the respondents, which in turn may affect the 
respondents' willingness to participate in the survey. The comment and 
PBGC's rationale for its decision are discussed in the supporting 
statement submitted to OMB for this information collection.
    OMB has approved this collection of information under control 
number 1212-0030 through May 31, 2018. PBGC is requesting that OMB 
extend its approval for another three years with changes. 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.
    This voluntary survey is directed at insurance companies most, if 
not 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 six insurance companies will respond to the 
survey each quarter, and that each survey will require approximately 30 
minutes to complete and return. The total burden is estimated to be 12 
hours

[[Page 23494]]

(30 minutes per survey x four per year x six respondents).

    Issued in Washington, DC by:
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2018-10794 Filed 5-18-18; 8:45 am]
 BILLING CODE 7709-02-P