[Federal Register Volume 89, Number 23 (Friday, February 2, 2024)]
[Notices]
[Pages 7418-7419]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02072]


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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 (OMB 
control number 1212-0030, expiring July 31, 2024). The purpose of this 
information collection is to survey insurance company rates for pricing 
annuity contracts to obtain information needed to set actuarial 
assumptions. The American Council of Life Insurers 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 April 2, 2024.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the website instructions for submitting comments.
     Email: [email protected]. Refer to Survey of 
Insurance Company Rates or OMB control number 1212-0030 in the subject 
line.
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th 
Street SW, Washington, DC 20024-2101.
    Commenters are strongly encouraged to submit comments 
electronically. Commenters who submit comments on paper by mail should 
allow sufficient time for mailed comments to be received before the 
close of the comment period.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to Survey of Insurance 
Company Rates or OMB control number 1212-0030. All comments received 
will be posted without change to PBGC's website, www.pbgc.gov, 
including any personal information provided. Do not submit comments 
that include any personally identifiable information or confidential 
business information.

[[Page 7419]]

    Copies of the collection of information may be obtained without 
charge by writing to the Disclosure Division, ([email protected]), 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington, DC 20024-2101; or, calling 202-229-4040 
during normal business hours. If you are deaf or hard of hearing, or 
have a speech disability, please dial 7-1-1 to access 
telecommunications relay services.

FOR FURTHER INFORMATION CONTACT: Gregory Katz ([email protected]), 
Attorney, Regulatory Affairs Division, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, 
DC 20024-2101, 202-229-3829. If you are deaf or hard of hearing, or 
have a speech disability, please dial 7-1-1 to access 
telecommunications relay services.

SUPPLEMENTARY INFORMATION: PBGC's regulations prescribe actuarial 
valuation methods and assumptions (including interest rate assumptions) 
to be used to determine the actuarial present value of benefits under 
single-employer plans in involuntary or distress terminations (29 CFR 
part 4044) and the present value of benefits and certain assets under 
multiemployer plans that undergo a mass withdrawal of contributing 
employers (29 CFR part 4281). In each month immediately preceding the 
start of a new calendar quarter, PBGC publishes the interest assumption 
to be used under those regulations for plans terminating or undergoing 
mass withdrawal during the next quarter.
    The interest assumption is intended to reflect current conditions 
in the group annuity markets. To determine the interest assumption, 
PBGC gathers premium rate data from insurance companies that are 
providing annuity contracts to terminating pension plans through a 
quarterly survey. The American Council of Life Insurers (ACLI) 
distributes the survey and provides PBGC with ``double blind'' data 
(i.e., PBGC is unable to match responses with the insurance companies 
that submitted them). PBGC also uses the information from the surveys 
to determine the interest assumption it uses to value benefits payable 
to participants and beneficiaries in PBGC-trusteed plans for purposes 
of PBGC's financial statements.
    PBGC intends to make conforming, clarifying, and editorial changes 
to the survey forms and instructions.
    This voluntary survey is directed at insurance companies most, if 
not all, of which are members of ACLI. The survey is conducted 
quarterly and approximately 10 insurance companies will be asked to 
participate. 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 (30 minutes per survey x four surveys per year 
x six respondents per quarter).
    The existing collection of information was approved under OMB 
control number 1212-0030 (expires July 31, 2024). PBGC intends to 
request that OMB approve PBGC's use of this form for 3 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 proposed 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 proposed collection of information, including the 
validity of the methodologies 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 by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2024-02072 Filed 2-1-24; 8:45 am]
BILLING CODE 7709-02-P