Submission of Information Collection for OMB Review; Comment Request; Survey of Nonparticipating Single Premium Group Annuity Rates
SUMMARY: The
DATES: Comments should be submitted by
ADDRESSES: Comments should be sent to the
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
FOR FURTHER INFORMATION CONTACT:
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."
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
On
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
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 (30 minutes per survey x four per year x six respondents).
Issued in
Deputy Assistant General Counsel for Regulatory Affairs,
Notice of request for extension of OMB approval.
Citation: "83 FR 23493"
Federal Register Page Number: "23493"
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