83 FR 23493 - Submission of Information Collection for OMB Review; Comment Request; Survey of Nonparticipating Single Premium Group Annuity Rates
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 83, Issue 98 (May 21, 2018)
Federal Register Volume 83, Issue 98 (May 21, 2018)
| Page Range | 23493-23494 | |
| FR Document | 2018-10794 |
[Federal Register Volume 83, Number 98 (Monday, May 21, 2018)] [Notices] [Pages 23493-23494] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10794] ======================================================================= ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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 OIRA_DOCKET@omb.eop.gov 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 (cibinic.stephanie@pbgc.gov), 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
![Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices 23493
The press and public may enter the on PBGC’s website at https:// asking for Deferred to Exact Age 60 net
NTSB Conference Center one hour prior www.pbgc.gov/prac/laws-and- rate plan factors. These changes are
to the meeting for set up and seating. regulations/information-collections- proposed because the net rate plan
Individuals requesting specific under-omb-review. It may also be factors for the annuitant ages removed
accommodations should contact obtained without charge by writing to are no longer used when deriving
Rochelle McCallister at (202) 314–6305 the Disclosure Division of the Office of interest factors. The proposed changes
or by email at Rochelle.McCallister@ the General Counsel, 1200 K Street NW, will simplify the completion of the
ntsb.gov by Wednesday, May 30, 2018. Washington, DC 20005–4026, faxing a survey.
The public may view the meeting via request to 202–326–4042, or calling • Increases in the dollar ranges of the
a live or archived webcast by accessing 202–326–4040 during normal business Settlement Categories in Parts III and IV
a link under ‘‘News & Events’’ on the hours (TTY users may call the Federal to better capture variability and range of
NTSB home page at www.ntsb.gov. relay service toll-free at 1–800–877– business accepted by respondents.
Schedule updates, including weather- 8339 and ask to be connected to 202– Dollar amounts previously used were
related cancellations, are also available 326–4040). The Disclosure Division will too low to differentiate among insurance
at www.ntsb.gov. email, fax, or mail the information to companies that responded to the survey.
For More Information Contact: Candi you, as you request. • Addition of a question asking
Bing at (202) 314–6403 or by email at whether the respondent participated in
FOR FURTHER INFORMATION CONTACT:
bingc@ntsb.gov. the survey in the previous year to enable
For Media Information Contact: Keith Stephanie Cibinic (cibinic.stephanie@
PBGC to determine the extent to which
Holloway at (202) 314–6100 or by email pbgc.gov), Deputy Assistant General
the survey respondents vary over time.
at keith.holloway@ntsb.gov. Counsel, Regulatory Affairs Division, • Addition of a question asking
Office of the General Counsel, Pension whether the current value of the
Dated: May 17, 2018.
Benefit Guaranty Corporation, 1200 K respondent’s annuity portfolio is greater
LaSean McCray, Street NW, Washington, DC 20005–
Assistant Federal Register Liaison Officer. than $5 billion. This proposed addition
4026, 202 326–4400, extension 6352. will permit PBGC to determine if the
[FR Doc. 2018–10865 Filed 5–17–18; 11:15 am] TTY users may call the Federal relay insurers who respond to the survey
BILLING CODE 7533–01–P service toll-free at 800–877–8339 and represent a sizable portion of the total
ask to be connected to 202–326–4400. annuity market.
SUPPLEMENTARY INFORMATION: PBGC’s On February 8, 2018 (at 83 FR 5649),
PENSION BENEFIT GUARANTY regulations prescribe actuarial valuation PBGC gave public notice that it
CORPORATION methods and assumptions (including intended to request extension of OMB
interest rate assumptions) to be used in approval of this collection of
Submission of Information Collection determining the actuarial present value information with the modifications and
for OMB Review; Comment Request; of benefits under single-employer plans invited public comment by April 9,
Survey of Nonparticipating Single that terminate (29 CFR part 4044) and
Premium Group Annuity Rates 2018. One comment was received in
under multiemployer plans that response to the notice.
AGENCY: Pension Benefit Guaranty undergo a mass withdrawal of The commenter made two
Corporation. contributing employers (29 CFR part suggestions. After consideration, PBGC
ACTION: Notice of request for extension 4281). Each month PBGC publishes the determined not to adopt either
of OMB approval. interest rates to be used under those suggestion because their adoption
regulations for plans terminating or would reduce the anonymity of the
SUMMARY: The Pension Benefit Guaranty undergoing mass withdrawal during the respondents, which in turn may affect
Corporation (‘‘PBGC’’) is requesting that next month. the respondents’ willingness to
the Office of Management and Budget The interest rates are intended to participate in the survey. The comment
(‘‘OMB’’) extend approval with reflect current conditions in the annuity and PBGC’s rationale for its decision are
modifications, under the Paperwork markets. To determine these interest discussed in the supporting statement
Reduction Act, of a collection of rates, PBGC gathers pricing data from submitted to OMB for this information
information (OMB control number insurance companies that are providing collection.
1212–0030; expires May 31, 2018). This annuity contracts to terminating OMB has approved this collection of
voluntary collection of information is a pension plans through a quarterly information under control number
quarterly survey of insurance company ‘‘Survey of Nonparticipating Single 1212–0030 through May 31, 2018. PBGC
rates for pricing annuity contracts. The Premium Group Annuity Rates.’’ The is requesting that OMB extend its
American Council of Life Insurers American Council of Life Insurers approval for another three years with
conducts the survey for PBGC. This (ACLI) distributes the survey and changes. An agency may not conduct or
notice informs the public of PBGC’s provides PBGC with ‘‘blind’’ data (i.e., sponsor, and a person is not required to
request and solicits public comment on PBGC is unable to match responses with respond to, a collection of information
the collection of information. the companies that submitted them). unless it displays a currently valid OMB
DATES: Comments should be submitted PBGC also uses the information from the control number.
by June 20, 2018. survey in determining the interest rates This voluntary survey is directed at
ADDRESSES: Comments should be sent to it uses to value benefits payable to insurance companies most, if not all, of
the Office of Information and Regulatory participants and beneficiaries in PBGC- which are members of ACLI. The survey
is conducted quarterly and will be sent
sradovich on DSK3GMQ082PROD with NOTICES
Affairs, Office of Management and trusteed plans for purposes of PBGC’s
Budget, Attention: Desk Officer for financial statements. to approximately 22 insurance
Pension Benefit Guaranty Corporation, PBGC is proposing several changes to companies. PBGC estimates that about
via electronic mail at OIRA_DOCKET@ the survey distributed by ACLI: six insurance companies will respond to
omb.eop.gov or by fax to (202) 395– • Reduction in the number of ages for the survey each quarter, and that each
6974. which PBGC requests net rate plan survey will require approximately 30
A copy of the request (including the factors for immediate and deferred minutes to complete and return. The
collection of information) will be posted annuities, and removal of columns total burden is estimated to be 12 hours
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![23494 Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices
(30 minutes per survey × four per year at the Commission’s Public Reference to a block of 100,000 Shares. The
× six respondents). Room. Exchange proposes to reflect a change in
Issued in Washington, DC by: the proposed size of a Basket from
II. Self-Regulatory Organization’s
100,000 Shares to 50,000 Shares. The
Stephanie Cibinic, Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule size of a Basket will be subject to
Deputy Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty Change change, but will not exceed 100,000
Corporation. Shares. A reduction in the size of a
In its filing with the Commission, the Basket may provide potential benefits to
[FR Doc. 2018–10794 Filed 5–18–18; 8:45 am] self-regulatory organization included investors by facilitating additional
BILLING CODE 7709–02–P statements concerning the purpose of, creation and redemption activity in the
and basis for, the proposed rule change Shares, thereby potentially resulting in
and discussed any comments it received increased secondary market trading
SECURITIES AND EXCHANGE on the proposed rule change. The text activity, tighter bid/ask spreads and
COMMISSION of those statements may be examined at narrower premiums or discounts to net
the places specified in Item IV below. asset value (‘‘NAV’’).7
[Release No. 34–83248; File No. SR–
The Exchange has prepared summaries,
NYSEArca2018–32] Change to Initial Basket Gold Amount
set forth in sections A, B, and C below,
Self-Regulatory Organizations; NYSE of the most significant parts of such The Prior Releases stated that the
Arca, Inc.; Notice of Filing and statements. initial Basket Gold Amount is 1,000
Immediate Effectiveness of Proposed A. Self-Regulatory Organization’s Fine Ounces of gold. The Exchange
Rule Change Relating to the Proposed Statement of the Purpose of, and the proposes to change this representation
Operation of the Perth Mint Physical Statutory Basis for, the Proposed Rule to state that the initial Basket Gold
Gold ETF Trust Change Amount is 500 Fine Ounces of gold. The
Sponsors represent that this change
May 15, 2018. 1. Purpose corresponds proportionately to the
Pursuant to Section 19(b)(1) 1 of the The Commission has approved a change made in the Basket size to
Securities Exchange Act of 1934 (the proposed rule change relating to listing 50,000 Shares.
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 and trading on the Exchange of shares
notice is hereby given that, on May 7, Changes to Representations Regarding
(‘‘Shares’’) of the Trust for listing and
2018, NYSE Arca, Inc. (the ‘‘Exchange’’ Delivery Applicants
trading on the Exchange under NYSE
or ‘‘NYSE Arca’’) filed with the Arca Rule 8.201–E (‘‘Commodity-Based As described in the Registration
Securities and Exchange Commission Trust Shares’’).5 The Exchange proposes Statement, persons permitted to take
(the ‘‘Commission’’) the proposed rule to reflect a change in the size of a delivery of Physical Gold are referred to
change as described in Items I, II, and Creation Unit applicable to Shares of the as ‘‘investors’’ rather than ‘‘Delivery
III below, which Items have been Trust from 100,000 Shares to at least Applicants’’, as stated in the Prior
prepared by the self-regulatory 50,000 Shares, and to amend certain Notice, and, in connection with such
organization. The Commission is other representations in the proposed delivery, Shares are delivered to the
publishing this notice to solicit rule change filed with and approved by Gold Corporation and are not
comments on the proposed rule change the Commission relating to listing and surrendered to the Trust, as represented
from interested persons. trading of Shares of the Trust on the in the Prior Notice. Thus investors that
I. Self-Regulatory Organization’s Exchange. The Trust’s Shares have not submit an ‘‘Application’’ (rather than a
Statement of the Terms of Substance of commenced trading on the Exchange. ‘‘Delivery Application’’, as described in
the Proposed Rule Change The sponsors of the Trust will be the the Prior Notice) to the Gold
Gold Corporation and Exchange Traded Corporation 8 will deliver Shares to the
The Exchange proposes to reflect a Concepts, LLC (‘‘Sponsors’’).6
change in the size of a ‘‘Basket’’ 7 The Exchange notes that the Commission has
applicable to shares of the Perth Mint Change to the ‘‘Basket’’ Size approved the listing and trading of other issues of
Physical Gold ETF Trust (‘‘Trust’’) from The Prior Notice stated that the Trust Commodity-Based Trust Shares that have applied a
minimum ‘‘Creation Unit’’ size of less than 50,000
100,000 Shares to at least 50,000 Shares, will issue and redeem ‘‘Baskets’’ equal shares. See, e.g., Securities Exchange Act Release
and to amend certain other Nos. 82249 (December 8, 2017), 82 FR 58884
representations in the proposed rule 5 See Securities Exchange Act Release Nos. 82372 (December 14, 2017) (SR–NYSEArca–2017–110)
change filed with and approved by the (December 21, 2107), 82 FR 61601 (December 28, (Notice of Filing of Amendment No. 2 and Order
2107) (SR–NYSEArca–2017–140) (NYSE Arca, Inc.; Approving on an Accelerated Basis a Proposed Rule
Securities and Exchange Commission Notice of Filing of Proposed Rule Change To List Change, as Modified by Amendment No. 2, to List
(‘‘Commission’’) relating to listing and and Trade Shares of the Perth Mint Physical Gold and Trade Shares of the GraniteShares Platinum
trading of Shares of the Trust on the ETF Trust Under NYSE Arca Rule 8.201–E) (‘‘Prior Trust under NYSE Arca Rule 8.201–E); 81918
Exchange.4 Shares of the Trust have Notice’’); 82593 (January 26, 2018), 83 FR 4718 (October 23, 2017), 82 FR 49884 (October 27, 2017)
(February 1, 2018) (SR–NYSEArca–2017–140) Order (SR–NYSEArca–2017–98) (Order Approving a
been approved by the Commission for Approving a Proposed Rule Change To List and Proposed Rule Change, as Modified by Amendment
listing and trading on the Exchange Trade Shares of the Perth Mint Physical Gold ETF No. 1 Thereto, to List and Trade Shares of The Gold
under NYSE Arca Rule 8.201–E. The Trust Pursuant to NYSE Arca Rule 8.201–E) (‘‘Prior Trust under NYSE Arca Rule 8.201–E); 80840 (June
Trust’s shares have not commenced Order’’ and, together with the Prior Notice, the 1, 2017), 82 FR 26534 (June 7, 2017) (SR–
‘‘Prior Releases’’). NYSEArca–2017–33) (Order Approving a Proposed
trading on the Exchange. The proposed 6 On April 20, 2018 the Trust filed with the Rule Change, as Modified by Amendment No. 2
sradovich on DSK3GMQ082PROD with NOTICES
rule change is available on the Commission a registration statement on Form S–1 Thereto, to List and Trade Shares of the Euro Gold
Exchange’s website at www.nyse.com, at under the Securities Act of 1933 relating to the Trust, Pound Gold Trust, and the Yen Gold Trust
the principal office of the Exchange, and Trust (File No. 333–224389) (‘‘Registration under NYSE Arca Equities Rule 8.201).
Statement’’). The description of the operation of the 8 The Prior Notice stated that ‘‘Delivery
1 15
Trust herein is based, in part, on the Registration Application’’ means a document in a form
U.S.C.78s(b)(1). Statement. The procedures described in this satisfactory to the Custodian and as set forth the
2 15 U.S.C. 78a. proposed rule change will not be implemented until Prior Notice that expresses a Delivery Applicant’s
3 17 CFR 240.19b–4.
such proposed rule change is effective and intention to surrender Shares on a Share
4 See note 5, infra. operative. Submission Day in exchange for an amount of Gold
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Document Created: 2018-11-02 11:08:07
Document Modified: 2018-11-02 11:08:07
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice of request for extension of OMB approval. | |
| Dates | Comments should be submitted by June 20, 2018. | |
| 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. | |
| FR Citation | 83 FR 23493 |
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