Submission of Information Collection for OMB Review; Comment Request; Survey of Nonparticipating Single Premium Group Annuity Rates, 23493-23494 [2018-10794]

Download as PDF Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices The press and public may enter the NTSB Conference Center one hour prior to the meeting for set up and seating. Individuals requesting specific accommodations should contact Rochelle McCallister at (202) 314–6305 or by email at Rochelle.McCallister@ ntsb.gov by Wednesday, May 30, 2018. The public may view the meeting via a live or archived webcast by accessing a link under ‘‘News & Events’’ on the NTSB home page at www.ntsb.gov. Schedule updates, including weatherrelated cancellations, are also available at www.ntsb.gov. For More Information Contact: Candi Bing at (202) 314–6403 or by email at bingc@ntsb.gov. For Media Information Contact: Keith Holloway at (202) 314–6100 or by email at keith.holloway@ntsb.gov. Dated: May 17, 2018. LaSean McCray, Assistant Federal Register Liaison Officer. [FR Doc. 2018–10865 Filed 5–17–18; 11:15 am] BILLING CODE 7533–01–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Survey of Nonparticipating Single Premium Group Annuity Rates Pension Benefit Guaranty Corporation. ACTION: Notice of request for extension of OMB approval. AGENCY: 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 sradovich on DSK3GMQ082PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:20 May 18, 2018 Jkt 244001 on PBGC’s website at https:// www.pbgc.gov/prac/laws-andregulations/information-collectionsunder-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 PBGCtrusteed 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 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 23493 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 E:\FR\FM\21MYN1.SGM 21MYN1 23494 Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices (30 minutes per survey × four per year × six respondents). at the Commission’s Public Reference Room. Issued in Washington, DC by: Stephanie Cibinic, Deputy Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. [FR Doc. 2018–10794 Filed 5–18–18; 8:45 am] BILLING CODE 7709–02–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83248; File No. SR– NYSEArca2018–32] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Proposed Operation of the Perth Mint Physical Gold ETF Trust May 15, 2018. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on May 7, 2018, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. sradovich on DSK3GMQ082PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to reflect a change in the size of a ‘‘Basket’’ applicable to shares of the Perth Mint Physical Gold ETF Trust (‘‘Trust’’) from 100,000 Shares to at least 50,000 Shares, and to amend certain other representations in the proposed rule change filed with and approved by the Securities and Exchange Commission (‘‘Commission’’) relating to listing and trading of Shares of the Trust on the Exchange.4 Shares of the Trust have been approved by the Commission for listing and trading on the Exchange under NYSE Arca Rule 8.201–E. The Trust’s shares have not commenced trading on the Exchange. The proposed rule change is available on the Exchange’s website at www.nyse.com, at the principal office of the Exchange, and 1 15 U.S.C.78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 See note 5, infra. 2 15 VerDate Sep<11>2014 18:20 May 18, 2018 Jkt 244001 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Commission has approved a proposed rule change relating to listing and trading on the Exchange of shares (‘‘Shares’’) of the Trust for listing and trading on the Exchange under NYSE Arca Rule 8.201–E (‘‘Commodity-Based Trust Shares’’).5 The Exchange proposes to reflect a change in the size of a Creation Unit applicable to Shares of the Trust from 100,000 Shares to at least 50,000 Shares, and to amend certain other representations in the proposed rule change filed with and approved by the Commission relating to listing and trading of Shares of the Trust on the Exchange. The Trust’s Shares have not commenced trading on the Exchange. The sponsors of the Trust will be the Gold Corporation and Exchange Traded Concepts, LLC (‘‘Sponsors’’).6 Change to the ‘‘Basket’’ Size The Prior Notice stated that the Trust will issue and redeem ‘‘Baskets’’ equal 5 See Securities Exchange Act Release Nos. 82372 (December 21, 2107), 82 FR 61601 (December 28, 2107) (SR–NYSEArca–2017–140) (NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List and Trade Shares of the Perth Mint Physical Gold ETF Trust Under NYSE Arca Rule 8.201–E) (‘‘Prior Notice’’); 82593 (January 26, 2018), 83 FR 4718 (February 1, 2018) (SR–NYSEArca–2017–140) Order Approving a Proposed Rule Change To List and Trade Shares of the Perth Mint Physical Gold ETF Trust Pursuant to NYSE Arca Rule 8.201–E) (‘‘Prior Order’’ and, together with the Prior Notice, the ‘‘Prior Releases’’). 6 On April 20, 2018 the Trust filed with the Commission a registration statement on Form S–1 under the Securities Act of 1933 relating to the Trust (File No. 333–224389) (‘‘Registration Statement’’). The description of the operation of the Trust herein is based, in part, on the Registration Statement. The procedures described in this proposed rule change will not be implemented until such proposed rule change is effective and operative. PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 to a block of 100,000 Shares. The Exchange proposes to reflect a change in the proposed size of a Basket from 100,000 Shares to 50,000 Shares. The size of a Basket will be subject to change, but will not exceed 100,000 Shares. A reduction in the size of a Basket may provide potential benefits to investors by facilitating additional creation and redemption activity in the Shares, thereby potentially resulting in increased secondary market trading activity, tighter bid/ask spreads and narrower premiums or discounts to net asset value (‘‘NAV’’).7 Change to Initial Basket Gold Amount The Prior Releases stated that the initial Basket Gold Amount is 1,000 Fine Ounces of gold. The Exchange proposes to change this representation to state that the initial Basket Gold Amount is 500 Fine Ounces of gold. The Sponsors represent that this change corresponds proportionately to the change made in the Basket size to 50,000 Shares. Changes to Representations Regarding Delivery Applicants As described in the Registration Statement, persons permitted to take delivery of Physical Gold are referred to as ‘‘investors’’ rather than ‘‘Delivery Applicants’’, as stated in the Prior Notice, and, in connection with such delivery, Shares are delivered to the Gold Corporation and are not surrendered to the Trust, as represented in the Prior Notice. Thus investors that submit an ‘‘Application’’ (rather than a ‘‘Delivery Application’’, as described in the Prior Notice) to the Gold Corporation 8 will deliver Shares to the 7 The Exchange notes that the Commission has approved the listing and trading of other issues of Commodity-Based Trust Shares that have applied a minimum ‘‘Creation Unit’’ size of less than 50,000 shares. See, e.g., Securities Exchange Act Release Nos. 82249 (December 8, 2017), 82 FR 58884 (December 14, 2017) (SR–NYSEArca–2017–110) (Notice of Filing of Amendment No. 2 and Order Approving on an Accelerated Basis a Proposed Rule Change, as Modified by Amendment No. 2, to List and Trade Shares of the GraniteShares Platinum Trust under NYSE Arca Rule 8.201–E); 81918 (October 23, 2017), 82 FR 49884 (October 27, 2017) (SR–NYSEArca–2017–98) (Order Approving a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to List and Trade Shares of The Gold Trust under NYSE Arca Rule 8.201–E); 80840 (June 1, 2017), 82 FR 26534 (June 7, 2017) (SR– NYSEArca–2017–33) (Order Approving a Proposed Rule Change, as Modified by Amendment No. 2 Thereto, to List and Trade Shares of the Euro Gold Trust, Pound Gold Trust, and the Yen Gold Trust under NYSE Arca Equities Rule 8.201). 8 The Prior Notice stated that ‘‘Delivery Application’’ means a document in a form satisfactory to the Custodian and as set forth the Prior Notice that expresses a Delivery Applicant’s intention to surrender Shares on a Share Submission Day in exchange for an amount of Gold E:\FR\FM\21MYN1.SGM 21MYN1

Agencies

Pension Benefit Guaranty Corporation

[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.

-----------------------------------------------------------------------

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

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