Pension Benefit Guaranty Corporation December 2005 – Federal Register Recent Federal Regulation Documents
Results 1 - 9 of 9
Submission of Information Collection for OMB Review; Comment Request; Survey of Nonparticipating Single Premium Group Annuity Rates
The Pension Benefit Guaranty Corporation (``PBGC'') is requesting 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; expires January 31, 2006). This voluntary collection of information is a quarterly survey of insurance company rates for pricing annuity contracts. The survey is conducted by the American Council of Life Insurers for the PBGC. This notice informs the public of the PBGC's request and solicits public comment on the collection of information.
Submission of Information Collection for OMB Review; Comment Request; Reportable Events
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of the collection of information under part 4043 of its regulations relating to Reportable Events (OMB control number 1212-0013; expires January 31, 2006). This notice informs the public of the PBGC's request and solicits public comment on the collection of information.
Submission of Information Collection for OMB Review; Comment Request; Notice of Failure To Make Required Contributions
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of the collection of information under part 4043 of its regulations relating to Notice of Failure to Make Required Contributions (OMB control number 1212-0041; expires January 31, 2006). This notice informs the public of the PBGC's request and solicits public comment on the collection of information.
Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal
This notice informs the public of the interest rates and assumptions to be used under certain Pension Benefit Guaranty Corporation regulations. These rates and assumptions are published elsewhere (or can be derived from rates published elsewhere), but are collected and published in this notice for the convenience of the public. Interest rates are also published on the PBGC's Web site (https://www.pbgc.gov).
Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits
The Pension Benefit Guaranty Corporation's regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans prescribe interest assumptions for valuing and paying benefits under terminating single-employer plans. This final rule amends the regulations to adopt interest assumptions for plans with valuation dates in January 2006. Interest assumptions are also published on the PBGC's Web site (https://www.pbgc.gov).
Valuation of Benefits; Mortality Assumptions
The Pension Benefit Guaranty Corporation is amending its benefit valuation regulation by adopting more current mortality assumptions. The mortality assumptions prescribed under PBGC's regulations to be used to value benefits for non-disabled (``healthy'') participants are taken from the 1983 Group Annuity Mortality (GAM-83) Tables. The PBGC published a final rule adopting these tables in 1993, noting that many private-sector insurers used the GAM-83 Tables when setting group annuity prices. At that time, the PBGC also said that it intended to keep each of its individual valuation assumptions in line with those of private-sector insurers, and to modify its mortality assumptions whenever it is necessary to do so to achieve consistency with the private insurer assumptions. This rule updates those assumptions by replacing a version of the GAM-83 Tables with a version of the GAM-94 Tables. The updated mortality assumptions will better conform to those used by private-sector insurers in pricing group annuities.
Disclosure to Participants; Benefits Payable in Terminated Single-Employer Plans
This rule amends Appendix D to the Pension Benefit Guaranty Corporation's regulation on Benefits Payable in Terminated Single- Employer Plans by adding the maximum guaranteeable pension benefit that may be paid by the PBGC with respect to a plan participant in a single- employer pension plan that terminates in 2006. This rule also amends the PBGC's regulation on Disclosure to Participants by adding information on 2006 maximum guaranteed benefit amounts to Appendix B. The amendment is necessary because the maximum guarantee amount changes each year, based on changes in the contribution and benefit base under section 230 of the Social Security Act. The effect of the amendment is to advise plan participants and beneficiaries of the increased maximum guarantee amount for 2006.
Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age
This rule amends the Pension Benefit Guaranty Corporation's regulation on Allocation of Assets in Single-Employer Plans by substituting a new table that applies to any plan being terminated either in a distress termination or involuntarily by the PBGC with a valuation date falling in 2006, and is used to determine expected retirement ages for plan participants. This table is needed in order to compute the value of early retirement benefits and, thus, the total value of benefits under the plan.
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