[Federal Register Volume 75, Number 163 (Tuesday, August 24, 2010)]
[Notices]
[Pages 52031-52032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-20914]
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DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review: Comment Request
The Department of Labor (DOL) hereby announces the submission of
the following public information collection requests (ICR) to the
Office of Management and Budget (OMB) for review and approval in
accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44
U.S.C. chapter 35). A copy of each ICR, with applicable supporting
documentation; including among other things a description of the likely
respondents, proposed frequency of response, and estimated total burden
may be obtained from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAMain or by contacting Linda Watts-Thomas
on 202-693-4223 (this is not a toll-free number)/e-mail: [email protected].
Interested parties are encouraged to send comments to the Office of
Information and Regulatory Affairs, Attn: OMB Desk Officer for the
Department of Labor--Employee Benefits Security Administration (EBSA),
Office of Management and Budget, Room 10235, Washington, DC 20503,
Telephone: 202-395-7316/Fax: 202-395-5806 (these are not toll-free
numbers), E-mail: [email protected] within 30 days from the
date of this publication in the Federal Register. In order to ensure
the appropriate consideration, comments should reference the OMB
Control Number (see below).
The OMB is particularly interested in comments which:
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 methodology 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.
Agency: Employee Benefits Security Administration.
Type of Review: Extension without change of a currently approved
collection.
Title of Collection: Prohibited Transaction Class Exemption 92-6:
Sale of Individual Life Insurance or Annuity Contracts by a Plan.
OMB Control Number: 1210-0063.
[[Page 52032]]
Affected Public: Business or other for-profit.
Cost to the Federal Government: $0.
Estimated Number of Respondents: 21,533.
Estimated Number Responses: 334,661.
Total Estimated Annual Burden Hours: 14,745.
Total Estimated Annual Costs Burden (operation and maintenance):
$101,670.
Description: Prohibited Transaction Class Exemption 92-6 exempts
from the prohibited transaction restrictions of the Employee Retirement
Security Act of 1974 (ERISA) the sale of individual life insurance or
annuity contracts by a plan to participants, relatives of participants,
employers any of whose employees are covered by the plan, other
employee benefit plans, owner-employees or shareholder-employees. In
the absence of this exemption, certain aspects of these transactions
might be prohibited by section 406 of ERISA.
Among other conditions, PTE 92-6 requires that pension plans inform
the insured participant of a proposed sale of a life insurance or
annuity policy to the employer, a relative, another plan, an owner-
employee, or a shareholder-employee. This recordkeeping requirement
constitutes an information collection within the meaning of the PRA,
for which the Department has obtained approval from the Office of
Management and Budget (OMB) under OMB Control No. 1210-0063. The OMB
approval is currently scheduled to expire on August 31, 2010.
For additional information, see related notice published in the
Federal Register on June 23, 2010 (Vol. 75 page 35842).
Agency: Employee Benefits Security Administration.
Type of Review: Extension without change of a currently approved
collection.
Title of Collection: PTE 91-55--Transactions Between Individual
Retirement Accounts and Authorized Purchasers of American Eagle Coins.
OMB Control Number: 1210-0079.
Affected Public: Business of other for-profit.
Costs to the Federal Government: $0.
Estimated Number of Respondents: 3.
Total Number of Responses: 10,286.
Total Estimated Annual Burden Hours: 349.
Total Estimated Annual Costs Burden (operation and maintenance):
$3,125.
Description: Prohibited Transaction Exemption 91-55 permits
purchases and sales by certain ``individual retirement accounts,'' as
defined in Internal Revenue Code section 408 (IRAs) of American Eagle
bullion coins (``Coins'') in principal transactions from or to broker-
dealers in Coins that are ``authorized purchasers'' of Coins in bulk
quantities from the United States Mint and which are also
``disqualified persons,'' within the meaning of Code section
4975(e)(2), with respect to IRAs. The exemption also describes the
circumstances under which an interest-free extension of credit in
connection with such sales and purchases is permitted. In the absence
of an exemption, such purchases and sales and extensions of credit
would be impermissible under the Employee Retirement Income Security
Act of 1974 (ERISA).
Among other conditions, the exemption requires certain information
related to covered transactions in Coins to be disclosed by the
authorized purchaser to persons who direct the transaction for the IRA.
Currently, it is standard industry practice that most of this
information is provided to persons directing investments in an IRA when
transactions in Coins occur. The exemption also requires that the
disqualified person maintain for a period of at least six years such
records as are necessary to allow accredited persons, as defined in the
exemption, to determine whether the conditions of the transaction have
been met. Finally, an authorized purchaser must provide a confirmation
statement with respect to each covered transaction to the person who
directs the transaction for the IRA. The requirements constitute
information collections within the meaning of the PRA, for which the
Department has obtained approval from the Office of Management and
Budget (OMB) under OMB Control No. 1210-0079. The OMB approval is
currently scheduled to expire on August 31, 2010.
The recordkeeping requirement facilitates the Department's ability
to make findings under section 408 of ERISA and section 4975(c) of the
Code. The confirmation and disclosure requirements protect a
participant or beneficiary who invests in IRAs and transacts in Coins
with authorized purchasers by providing the investor or the person
directing his or her investments with timely information about the
market in Coins and about the individual's account in particular.
For additional information, see related notice published in the
Federal Register on June 23, 2010 (Vol. 75 page 35841).
Agency: Employee Benefits Security Administration.
Type of Review: Extension without change of a currently approved
collection.
Title of Collection: Prohibited Transaction Class Exemption 85-68--
To Permit Employee Benefit Plans to Invest in Customer Notes of
Employers.
OMB Control Number: 1210-0094.
Affected Public: Business or other for-profit.
Cost to the Federal Government: 0.
Estimated Number of Respondents: 3.
Total Number of Responses: 3.
Total Estimated Annual Burden Hours: 1.
Total Estimated Annual Costs Burden (operation and maintenance):
$0.
Description: Pursuant to section 408 of ERISA, the Department has
authority to grant an exemption from the prohibitions of sections 406
and 407(a) if it can determine that the exemption is administratively
feasible, in the interest of participants and beneficiaries, and
protective of the rights of participants and beneficiaries of the plan.
Prohibited Transaction Class Exemption 85-68 describes the conditions
under which a plan is permitted to acquire customer notes accepted by
an employer of employees covered by the plan in the ordinary course of
the employer's primary business activity. The exemption covers sales as
well as contributions of customer notes by an employer to its plan.
Specifically, the exemption requires that the employer provide a
written guarantee to repurchase a note which becomes more than 60 days
delinquent, that such notes be secured by a perfected security interest
in the property financed by the note, and that the collateral be
insured. The exemption requires records pertaining to the transaction
to be maintained for a period of six years for the purpose of ensuring
that the transactions are protective of the rights of participants and
beneficiaries. This recordkeeping requirement constitutes an
information collection within the meaning of the PRA, for which the
Department has obtained approval from the Office of Management and
Budget (OMB) under OMB Control No. 1210-0094. The OMB approval is
currently scheduled to expire on August 31, 2010. For additional
information, see related notice published in the Federal Register on
June 23, 2010 (Vol. 75 page 35842).
Dated: August 18, 2010.
Linda Watts Thomas,
Acting Departmental Clearance Officer.
[FR Doc. 2010-20914 Filed 8-23-10; 8:45 am]
BILLING CODE 4510-29-P