Submission for OMB Review: Comment Request, 38661-38663 [E6-10633]
Download as PDF
Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
Web site, https://www.usdoj.gov/enrd/
open.html. A copy of the Consent
Decree may also be obtained by mail
from the Consent Decree Library, P.O.
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Ronald G. Gluck,
Assistant Chief, Environmental Enforcement
Section, Environment and Natural Resource
Division.
[FR Doc. 06–6048 Filed 7–6–06; 8:45 am]
BILLING CODE 4410–15–M
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
cprice-sewell on PROD1PC66 with NOTICES
June 27, 2006.
The Department of Labor (DOL) has
submitted the following public
information collection request (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 this
ICR, with applicable supporting
documentation, may be obtained by
contacting Darrin King on 202–693–
4129 (this is not a toll-free number) or
e-mail: king.darrin@dol.gov.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for the
Occupational Safety and Health
Administration (OSHA), Office of
Management and Budget, Room 10235,
Washington, DC 20503, 202–395–7316
(this is not a toll-free number), within
30 days from the date of this publication
in the Federal Register.
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,
VerDate Aug<31>2005
15:46 Jul 06, 2006
Jkt 208001
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: Occupational Safety and
Health Administration.
Type of Review: Extension of
currently approved collection.
Title: Process Safety Management of
Highly Hazardous Chemicals (PSM) (29
CFR 1910.119).
OMB Number: 1218–0200.
Frequency: On occasion; Annually;
Every 3 years; and Every 5 years.
Type of Response: Recordkeeping and
Third party disclosure.
Affected Public: Business or other forprofit; Federal Government; and State,
local, or tribal government.
Number of Respondents: 37,970.
Number of Annual Responses:
8,134,631.
Estimated Time per Response: Varies
by task.
Total Burden Hours: 47,852,750.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $0.
Description: The Clean Air Act
Amendments (‘‘CAAA’’) of 1990
required the Occupational Safety and
Health Administration (‘‘OSHA’’ or ‘‘the
Agency’’) to develop a standard on
Process Safety Management of Highly
Hazardous Chemicals (‘‘the PSM
Standard’’ or ‘‘the Standard’’)
containing certain minimum
requirements to prevent accidental
releases of chemicals that could pose a
threat to employees. Under the authority
granted by the Act, OSHA published the
PSM Standard at 29 CFR 1910.119. The
Standard, rather than setting specific
engineering requirements, emphasizes
the application of documented
management controls; using the
controls, companies address the risk
associated with handling or working
near highly hazardous chemicals. The
Standard contains a number of
paperwork requirements such as
developing written process safety
information, procedures and
management practices, to update
operating procedures and safe work
practices, to evaluate safety history and
policies of contractors, to conduct
PO 00000
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Fmt 4703
Sfmt 4703
38661
periodic evaluations, and to document
employee training.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6–10632 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–26–P
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
June 30, 2006.
The Department of Labor (DOL) has
submitted 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, may be obtained by
contacting Darrin King on 202–693–
4129 (this is not a toll-free number) or
e-mail: king.darrin@dol.gov.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for the
Employee Benefits Security
Administration (EBSA), Office of
Management and Budget, Room 10235,
Washington, DC 20503, 202–395–7316
(this is not a toll-free number), within
30 days from the date of this publication
in the Federal Register.
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 of
currently approved collection.
E:\FR\FM\07JYN1.SGM
07JYN1
cprice-sewell on PROD1PC66 with NOTICES
38662
Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
Title: Prohibited Transaction Class
Exemption 97–41; Collective Investment
Funds Conversion Transactions.
OMB Number: 1210–0104.
Frequency: On occasion.
Type of Response: Recordkeeping and
Third party disclosure.
Affected Public: Business or other forprofit and Not-for-profit institutions.
Number of Respondents: 50.
Number of Annual Responses: 105.
Estimated Annual Time per
Respondent: Approximately 35 hours.
Total Burden Hours: 1,756.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $281,570.
Description: The Employee
Retirement Income Security Act of 1974
(ERISA) and the Internal Revenue Code
(Code) provide that the Secretary of
Labor and the Secretary of Treasury,
respectively, may grant exemptions
from certain prohibited transaction
provisions under ERISA and the Code.
Section 408(a) of ERISA authorizes the
Secretary of Labor to grant
administrative exemptions from the
restrictions of section 406 of ERISA,
while section 4975(c)(2) of the Code
authorizes the Secretary of Treasury or
his delegate to grant exemptions from
the prohibitions of section 4975(c)(1).
Reorganization Plan No. 4 of 1978 (43
FR 47713, October 17, 1978, effective on
December 31, 1978) transferred the
authority of the Secretary of the
Treasury to issue exemptions under
section 4975 of the Code, with certain
enumerated exceptions, to the Secretary
of Labor. As a result, the Secretary of
Labor now possesses authority under
section 4975(c)(2) of the Code as well as
under 408(a) of ERISA to issue
individual and class exemptions from
the prohibited transaction rules of
ERISA and the Code.
Prohibited Transaction Class
Exemption (PTE) 97–41, which was
finalized in 1997 in response to an
application submitted on behalf of
Federated Investors, permits an
employee benefit plan to purchase
shares of a registered open-end
investment company (mutual fund) in
exchange for plan assets transferred
from a collective investment fund (CIF)
maintained by a bank or plan adviser,
even though the bank or plan advisor is
the investment advisor for the mutual
fund and also serves as a fiduciary for
the plan, provided that the purchase
and transfer is in connection with a
complete withdrawal of the plan’s
investment in the CIF and certain other
conditions are met.
VerDate Aug<31>2005
15:46 Jul 06, 2006
Jkt 208001
Among other conditions, the
exemption requires the bank or plan
advisor to provide an independent
fiduciary of the plan with advance
written notice of the proposed transfer
and full written disclosure of
information concerning the mutual
fund, including current prospectus;
disclosure of the investment advisory
and other fees the plan will be charged
or pay to the bank or any unrelated third
party, including the nature and extent of
any differential between the rates of the
fees; the reasons why the bank or plan
advisor considers the in-kind transfers
appropriate for the plan; and a
statement of whether there are any
limitations applicable to the bank with
respect to which plan assets may be
invested in the mutual fund and, if so,
the nature of such limitations; and the
identity of securities that will have to be
valued for the transfer. The independent
fiduciary must given prior written
approval of the transfer (and written
approval of any electronic transmission
of subsequent confirmations from the
bank or plan advisor); and the bank or
advisor must send written (or electronic,
if approved) confirmation of the
transfer. Subsequent to a transfer, the
bank or plan advisor must provide the
plan with updated prospectuses at least
annually for mutual funds in which the
plan remains invested; the bank or plan
advisory must also provide, upon the
independent fiduciary’s request, a
report or statement of all fees paid by
the mutual fund to the bank or plan
advisor, which may be in the form of the
most recent financial report.
The information collection request is
a set of third-party disclosures.
Respondents are not required to submit
information to the Department.
Availability of the exemption is
conditioned on the bank’s or plan
advisor’s delivery of advance notice to
the independent fiduciary of a plan
concerning the withdrawal of the plan’s
assets from a CIF, and written (or
electronic) confirmation to the same
fiduciary after the completion of each
transaction involving the transfer of
assets. The notice and confirmation
requirements incorporated in the class
exemption are intended to protect the
interests of plan participants and
beneficiaries.
Agency: Employee Benefits Security
Administration.
Type of Review: Extension of
currently approved collection.
Title: Acquisition and Sale of Trust
REIT Shares by Individual Account
Plans Sponsored by Trust REITs.
OMB Number: 1210–0124.
Frequency: On occasion; Annually;
and Quarterly.
PO 00000
Frm 00065
Fmt 4703
Sfmt 4703
Type of Response: Recordkeeping and
Third party disclosure.
Affected Public: Business or other forprofit and Not-for-profit institutions.
Number of Respondents: 45.
Number of Annual Responses:
104,545.
Estimated Annual Time Per
Respondent: Approximately 105 hours.
Total Burden Hours: 4,733.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $39,690.
Description: The Employee
Retirement Income Security Act of 1974
(ERISA) and the Internal Revenue Code
(Code) provide that the Secretary of
Labor and the Secretary of Treasury,
respectively, may grant exemptions
from certain prohibited transaction
provisions under ERISA and the Code.
Section 408(a) of ERISA authorizes the
Secretary of Labor to grant
administrative exemptions from the
restrictions of section 406 of ERISA,
while section 4975(c)(2) of the Code
authorizes the Secretary of Treasury or
his delegate to grant exemptions from
the prohibitions of section 4975(c)(1).
Reorganization Plan No. 4 of 1978 (43
FR 47713, October 17, 1978, effective on
December 31, 1978) transferred the
authority of the Secretary of the
Treasury to issue exemptions under
section 4975 of the Code, with certain
enumerated exceptions, to the Secretary
of Labor. As a result, the Secretary of
Labor now possesses authority under
section 4975(c)(2) of the Code as well as
under 408(a) of ERISA to issue
individual and class exemptions from
the prohibited transaction rules of
ERISA and the Code.
Prohibited Transaction Exemption
04–07, issued by the Department in
2004, permits an individual account
pension plan sponsored by a real estate
investment trust (REIT) that is organized
as a business trust under State law
(Trust REIT), or by its affiliates, to
purchase, hold and sell publicly traded
shares of beneficial interest in the Trust
REIT. Such purchases, holdings, and
sales would otherwise be prohibited
under sections 406 of ERISA and 4975
of the Code.
The class exemption requires, among
other conditions, that the Trust REIT (or
its agent) provide the person who has
authority to direct acquisition or sale of
REIT shares with the most recent
prospectus, quarterly report, and annual
report concerning the Trust REIT
immediately before an initial
investment in the Trust REIT. The
person with such authority may be,
under the terms of the plan, either an
E:\FR\FM\07JYN1.SGM
07JYN1
Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
independent fiduciary or a participant
exercising investment rights pertaining
to his or her individual account under
the plan. Updated versions of the
reports must be provided to the
directing person as subsequently
published. The exemption further
requires the plan to maintain records
concerning investments in a Trust REIT,
subject to appropriate confidentiality
procedures, for a period of six years and
make them available to interested
persons including the Department and
participants and beneficiaries. The
confidentiality procedures must be
designed to protect against the
possibility that an employer may exert
undue influence on participants
regarding share-related transactions, and
the participants and beneficiaries of the
plan must be provided with a statement
describing the confidentiality
procedures in place and the fiduciary
responsible for monitoring these
procedures.
The information collection
requirements of the exemption are
intended to protect the interests of Plan
participants and beneficiaries by
ensuring that Plan participants, Plan
fiduciaries, and employers and
employee organizations with employees
and members covered by a Plan of the
Trust REIT or one of its employer
affiliates are informed about the plan’s
transactions involving Trust REIT shares
and can monitor compliance with the
conditions of the exemption. In
addition, the disclosure requirements
provide fiduciaries with sufficient
information on which to decide whether
to invest in Trust REIT shares and
whether to continue such investments.
The Department and the IRS, as well as
the other specified interested persons,
also can rely on the recordkeeping
requirement to oversee compliance with
the conditions of the exemption.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6–10633 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
cprice-sewell on PROD1PC66 with NOTICES
June 29, 2006.
The Department of Labor (DOL) has
submitted the following public
information collection request (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,
VerDate Aug<31>2005
15:46 Jul 06, 2006
Jkt 208001
44 U.S.C. chapter 35). A copy of this
ICR, with applicable supporting
documentation, may be obtained by
contacting Darrin King on 202–693–
4129 (this is not a toll-free number) or
e-mail: king.darrin@dol.gov.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for the
Employment Standards Administration
(ESA), Office of Management and
Budget, Room 10235, Washington, DC
20503, 202–395–7316 (this is not a tollfree number), within 30 days from the
date of this publication in the Federal
Register.
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: Employment Standards
Administration.
Type of Review: Extension of
currently approved collection.
Title: Wage Statement.
OMB Number: 1215–0148.
Form Numbers: WH–501 (English)
and WH–501 (Spanish).
Frequency: On occasion and per pay
period.
Type of Response: Recordkeeping;
Reporting; and Third party disclosure.
Affected Public: Farms and Business
or other for-profit.
Number of Respondents: 1,385,864.
Number of Annual Responses:
41,344,000.
Estimated Average Response Time: 1
minute.
Total Annual Burden Hours: 689,067.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $0.
Description: Sections 201(d) and
301(c) of the Migrant and Seasonal
Agricultural Worker Protection Act
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
38663
(MSPA) and section 500.80 of
Regulations 29 CFR part 500, Migrant
and Seasonal Agricultural Worker
Protection, require that each farm labor
contractor, agricultural employer, and
agricultural association which employs
any migrant or seasonal worker, make,
keep, and preserve records for three
years for each worker. These records
include the basis on which earnings are
paid, the number of piece work units
earned, if paid on piece work basis, the
number of hours worked, the total pay
period earnings, the specific sums
withheld and the purpose of each sum
withheld, and the net pay. It is also
required that an itemized written
statement of this information be
provided to each worker each pay
period. The WH–501 (English) and WH–
501 (Spanish) are optional forms which
a farm labor contractor, agricultural
employer and agricultural association
can maintain as a record and provide as
a statement of earnings to migrant and
seasonal agricultural workers and users
of such workers listing the method of
payment of wages.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6–10634 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–27–P
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
June 29, 2006.
The Department of Labor (DOL) has
submitted 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, may be obtained by
contacting Darrin King on 202–693–
4129 (this is not a toll-free number) or
e-mail: king.darrin@dol.gov.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for the
Employee Benefits Security
Administration (EBSA), Office of
Management and Budget, Room 10235,
Washington, DC 20503, 202–395–7316
(this is not a toll-free number), within
30 days from the date of this publication
in the Federal Register.
The OMB is particularly interested in
comments which:
• Evaluate whether the proposed
collection of information is necessary
E:\FR\FM\07JYN1.SGM
07JYN1
Agencies
[Federal Register Volume 71, Number 130 (Friday, July 7, 2006)]
[Notices]
[Pages 38661-38663]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-10633]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review: Comment Request
June 30, 2006.
The Department of Labor (DOL) has submitted 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, may be obtained by
contacting Darrin King on 202-693-4129 (this is not a toll-free number)
or e-mail: king.darrin@dol.gov.
Comments should be sent to Office of Information and Regulatory
Affairs, Attn: OMB Desk Officer for the Employee Benefits Security
Administration (EBSA), Office of Management and Budget, Room 10235,
Washington, DC 20503, 202-395-7316 (this is not a toll-free number),
within 30 days from the date of this publication in the Federal
Register.
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 of currently approved collection.
[[Page 38662]]
Title: Prohibited Transaction Class Exemption 97-41; Collective
Investment Funds Conversion Transactions.
OMB Number: 1210-0104.
Frequency: On occasion.
Type of Response: Recordkeeping and Third party disclosure.
Affected Public: Business or other for-profit and Not-for-profit
institutions.
Number of Respondents: 50.
Number of Annual Responses: 105.
Estimated Annual Time per Respondent: Approximately 35 hours.
Total Burden Hours: 1,756.
Total Annualized capital/startup costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $281,570.
Description: The Employee Retirement Income Security Act of 1974
(ERISA) and the Internal Revenue Code (Code) provide that the Secretary
of Labor and the Secretary of Treasury, respectively, may grant
exemptions from certain prohibited transaction provisions under ERISA
and the Code. Section 408(a) of ERISA authorizes the Secretary of Labor
to grant administrative exemptions from the restrictions of section 406
of ERISA, while section 4975(c)(2) of the Code authorizes the Secretary
of Treasury or his delegate to grant exemptions from the prohibitions
of section 4975(c)(1).
Reorganization Plan No. 4 of 1978 (43 FR 47713, October 17, 1978,
effective on December 31, 1978) transferred the authority of the
Secretary of the Treasury to issue exemptions under section 4975 of the
Code, with certain enumerated exceptions, to the Secretary of Labor. As
a result, the Secretary of Labor now possesses authority under section
4975(c)(2) of the Code as well as under 408(a) of ERISA to issue
individual and class exemptions from the prohibited transaction rules
of ERISA and the Code.
Prohibited Transaction Class Exemption (PTE) 97-41, which was
finalized in 1997 in response to an application submitted on behalf of
Federated Investors, permits an employee benefit plan to purchase
shares of a registered open-end investment company (mutual fund) in
exchange for plan assets transferred from a collective investment fund
(CIF) maintained by a bank or plan adviser, even though the bank or
plan advisor is the investment advisor for the mutual fund and also
serves as a fiduciary for the plan, provided that the purchase and
transfer is in connection with a complete withdrawal of the plan's
investment in the CIF and certain other conditions are met.
Among other conditions, the exemption requires the bank or plan
advisor to provide an independent fiduciary of the plan with advance
written notice of the proposed transfer and full written disclosure of
information concerning the mutual fund, including current prospectus;
disclosure of the investment advisory and other fees the plan will be
charged or pay to the bank or any unrelated third party, including the
nature and extent of any differential between the rates of the fees;
the reasons why the bank or plan advisor considers the in-kind
transfers appropriate for the plan; and a statement of whether there
are any limitations applicable to the bank with respect to which plan
assets may be invested in the mutual fund and, if so, the nature of
such limitations; and the identity of securities that will have to be
valued for the transfer. The independent fiduciary must given prior
written approval of the transfer (and written approval of any
electronic transmission of subsequent confirmations from the bank or
plan advisor); and the bank or advisor must send written (or
electronic, if approved) confirmation of the transfer. Subsequent to a
transfer, the bank or plan advisor must provide the plan with updated
prospectuses at least annually for mutual funds in which the plan
remains invested; the bank or plan advisory must also provide, upon the
independent fiduciary's request, a report or statement of all fees paid
by the mutual fund to the bank or plan advisor, which may be in the
form of the most recent financial report.
The information collection request is a set of third-party
disclosures. Respondents are not required to submit information to the
Department. Availability of the exemption is conditioned on the bank's
or plan advisor's delivery of advance notice to the independent
fiduciary of a plan concerning the withdrawal of the plan's assets from
a CIF, and written (or electronic) confirmation to the same fiduciary
after the completion of each transaction involving the transfer of
assets. The notice and confirmation requirements incorporated in the
class exemption are intended to protect the interests of plan
participants and beneficiaries.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of currently approved collection.
Title: Acquisition and Sale of Trust REIT Shares by Individual
Account Plans Sponsored by Trust REITs.
OMB Number: 1210-0124.
Frequency: On occasion; Annually; and Quarterly.
Type of Response: Recordkeeping and Third party disclosure.
Affected Public: Business or other for-profit and Not-for-profit
institutions.
Number of Respondents: 45.
Number of Annual Responses: 104,545.
Estimated Annual Time Per Respondent: Approximately 105 hours.
Total Burden Hours: 4,733.
Total Annualized capital/startup costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $39,690.
Description: The Employee Retirement Income Security Act of 1974
(ERISA) and the Internal Revenue Code (Code) provide that the Secretary
of Labor and the Secretary of Treasury, respectively, may grant
exemptions from certain prohibited transaction provisions under ERISA
and the Code. Section 408(a) of ERISA authorizes the Secretary of Labor
to grant administrative exemptions from the restrictions of section 406
of ERISA, while section 4975(c)(2) of the Code authorizes the Secretary
of Treasury or his delegate to grant exemptions from the prohibitions
of section 4975(c)(1).
Reorganization Plan No. 4 of 1978 (43 FR 47713, October 17, 1978,
effective on December 31, 1978) transferred the authority of the
Secretary of the Treasury to issue exemptions under section 4975 of the
Code, with certain enumerated exceptions, to the Secretary of Labor. As
a result, the Secretary of Labor now possesses authority under section
4975(c)(2) of the Code as well as under 408(a) of ERISA to issue
individual and class exemptions from the prohibited transaction rules
of ERISA and the Code.
Prohibited Transaction Exemption 04-07, issued by the Department in
2004, permits an individual account pension plan sponsored by a real
estate investment trust (REIT) that is organized as a business trust
under State law (Trust REIT), or by its affiliates, to purchase, hold
and sell publicly traded shares of beneficial interest in the Trust
REIT. Such purchases, holdings, and sales would otherwise be prohibited
under sections 406 of ERISA and 4975 of the Code.
The class exemption requires, among other conditions, that the
Trust REIT (or its agent) provide the person who has authority to
direct acquisition or sale of REIT shares with the most recent
prospectus, quarterly report, and annual report concerning the Trust
REIT immediately before an initial investment in the Trust REIT. The
person with such authority may be, under the terms of the plan, either
an
[[Page 38663]]
independent fiduciary or a participant exercising investment rights
pertaining to his or her individual account under the plan. Updated
versions of the reports must be provided to the directing person as
subsequently published. The exemption further requires the plan to
maintain records concerning investments in a Trust REIT, subject to
appropriate confidentiality procedures, for a period of six years and
make them available to interested persons including the Department and
participants and beneficiaries. The confidentiality procedures must be
designed to protect against the possibility that an employer may exert
undue influence on participants regarding share-related transactions,
and the participants and beneficiaries of the plan must be provided
with a statement describing the confidentiality procedures in place and
the fiduciary responsible for monitoring these procedures.
The information collection requirements of the exemption are
intended to protect the interests of Plan participants and
beneficiaries by ensuring that Plan participants, Plan fiduciaries, and
employers and employee organizations with employees and members covered
by a Plan of the Trust REIT or one of its employer affiliates are
informed about the plan's transactions involving Trust REIT shares and
can monitor compliance with the conditions of the exemption. In
addition, the disclosure requirements provide fiduciaries with
sufficient information on which to decide whether to invest in Trust
REIT shares and whether to continue such investments. The Department
and the IRS, as well as the other specified interested persons, also
can rely on the recordkeeping requirement to oversee compliance with
the conditions of the exemption.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6-10633 Filed 7-6-06; 8:45 am]
BILLING CODE 4510-29-P