Proposed Extension of Information Collection Request Submitted for Public Comment; Prohibited Transaction Class Exemption 91-55-Transactions Between Individual Retirement Accounts and Authorized Purchasers of American Eagle Coins, 17586-17587 [E7-6552]
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17586
Federal Register / Vol. 72, No. 67 / Monday, April 9, 2007 / Notices
sroberts on PROD1PC70 with NOTICES
data in the desired format. Currently,
the Employee Benefits Security
Administration is soliciting comments
on the proposed extension of the
information collection provisions of
Prohibited Transaction Class Exemption
85–68. A copy of the information
collection request (ICR) may be obtained
by contacting the office listed in the
ADDRESSES section of this notice.
DATES: Written comments must be
submitted to the office shown in the
ADDRESSES section on or before June 8,
2007.
ADDRESSES: Joseph S. Piacentini,
Department of Labor, Employee Benefits
Security Administration, 200
Constitution Avenue, NW., Washington,
DC 20210, (202) 693–8410, FAX (202)
693–4745 (these are not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
I. Background
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 July 31, 2007.
II. Current Actions
This notice requests public comment
pertaining to the Department’s request
VerDate Aug<31>2005
18:21 Apr 06, 2007
Jkt 211001
for extension of OMB approval of the
information collection contained in PTE
85–68. After considering comments
received in response to this notice, the
Department intends to submit an ICR to
OMB for continuing approval. No
change to the existing ICR is proposed
or made at this time. An agency may not
conduct or sponsor, and a person is not
required to respond to, an information
collection unless it displays a valid
OMB control number. A summary of the
ICR and the current burden estimates
follows:
Agency: Employee Benefits Security
Administration, Department of Labor.
Title: Prohibited Transaction Class
Exemption 85–68.
Type of Review: Extension of a
currently approved collection of
information.
OMB Number: 1210–0094.
Affected Public: Individuals or
households; Business or other for-profit;
Not-for-profit institutions.
Respondents: 525.
Frequency: On Occasion.
Responses: 1900.
Average Response time [if applicable]:
1 hour.
Estimated Total Burden Hours: 1900
hours.
Estimated Total Burden Cost: $0.
III. Focus of Comments
The Department of Labor
(Department) is particularly interested
in comments that:
• 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., by permitting electronic
submissions of responses.
Comments submitted in response to
this notice will be summarized and/or
included in the ICR for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
Dated: April 3, 2007.
Bradford P. Campbell,
Acting Assistant Secretary, Employee Benefits
Security Administration.
[FR Doc. E7–6551 Filed 4–6–07; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Prohibited
Transaction Class Exemption 91–55—
Transactions Between Individual
Retirement Accounts and Authorized
Purchasers of American Eagle Coins
Employee Benefits Security
Administration, Department of Labor.
ACTION: Notice.
AGENCY:
SUMMARY: The Department of Labor (the
Department), in accordance with the
Paperwork Reduction Act of 1995 (PRA
95) (44 U.S.C. 3506(c)(2)(A)), provides
the general public and Federal agencies
with an opportunity to comment on
proposed and continuing collections of
information. This helps the Department
assess the impact of its information
collection requirements and minimize
the reporting burden on the public and
helps the public understand the
Department’s information collection
requirements and provide the requested
data in the desired format. Currently,
the Employee Benefits Security
Administration is soliciting comments
on the proposed extension of the
information collection provisions of
Prohibited Transaction Class Exemption
91–55. A copy of the information
collection request (ICR) may be obtained
by contacting the office listed in the
ADDRESSES section of this notice.
DATES: Written comments must be
submitted to the office shown in the
Addresses section on or before June 8,
2007.
ADDRESSES: Joseph S. Piacentini,
Department of Labor, Employee Benefits
Security Administration, 200
Constitution Avenue, NW., Washington,
DC 20210, (202) 693–8410, FAX (202)
693–4745 (these are not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
I. Background
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’’)
E:\FR\FM\09APN1.SGM
09APN1
Federal Register / Vol. 72, No. 67 / Monday, April 9, 2007 / Notices
sroberts on PROD1PC70 with NOTICES
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 interestfree 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
must 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 July 31, 2007.
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.
II. Current Actions
This notice requests public comment
pertaining to the Department’s request
for extension of OMB approval of the
information collection contained in PTE
91–55. After considering comments
received in response to this notice, the
Department intends to submit an ICR to
OMB for continuing approval. No
VerDate Aug<31>2005
18:21 Apr 06, 2007
Jkt 211001
change to the existing ICR is proposed
or made at this time. An agency may not
conduct or sponsor, and a person is not
required to respond to, an information
collection unless it displays a valid
OMB control number. A summary of the
ICR and the current burden estimates
follows:
Agency: Employee Benefits Security
Administration, Department of Labor.
Title: Prohibited Transaction Class
Exemption 91–55.
Type of Review: Extension of a
currently approved collection of
information.
OMB Number: 1210–0079.
Affected Public: Individuals or
households; Business or other for-profit;
Not-for-profit institutions.
Respondents: 2.
Responses: 12,800.
Frequency: On occasion.
Estimated Total Burden Hours: 554
hours.
Estimated Total Burden Cost: $0.
III. Focus of Comments
The Department of Labor
(Department) is particularly interested
in comments that:
• 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., by permitting electronic
submissions of responses.
Comments submitted in response to
this notice will be summarized and/or
included in the ICR for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
Dated: April 3, 2007.
Bradford P. Campbell,
Acting Assistant Secretary, Employee Benefits
Security Administration.
[FR Doc. E7–6552 Filed 4–6–07; 8:45 am]
BILLING CODE 4510–29–P
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
17587
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Prohibited
Transaction Class Exemption 92–6—
Sale of Individual Life Insurance or
Annuity Contracts by a Plan
Employee Benefits Security
Administration, Department of Labor.
ACTION: Notice.
AGENCY:
SUMMARY: The Department of Labor (the
Department), in accordance with the
Paperwork Reduction Act of 1995 (PRA
95) (44 U.S.C. 3506(c)(2)(A)), provides
the general public and Federal agencies
with an opportunity to comment on
proposed and continuing collections of
information. This helps the Department
assess the impact of its information
collection requirements and minimize
the reporting burden on the public and
helps the public understand the
Department’s information collection
requirements and provide the requested
data in the desired format. Currently,
the Employee Benefits Security
Administration is soliciting comments
on the proposed extension of the
information collection provisions of
Prohibited Transaction Class Exemption
92–6. A copy of the information
collection request (ICR) may be obtained
by contacting the office listed in the
ADDRESSES section of this notice.
DATES: Written comments must be
submitted to the office shown in the
Addresses section on or before June 8,
2007.
ADDRESSES: Joseph S. Piacentini,
Department of Labor, Employee Benefits
Security Administration, 200
Constitution Avenue, NW., Washington,
DC 20210, (202) 693–8410, FAX (202)
693–4745 (these are not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
I. Background
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.
E:\FR\FM\09APN1.SGM
09APN1
]]>Agencies
[Federal Register Volume 72, Number 67 (Monday, April 9, 2007)]
[Notices]
[Pages 17586-17587]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6552]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment; Prohibited Transaction Class Exemption 91-55--
Transactions Between Individual Retirement Accounts and Authorized
Purchasers of American Eagle Coins
AGENCY: Employee Benefits Security Administration, Department of Labor.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of Labor (the Department), in accordance with
the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)),
provides the general public and Federal agencies with an opportunity to
comment on proposed and continuing collections of information. This
helps the Department assess the impact of its information collection
requirements and minimize the reporting burden on the public and helps
the public understand the Department's information collection
requirements and provide the requested data in the desired format.
Currently, the Employee Benefits Security Administration is soliciting
comments on the proposed extension of the information collection
provisions of Prohibited Transaction Class Exemption 91-55. A copy of
the information collection request (ICR) may be obtained by contacting
the office listed in the ADDRESSES section of this notice.
DATES: Written comments must be submitted to the office shown in the
Addresses section on or before June 8, 2007.
ADDRESSES: Joseph S. Piacentini, Department of Labor, Employee Benefits
Security Administration, 200 Constitution Avenue, NW., Washington, DC
20210, (202) 693-8410, FAX (202) 693-4745 (these are not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
I. Background
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'')
[[Page 17587]]
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 must 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 July 31, 2007.
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.
II. Current Actions
This notice requests public comment pertaining to the Department's
request for extension of OMB approval of the information collection
contained in PTE 91-55. After considering comments received in response
to this notice, the Department intends to submit an ICR to OMB for
continuing approval. No change to the existing ICR is proposed or made
at this time. An agency may not conduct or sponsor, and a person is not
required to respond to, an information collection unless it displays a
valid OMB control number. A summary of the ICR and the current burden
estimates follows:
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: Prohibited Transaction Class Exemption 91-55.
Type of Review: Extension of a currently approved collection of
information.
OMB Number: 1210-0079.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 2.
Responses: 12,800.
Frequency: On occasion.
Estimated Total Burden Hours: 554 hours.
Estimated Total Burden Cost: $0.
III. Focus of Comments
The Department of Labor (Department) is particularly interested in
comments that:
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., by
permitting electronic submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Dated: April 3, 2007.
Bradford P. Campbell,
Acting Assistant Secretary, Employee Benefits Security Administration.
[FR Doc. E7-6552 Filed 4-6-07; 8:45 am]
BILLING CODE 4510-29-P
