Proposed Extension of Information Collection; Comment Request Prohibited Transaction Class Exemption 90-1, Pooled Separate Accounts, 17989-17990 [E9-8905]

Download as PDF Federal Register / Vol. 74, No. 74 / Monday, April 20, 2009 / Notices EBSA previously submitted the information collection provisions of PTE 91–38 to the Office of Management and Budget (OMB) for review in an ICR that was approved under the OMB Control No. 1210–0083. The current approval is scheduled to expire on August 31, 2009. The 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 submission of responses. rmajette on PRODPC74 with NOTICES III. Current Action This notice requests comments on a proposed extension of the ICR included in PTE 91–38. The Department is not proposing or implementing changes to the existing ICR at this time. The following summarizes the ICR and the current burden estimates: Type of Review: Extension of a currently approved collection of information. Agency: Employee Benefits Security Administration, Department of Labor. Title: Prohibited Transaction Class Exemption 91–38; Exemption for Certain Transactions Involving Bank Collective Investment Funds. OMB Number: 1210–0082. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Estimated Total Burden hours: 200. Respondents: 1,200. Frequency of Response: On occasion. Responses: 1,200. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of the information collection request; they will also become a matter of public record. 15:02 Apr 17, 2009 Jkt 217001 BILLING CODE 4510–29–P DEPARTMENT OF LABOR II. Desired Focus of Comments VerDate Nov<24>2008 Dated: April 13, 2009. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E9–8907 Filed 4–17–09; 8:45 am] Employee Benefits Security Administration Proposed Extension of Information Collection; Comment Request Prohibited Transaction Class Exemption 90–1, Pooled Separate Accounts AGENCY: Employee Benefits Security Administration, Department of Labor. ACTION: Notice. SUMMARY: The Department of Labor, as part of its continuing effort to reduce paperwork and respondent burden, conducts a preclearance consultation program to provide the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA 95). This program helps to ensure that the Department can properly assess the impact of its information collection requirements on respondents and minimize the reporting burden (time and financial resources) on the public and that the public can understand the Department’s collection instruments and provide the requested data in the desired format. Currently, the Employee Benefits Security Administration (EBSA) is soliciting comments on a proposed extension of the information collection request (ICR) incorporated in Prohibited Transaction Class Exemption (PTE) 90–1, Pooled Separate Accounts. A copy of the 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 below on or before June 19, 2009. ADDRESSES: Direct all written comments to G. Christopher Cosby, Office of Policy and Research, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue NW., Room N–5718, Washington, DC 20210, (210) 693–8410, FAX (202) 219–4745 (the foregoing are not toll-free numbers). Comments may also be submitted electronically to the following Internet e-mail address: ebsa.opr@dol.gov. SUPPLEMENTARY INFORMATION: PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 17989 I. Background PTE 90–1 provides an exemption from certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA) relating to transactions involving insurance company pooled separate accounts in which employee benefit plans participate. Without the exemption, sections 406 and 407(a) of ERISA and section 4975(c)(1) of the Internal Revenue Code might prohibit a party in interest to a plan from furnishing goods or services to an insurance company pooled separate account in which the plan has an interest, or prohibit engaging in other transactions. Under the exemption, persons who are parties in interest to a plan that invests in a pooled separate account, such as a service provider, may engage in otherwise prohibited transactions with the separate account if the plan’s participation in the separate account does not exceed specified limits and other conditions are met. These other conditions include a requirement that the party in interest not be the insurance company, or an affiliate thereof, that holds the plan assets in its pooled separate account or other separate account. The terms of the transaction to which the exemption is applied must be at least as favorable to the pooled separate account as those that would be obtained in a separate arms-length transaction with an unrelated party, and the insurance company must maintain records of any transaction to which the exemption applies for a period of six years. This ICR covers this recordkeeping requirement. The Department previously submitted this information collection to the Office of Management and Budget (OMB) in an ICR that was approved under the OMB Control Number 1210–0083. The current approval is scheduled to expire on August 31, 2009. II. Desired Focus of Comments The 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 E:\FR\FM\20APN1.SGM 20APN1 17990 Federal Register / Vol. 74, No. 74 / Monday, April 20, 2009 / Notices 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 submission of responses. III. Current Action This notice requests comments on the proposed extension of the ICR included in PTE 90–1. The Department is not proposing or implementing changes to the existing ICR at this time. The following summarizes the ICR and the current burden estimates: Type of Review: Extension of a currently approved collection of information. Agency: Employee Benefits Security Administration, Department of Labor. Title: PTE 90–1—Pooled Separate Accounts. OMB Number: 1210–0083. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Respondents: 70. Frequency of Response: On occasion. Responses: 70. Estimated Total Burden Hours: 120. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of the information collection request; they will also become a matter of public record. Dated: April 13, 2009. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E9–8905 Filed 4–17–09; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 94–20, Foreign Exchange Transactions rmajette on PRODPC74 with NOTICES AGENCY: Employee Benefit Security Administration. ACTION: Notice. SUMMARY: The Department of Labor, as part of its continuing effort to reduce paperwork and respondent burden, conducts a preclearance consultation program to provide the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information in accordance with the VerDate Nov<24>2008 15:02 Apr 17, 2009 Jkt 217001 Paperwork Reduction Act of 1995 (PRA 95). This program helps to ensure that the Department can properly assess the impact of its information collection requirements on respondents and minimize the reporting burden (time and financial resources) on the public and that the public can understand the Department’s collection instruments and provide the requested data in the desired format. Currently, the Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed extension of the information collection provisions of Prohibited Transaction Class Exemption (PTE) 94– 20, Foreign Exchange Transactions. 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 below on or before June 19, 2009. ADDRESSES: Direct all written comments to G. Christopher Cosby, Office of Policy and Research, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Room N–5718, Washington, DC 20210, (202) 693–8410, FAX (202) 219–4745 (the foregoing are not toll-free numbers). Comments may also be submitted electronically to the following Internet e-mail address: ebsa.opr@dol.gov. SUPPLEMENTARY INFORMATION: I. Background PTE 94–20 permits the purchase and sale of foreign currencies between an employee benefit plan and a bank, broker-dealer, or an affiliate thereof, that is a trustee, custodian, fiduciary, or other party in interest with respect to the plan. The exemption is available provided that the transaction is directed (within the meaning of section IV(e) of the exemption) by a plan fiduciary that is independent of the bank, brokerdealer, or affiliate and all other conditions of the exemption are satisfied. Without this exemption, certain aspects of these transactions might be prohibited by section 406(a) of ERISA. To protect the interests of participants and beneficiaries of the employee benefit plan, the exemption requires that the party wishing to take advantage of the exemption (1) Develop written policies and procedures applicable to trading in foreign currencies on behalf of an employee benefit plan; (2) provide a written confirmation with respect to each transaction in foreign currency to the independent plan fiduciary, disclosing PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 specified information; and (3) maintain records pertaining to the transaction for a period of six years. This ICR relates to the foregoing disclosure and recordkeeping requirements. EBSA previously submitted the information collection provisions of PTE 94–20 to the Office of Management and Budget (OMB) for review in connection with promulgation of the prohibited transaction exemption. OMB approved the information collection request (ICR) under OMB Control No. 1210–0085. The ICR approval is currently scheduled to expire on August 31, 2009. II. Desired Focus of Comments The 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 submission of responses. III. Current Action This notice requests comments on the extension of the ICR included in PTE 94–20. The Department is not proposing or implementing changes to the existing ICR at this time. The following summarizes the ICR and the current burden estimates: Type of Review: Extension of a currently approved collection of information. Agency: Employee Benefits Security Administration, Department of Labor. Titles: Foreign Exchange Transactions; PTCE 94–20. OMB Number: 1210–0085. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Respondents: 239. Frequency of Response: On occasion. Responses: 1,195. Estimated Total Burden Hours: 200. Comments submitted in response to this notice will be summarized and/or E:\FR\FM\20APN1.SGM 20APN1

Agencies

[Federal Register Volume 74, Number 74 (Monday, April 20, 2009)]
[Notices]
[Pages 17989-17990]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-8905]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request 
Prohibited Transaction Class Exemption 90-1, Pooled Separate Accounts

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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

SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, conducts a preclearance 
consultation program to provide the general public and Federal agencies 
with an opportunity to comment on proposed and continuing collections 
of information in accordance with the Paperwork Reduction Act of 1995 
(PRA 95). This program helps to ensure that the Department can properly 
assess the impact of its information collection requirements on 
respondents and minimize the reporting burden (time and financial 
resources) on the public and that the public can understand the 
Department's collection instruments and provide the requested data in 
the desired format. Currently, the Employee Benefits Security 
Administration (EBSA) is soliciting comments on a proposed extension of 
the information collection request (ICR) incorporated in Prohibited 
Transaction Class Exemption (PTE) 90-1, Pooled Separate Accounts. A 
copy of the 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 below on or before June 19, 2009.

ADDRESSES: Direct all written comments to G. Christopher Cosby, Office 
of Policy and Research, Employee Benefits Security Administration, U.S. 
Department of Labor, 200 Constitution Avenue NW., Room N-5718, 
Washington, DC 20210, (210) 693-8410, FAX (202) 219-4745 (the foregoing 
are not toll-free numbers). Comments may also be submitted 
electronically to the following Internet e-mail address: 
ebsa.opr@dol.gov.

SUPPLEMENTARY INFORMATION: 

I. Background

    PTE 90-1 provides an exemption from certain provisions of the 
Employee Retirement Income Security Act of 1974 (ERISA) relating to 
transactions involving insurance company pooled separate accounts in 
which employee benefit plans participate. Without the exemption, 
sections 406 and 407(a) of ERISA and section 4975(c)(1) of the Internal 
Revenue Code might prohibit a party in interest to a plan from 
furnishing goods or services to an insurance company pooled separate 
account in which the plan has an interest, or prohibit engaging in 
other transactions. Under the exemption, persons who are parties in 
interest to a plan that invests in a pooled separate account, such as a 
service provider, may engage in otherwise prohibited transactions with 
the separate account if the plan's participation in the separate 
account does not exceed specified limits and other conditions are met. 
These other conditions include a requirement that the party in interest 
not be the insurance company, or an affiliate thereof, that holds the 
plan assets in its pooled separate account or other separate account. 
The terms of the transaction to which the exemption is applied must be 
at least as favorable to the pooled separate account as those that 
would be obtained in a separate arms-length transaction with an 
unrelated party, and the insurance company must maintain records of any 
transaction to which the exemption applies for a period of six years. 
This ICR covers this recordkeeping requirement.
    The Department previously submitted this information collection to 
the Office of Management and Budget (OMB) in an ICR that was approved 
under the OMB Control Number 1210-0083. The current approval is 
scheduled to expire on August 31, 2009.

II. Desired Focus of Comments

    The 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

[[Page 17990]]

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 
submission of responses.

III. Current Action

    This notice requests comments on the proposed extension of the ICR 
included in PTE 90-1. The Department is not proposing or implementing 
changes to the existing ICR at this time. The following summarizes the 
ICR and the current burden estimates:
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: PTE 90-1--Pooled Separate Accounts.
    OMB Number: 1210-0083.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 70.
    Frequency of Response: On occasion.
    Responses: 70.
    Estimated Total Burden Hours: 120.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: April 13, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. E9-8905 Filed 4-17-09; 8:45 am]
BILLING CODE 4510-29-P