Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 91-38, Bank Collective Investment Funds, 17988-17989 [E9-8907]

Download as PDF 17988 Federal Register / Vol. 74, No. 74 / Monday, April 20, 2009 / Notices participants and fiduciaries in order to inform them about investments in Qualifying REIT Shares and the conditions of the exemption permitting share transactions. Records sufficient to allow them to determine whether the exemption conditions are met must also be maintained, and made available to them upon request, for a period of six years. These records must also be made available on request to employers and employee organizations with employees and members covered by a Plan of the Trust REIT or one of its employer affiliates, and to authorized employees and representatives of the Department and the Internal Revenue Service. EBSA submitted an ICR for the information collections in PTE 2004–07 to the Office of Management and Budget (OMB) for review and clearance in connection with proposal of the class exemption, which was published in the Federal Register on June 3, 2003 (68 FR 33185). OMB approved the ICR under OMB control number 1210–0124. 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. rmajette on PRODPC74 with NOTICES III. Current Action This notice requests comments on an extension of the information collections included in PTE 2004–07. The Department is not proposing or implementing changes to the existing ICR at this time. A summary of the ICR and the current burden estimates follows: Type of Review: Extension of a currently approved collection of information. VerDate Nov<24>2008 15:02 Apr 17, 2009 Jkt 217001 Agency: Employee Benefits Security Administration, Department of Labor. Title: Prohibited Transaction Exemption 2004–07, Transactions with Trust REIT Shares. OMB Number: 1210–0124. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Respondents: 45. Frequency of Response: On occasion; quarterly; annually. Responses: 104,545. Estimated Annual Hours: 4,733. Estimated Total Annual Cost: $40,000. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of the ICR; 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. E9–8910 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 91–38, Bank Collective Investment Funds 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 (in both time and financial resources) on the public and that the public can clearly understand the Department’s information collection instruments and can 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 provisions of Prohibited PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 Transaction Class Exemption (PTE) 91– 38, Bank Collective Investment Funds. A copy of the Information Collection Request (ICR) can 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 91–38 provides an exemption from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) for certain transactions between a bank collective investment fund and persons who are parties in interest with respect to an employee benefit plan. Without the exemption, sections 406 and 407(a) of ERISA and section 4975(c)(1) of the Internal Revenue Code may prohibit transactions between the collective investment fund (CIF) and a party in interest to one or more of the employee benefit plans participating in the collective investment fund. Under PTE 91–38, a collective investment fund generally may engage in transactions with parties in interest to a plan that invests in the fund as long as the plan’s total investment in the fund does not exceed a specified percentage of the total assets of the fund. The PTE also contains more limited or differently defined relief for funds holding more than the specified percentage, for multiemployer plans, and for transactions involving employer securities and employer real property. In order to ensure that the rights of participants and beneficiaries are protected, and that bank collective investment funds can demonstrate compliance with the terms of the exemption, the Department requires a bank to maintain records regarding the exempted transactions and make them available for inspection to specified interested persons (including the Department and the Internal Revenue Service) on request for a period of six years. E:\FR\FM\20APN1.SGM 20APN1 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

Agencies

[Federal Register Volume 74, Number 74 (Monday, April 20, 2009)]
[Notices]
[Pages 17988-17989]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-8907]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Class Exemption 91-38, Bank Collective 
Investment Funds

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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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 (in both time and 
financial resources) on the public and that the public can clearly 
understand the Department's information collection instruments and can 
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 provisions of 
Prohibited Transaction Class Exemption (PTE) 91-38, Bank Collective 
Investment Funds. A copy of the Information Collection Request (ICR) 
can 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 91-38 provides an exemption from the prohibited transaction 
provisions of the Employee Retirement Income Security Act of 1974 
(ERISA) for certain transactions between a bank collective investment 
fund and persons who are parties in interest with respect to an 
employee benefit plan. Without the exemption, sections 406 and 407(a) 
of ERISA and section 4975(c)(1) of the Internal Revenue Code may 
prohibit transactions between the collective investment fund (CIF) and 
a party in interest to one or more of the employee benefit plans 
participating in the collective investment fund. Under PTE 91-38, a 
collective investment fund generally may engage in transactions with 
parties in interest to a plan that invests in the fund as long as the 
plan's total investment in the fund does not exceed a specified 
percentage of the total assets of the fund. The PTE also contains more 
limited or differently defined relief for funds holding more than the 
specified percentage, for multiemployer plans, and for transactions 
involving employer securities and employer real property. In order to 
ensure that the rights of participants and beneficiaries are protected, 
and that bank collective investment funds can demonstrate compliance 
with the terms of the exemption, the Department requires a bank to 
maintain records regarding the exempted transactions and make them 
available for inspection to specified interested persons (including the 
Department and the Internal Revenue Service) on request for a period of 
six years.

[[Page 17989]]

    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.

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 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.

    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]
BILLING CODE 4510-29-P