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, 35841-35842 [2010-15089]

Download as PDF Federal Register / Vol. 75, No. 120 / Wednesday, June 23, 2010 / Notices and will not significantly or uniquely affect small governments. Therefore, no actions were deemed necessary under the provisions of the Unfunded Mandates Reform Act of 1995. Congressional Review Act This action is not a major rule as defined by Section 804 of the Small Business Regulatory Enforcement Fairness Act of 1996 (Congressional Review Act). This action will not result in an annual effect on the economy of $100,000,000 or more; a major increase in costs or prices; or significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based companies to compete with foreignbased companies in domestic and export markets. Dated: June 17, 2010. Michele M. Leonhart, Deputy Administrator. [FR Doc. 2010–15159 Filed 6–22–10; 8:45 am] BILLING CODE 4410–09–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 mstockstill on DSKH9S0YB1PROD with NOTICES 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. VerDate Mar<15>2010 16:17 Jun 22, 2010 Jkt 220001 35841 DATES: Written comments must be submitted to the office shown in the Addresses section on or before August 23, 2010. ADDRESSES: G. Christopher Cosby, 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: 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. 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’’) 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 August 31, 2010. The recordkeeping requirement facilitates the Department’s ability to 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: 3. Responses: 663,431. Frequency: On occasion. Estimated Total Burden Hours: 11,063. Estimated Total Burden Cost: $152,589. PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 II. Current Actions 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 E:\FR\FM\23JNN1.SGM 23JNN1 35842 Federal Register / Vol. 75, No. 120 / Wednesday, June 23, 2010 / Notices 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: June 16, 2010. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. 2010–15089 Filed 6–22–10; 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 92–6— Sale of Individual Life Insurance or Annuity Contracts by a Plan mstockstill on DSKH9S0YB1PROD with NOTICES 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 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 August 23, 2010. ADDRESSES: G. Christopher Cosby, Department of Labor, Employee Benefits Security Administration, 200 Constitution Avenue NW., Washington, DC 20210, (202) 693–8410, FAX (202) VerDate Mar<15>2010 16:17 Jun 22, 2010 Jkt 220001 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. 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 shareholderemployee. 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. 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 92–6. 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 92–6. Type of Review: Extension of a currently approved collection of information. OMB Number: 1210–0063. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Respondents: 9,780. Responses: 9,780. Estimated Total Burden Hours: 1,956. Estimated Total Burden Cost (Operating and Maintenance): $4,499. PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 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: June 16, 2010. Joseph S. Piacentini, Acting Assistant Secretary, Employee Benefits Security Administration. [FR Doc. 2010–15091 Filed 6–22–10; 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; Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 85–68—To Permit Employee Benefit Plans To Invest in Customer Notes of Employers 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 E:\FR\FM\23JNN1.SGM 23JNN1

Agencies

[Federal Register Volume 75, Number 120 (Wednesday, June 23, 2010)]
[Notices]
[Pages 35841-35842]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15089]


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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 August 23, 2010.

ADDRESSES: G. Christopher Cosby, 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'') 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 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.

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: 3.
    Responses: 663,431.
    Frequency: On occasion.
    Estimated Total Burden Hours: 11,063.
    Estimated Total Burden Cost: $152,589.

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

[[Page 35842]]

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: June 16, 2010.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. 2010-15089 Filed 6-22-10; 8:45 am]
BILLING CODE 4510-29-P