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, 35842-35843 [2010-15093]
Download as PDF
<![CDATA[
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
Federal Register / Vol. 75, No. 120 / Wednesday, June 23, 2010 / Notices
mstockstill on DSKH9S0YB1PROD with NOTICES
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
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 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
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 August 31, 2010.
VerDate Mar<15>2010
16:17 Jun 22, 2010
Jkt 220001
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
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: 325.
Frequency: On Occasion.
Responses: 325.
Estimated Hour Burden: 1 hour.
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 00080
Fmt 4703
Sfmt 4703
35843
Dated: June 16, 2010.
Joseph S. Piacentini,
Director, Office of Policy and Research,
Employee Benefits Security Administration.
[FR Doc. 2010–15093 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; Form 5500, Annual
Return/Report of Employee Benefit
Plan
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
Form 5500, Annual Return/Report of
Employee Benefit Plan. 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
The Employee Retirement Income
Security Act of 1974 (ERISA) contains
three separate sets of provisions—in
Title I (Labor provisions), Title II
(Internal Revenue Code provisions), and
Title IV (PBGC provisions)—requiring
administrators of employee benefit
E:\FR\FM\23JNN1.SGM
23JNN1
]]>Agencies
[Federal Register Volume 75, Number 120 (Wednesday, June 23, 2010)]
[Notices]
[Pages 35842-35843]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15093]
-----------------------------------------------------------------------
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
[[Page 35843]]
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 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 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
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 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 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: 325.
Frequency: On Occasion.
Responses: 325.
Estimated Hour Burden: 1 hour.
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: June 16, 2010.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security
Administration.
[FR Doc. 2010-15093 Filed 6-22-10; 8:45 am]
BILLING CODE 4510-29-P
