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 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]


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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