Submission for OMB Review: Comment Request, 52031-52032 [2010-20914]

Agencies

• Office of the Secretary
• DEPARTMENT OF LABOR

[Federal Register Volume 75, Number 163 (Tuesday, August 24, 2010)]
[Notices]
[Pages 52031-52032]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-20914]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review: Comment Request

    The Department of Labor (DOL) hereby announces the submission of 
the following public information collection requests (ICR) to the 
Office of Management and Budget (OMB) for review and approval in 
accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 
U.S.C. chapter 35). A copy of each ICR, with applicable supporting 
documentation; including among other things a description of the likely 
respondents, proposed frequency of response, and estimated total burden 
may be obtained from the RegInfo.gov Web site at https://www.reginfo.gov/public/do/PRAMain or by contacting Linda Watts-Thomas 
on 202-693-4223 (this is not a toll-free number)/e-mail: DOL_PRA_PUBLIC@dol.gov.
    Interested parties are encouraged to send comments to the Office of 
Information and Regulatory Affairs, Attn: OMB Desk Officer for the 
Department of Labor--Employee Benefits Security Administration (EBSA), 
Office of Management and Budget, Room 10235, Washington, DC 20503, 
Telephone: 202-395-7316/Fax: 202-395-5806 (these are not toll-free 
numbers), E-mail: OIRA_submission@omb.eop.gov within 30 days from the 
date of this publication in the Federal Register. In order to ensure 
the appropriate consideration, comments should reference the OMB 
Control Number (see below).
    The OMB is particularly interested in comments which:
     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., permitting 
electronic submission of responses.
    Agency: Employee Benefits Security Administration.
    Type of Review: Extension without change of a currently approved 
collection.
    Title of Collection: Prohibited Transaction Class Exemption 92-6: 
Sale of Individual Life Insurance or Annuity Contracts by a Plan.
    OMB Control Number: 1210-0063.

[[Page 52032]]

    Affected Public: Business or other for-profit.
    Cost to the Federal Government: $0.
    Estimated Number of Respondents: 21,533.
    Estimated Number Responses: 334,661.
    Total Estimated Annual Burden Hours: 14,745.
    Total Estimated Annual Costs Burden (operation and maintenance): 
$101,670.
    Description: 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 shareholder-employee. 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.
    For additional information, see related notice published in the 
Federal Register on June 23, 2010 (Vol. 75 page 35842).
    Agency: Employee Benefits Security Administration.
    Type of Review: Extension without change of a currently approved 
collection.
    Title of Collection: PTE 91-55--Transactions Between Individual 
Retirement Accounts and Authorized Purchasers of American Eagle Coins.
    OMB Control Number: 1210-0079.
    Affected Public: Business of other for-profit.
    Costs to the Federal Government: $0.
    Estimated Number of Respondents: 3.
    Total Number of Responses: 10,286.
    Total Estimated Annual Burden Hours: 349.
    Total Estimated Annual Costs Burden (operation and maintenance): 
$3,125.
    Description: 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 to 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.
    For additional information, see related notice published in the 
Federal Register on June 23, 2010 (Vol. 75 page 35841).
    Agency: Employee Benefits Security Administration.
    Type of Review: Extension without change of a currently approved 
collection.
    Title of Collection: Prohibited Transaction Class Exemption 85-68--
To Permit Employee Benefit Plans to Invest in Customer Notes of 
Employers.
    OMB Control Number: 1210-0094.
    Affected Public: Business or other for-profit.
    Cost to the Federal Government: 0.
    Estimated Number of Respondents: 3.
    Total Number of Responses: 3.
    Total Estimated Annual Burden Hours: 1.
    Total Estimated Annual Costs Burden (operation and maintenance): 
$0.
    Description: 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. For additional 
information, see related notice published in the Federal Register on 
June 23, 2010 (Vol. 75 page 35842).

    Dated: August 18, 2010.
Linda Watts Thomas,
Acting Departmental Clearance Officer.
[FR Doc. 2010-20914 Filed 8-23-10; 8:45 am]
BILLING CODE 4510-29-P