Proposed Extension of Information Collection Request Submitted for Public Comment; Consent To Receive Employee Benefit Plan Disclosure Electronically; Prohibited Transaction Exemption 86-128; Furnishing Documents to the Secretary of Labor on Request under ERISA Section 104(a)(6), 30199-30200 [2011-12711]

Download as PDF Federal Register / Vol. 76, No. 100 / Tuesday, May 24, 2011 / Notices electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submissions of responses. Agency: Bureau of Labor Statistics (BLS). Title of Collection: Green Technologies and Practices Survey. Type of Review: New Collection (Request for a new OMB Control Number). ICR Reference Number: 201103–1220– 003. Affected Public: Private Sector— Businesses or other for-profits and notfor-profit institutions; Federal Government; State, Local, and Tribal Governments. Total Estimated Number Responses: 27,001. Total Estimates Annual Burden Hours: 9,001. Total Estimated Annual Costs Burden: $0. Dated: May 17, 2011. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2011–12643 Filed 5–23–11; 8:45 am] BILLING CODE 4510–24–P DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection Request Submitted for Public Comment; Consent To Receive Employee Benefit Plan Disclosure Electronically; Prohibited Transaction Exemption 86–128; Furnishing Documents to the Secretary of Labor on Request under ERISA Section 104(a)(6) Employee Benefits Security Administration, Department of Labor. ACTION: Notice. AGENCY: 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 public’s reporting burden. It also helps the public understand the Department’s information collection requirements and provide the requested data in the desired format. The Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed extension of jlentini on DSK4TPTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 16:47 May 23, 2011 Jkt 223001 the information collection requests (ICRs) contained in the documents that are described below. The Department is not proposing to make any changes to the ICRs at this time. A copy of the ICRs may be obtained by contacting the office listed in the ADDRESSES section of this notice. ICRs also are available at reginfo.gov (http://www.reginfo.gov/ public/do/PRAMain). DATES: Written comments must be submitted to the office shown in the Addresses section on or before July 25, 2011. ADDRESSES: G. Christopher Cosby, Department of Labor, Employee Benefits Security Administration, 200 Constitution Avenue, NW., N–5718, Washington, DC 20210, (202) 693–8410, FAX (202) 693–4745 (these are not tollfree numbers). SUPPLEMENTARY INFORMATION: This notice requests public comment on the Department’s request for extension of the Office of Management and Budget’s (OMB) approval of ICRs contained in the rules described below. The Department is not proposing any changes to the existing ICRs 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 ICRs and the current burden estimates follows: Agency: Employee Benefits Security Administration, Department of Labor. Title: Consent to Receive Employee Benefit Plan Disclosure Electronically. Type of Review: Extension without change of a currently approved collection of information. OMB Number: 1210–0121. Affected Public: Business or other forprofit; Not-for-profit institutions. Respondents: 50,000. Responses: 3,400,000. Estimated Total Burden Hours: 7,000. Estimated Total Burden Cost (Operating and Maintenance): $170,000. Description: The Department established a safe harbor pursuant to which all pension and welfare benefit plans covered by Title I of ERISA may use electronic media to satisfy disclosure obligations under Title I of ERISA (29 CFR 2520.104b-1). Employee benefit plan administrators will be deemed to satisfy their disclosure obligations when furnishing documents electronically only if a participant who does not have access to the employer’s electronic information system in the normal course of his duties, or a beneficiary or other person entitled to documents, has affirmatively consented to receive disclosure documents. Prior to consenting, the participant or PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 30199 beneficiary must also be provided with a clear and conspicuous statement indicating the types of documents to which the consent would apply, that consent may be withdrawn at any time, procedures for withdrawing consent and updating necessary information, the right to obtain a paper copy, and any hardware and software requirements. In the event of a hardware or software change that creates a material risk that the individual will be unable to access or retain documents that were the subject of the initial consent, the individual must be provided with information concerning the revised hardware or software, and an opportunity to withdraw a prior consent. The Department published a Request for Information regarding electronic disclosure in the Federal Register on April 7, 2011 (75 Fed. Reg. 19285), which is unrelated to this notice. The ICR is scheduled to expire on August 31, 2011. Agency: Employee Benefits Security Administration, Department of Labor. Title: Prohibited Transaction Class Exemption 86–128. Type of Review: Extension without change of a currently approved collection of information. OMB Number: 1210–0059. Affected Public: Business or other forprofit; Not-for-profit institutions. Respondents: 4,200. Responses: 1,168,529. Estimated Total Burden Hours: 59,072. Estimated Total Burden Cost (Operating and Maintenance): $711,630. Description: Prohibited Transaction Class Exemption 86–128 permits persons who serve as fiduciaries for employee benefit plans to effect or execute securities transactions on behalf of employee benefit plans. The exemption also allows sponsors of pooled separate accounts and other pooled investment funds to use their affiliates to effect or execute securities transactions for such accounts in order to recapture brokerage commissions for the benefit of employee benefit plans whose assets are maintained in pooled separate accounts managed by insurance companies. This exemption provides relief from certain prohibitions in section 406(b) of the Employee Retirement Income Security Act of 1974 (ERISA) and from the taxes imposed by section 4975(a) and (b) of the Internal Revenue Code of 1986 (the Code) by reason of Code section 4975(c)(1)(E) or (F). In order to insure that the exemption is not abused, that the rights of participants and beneficiaries are E:\FR\FM\24MYN1.SGM 24MYN1 jlentini on DSK4TPTVN1PROD with NOTICES 30200 Federal Register / Vol. 76, No. 100 / Tuesday, May 24, 2011 / Notices protected, and that the exemption’s conditions are being complied with, the Department has included in the exemption five information collection requirements. The first requirement is written authorization executed in advance by an independent fiduciary of the plan whose assets are involved in the transaction with the brokerfiduciary. The second requirement is, within three months of the authorization, the broker-fiduciary furnish the independent fiduciary with any reasonably available information necessary for the independent fiduciary to determine whether an authorization should be made. The information must include a copy of the exemption, a form for termination, and a description of the broker-fiduciary’s brokerage placement practices. The third requirement is that the broker-fiduciary must provide a termination form to the independent fiduciary annually so that the independent fiduciary may terminate the authorization without penalty to the plan; failure to return the form constitutes continuing authorization. The fourth requirement is for the brokerfiduciary to report all transactions to the independent fiduciary, either by confirmation slips or through quarterly reports. The fifth requirement calls for the broker-fiduciary to provide an annual summary of the transactions. The annual summary must contain all security transaction-related charges incurred by the plan, the brokerage placement practices, and a portfolio turnover ratio. The ICR is scheduled to expire on September 30, 2011. Agency: Employee Benefits Security Administration, Department of Labor. Title: Furnishing Documents to the Secretary of Labor on Request under ERISA Section 104(a)(6). Type of Review: Extension without change of a currently approved collection of information. OMB Number: 1210–0112. Affected Public: Business or other forprofit; Not-for-profit institutions. Respondents: 500. Responses: 500. Estimated Total Burden Hours: 44. Estimated Total Burden Cost (Operating and Maintenance): $1,665. Description: As a result of the Taxpayer Relief Act of 1997 (TRA 97), the plan administrators of ERISAcovered employee benefit plans no longer need to file copies of the summary plan descriptions and summaries of material modifications that are publicly available. TRA 97 added paragraph (6) to section 104(a) of ERISA. Prior to the TRA 97 amendments, ERISA required certain VerDate Mar<15>2010 16:47 May 23, 2011 Jkt 223001 documents be filed with the Department so that plan participants and beneficiaries could obtain the documents without having to turn to the plan administrator. The new section 104(a)(6) authorizes the Department to request these documents on behalf of plan participants and beneficiaries. The Department issued a final implementing guidance on this matter on January 7, 2002 (67 FR 772). The ICR relating to document requests is scheduled to expire on December 31, 2011. Focus of Comments The Department is particularly interested in comments that: • Evaluate whether the collections of information are 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 collections 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 ICRs for OMB approval of the extension of the information collection; they will also become a matter of public record. Dated: May 18, 2011. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. 2011–12711 Filed 5–23–11; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Occupational Safety and Health Administration [Docket No. OSHA–2011–0064] Forging Machines; Extension of the Office of Management and Budget’s (OMB) Approval of Information Collection (Paperwork) Requirements Occupational Safety and Health Administration (OSHA), Labor. ACTION: Request for public comments. AGENCY: OSHA solicits public comments concerning its proposal to SUMMARY: PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 extend OMB approval of the information collection requirements contained in the Forging Machines Standard (29 CFR 1910.218). The paperwork provisions of the Standard specify requirements for developing and maintaining inspection records and for identifying manually operated valves and switches. DATES: Comments must be submitted (postmarked, sent, or received) by July 25, 2011. ADDRESSES: Electronically: You may submit comments and attachments electronically at http:// www.regulations.gov, which is the Federal eRulemaking Portal. Follow the instructions online for submitting comments. Facsimile: If your comments, including attachments, are not longer than 10 pages, you may fax them to the OSHA Docket Office at (202) 693–1648. Mail, hand delivery, express mail, messenger, or courier service: When using this method, you must submit a copy of your comments and attachments to the OSHA Docket Office, Docket No. OSHA–2011–0064, U.S. Department of Labor, Occupational Safety and Health Administration, Room N–2625, 200 Constitution Avenue, NW., Washington, DC 20210. Deliveries (hand, express mail, messenger, and courier service) are accepted during the Department of Labor’s and Docket Office’s normal business hours, 8:15 a.m. to 4:45 p.m., e.t. Instructions: All submissions must include the Agency name and OSHA docket number (OSHA–2011–0064) for the Information Collection Request (ICR). All comments, including any personal information you provide, are placed in the public docket without change and may be made available online at http://www.regulations.gov. For further information on submitting comments, see the ‘‘Public Participation’’ heading in the section of this notice titled SUPPLEMENTARY INFORMATION. Docket: To read or download comments or other material in the docket, go to http://www.regulations.gov or the OSHA Docket Office at the address above. All documents in the docket (including this Federal Register notice) are listed in the http:// www.regulations.gov index; however, some information (e.g., copyrighted material) is not publicly available to read or download through the Web site. All submissions, including copyrighted material, are available for inspection and copying at the OSHA Docket Office. You may also contact Theda Kenney or E:\FR\FM\24MYN1.SGM 24MYN1

Agencies

[Federal Register Volume 76, Number 100 (Tuesday, May 24, 2011)]
[Notices]
[Pages 30199-30200]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-12711]


-----------------------------------------------------------------------

DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Consent To Receive Employee Benefit Plan Disclosure 
Electronically; Prohibited Transaction Exemption 86-128; Furnishing 
Documents to the Secretary of Labor on Request under ERISA Section 
104(a)(6)

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 public's reporting burden. It also helps 
the public understand the Department's information collection 
requirements and provide the requested data in the desired format. The 
Employee Benefits Security Administration (EBSA) is soliciting comments 
on the proposed extension of the information collection requests (ICRs) 
contained in the documents that are described below. The Department is 
not proposing to make any changes to the ICRs at this time. A copy of 
the ICRs may be obtained by contacting the office listed in the 
ADDRESSES section of this notice. ICRs also are available at 
reginfo.gov (http://www.reginfo.gov/public/do/PRAMain).

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before July 25, 2011.

ADDRESSES: G. Christopher Cosby, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue, NW., N-5718, 
Washington, DC 20210, (202) 693-8410, FAX (202) 693-4745 (these are not 
toll-free numbers).

SUPPLEMENTARY INFORMATION: This notice requests public comment on the 
Department's request for extension of the Office of Management and 
Budget's (OMB) approval of ICRs contained in the rules described below. 
The Department is not proposing any changes to the existing ICRs 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 ICRs and the current burden 
estimates follows:

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Consent to Receive Employee Benefit Plan Disclosure 
Electronically.
    Type of Review: Extension without change of a currently approved 
collection of information.
    OMB Number: 1210-0121.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions.
    Respondents: 50,000.
    Responses: 3,400,000.
    Estimated Total Burden Hours: 7,000.
    Estimated Total Burden Cost (Operating and Maintenance): $170,000.
    Description: The Department established a safe harbor pursuant to 
which all pension and welfare benefit plans covered by Title I of ERISA 
may use electronic media to satisfy disclosure obligations under Title 
I of ERISA (29 CFR 2520.104b-1). Employee benefit plan administrators 
will be deemed to satisfy their disclosure obligations when furnishing 
documents electronically only if a participant who does not have access 
to the employer's electronic information system in the normal course of 
his duties, or a beneficiary or other person entitled to documents, has 
affirmatively consented to receive disclosure documents. Prior to 
consenting, the participant or beneficiary must also be provided with a 
clear and conspicuous statement indicating the types of documents to 
which the consent would apply, that consent may be withdrawn at any 
time, procedures for withdrawing consent and updating necessary 
information, the right to obtain a paper copy, and any hardware and 
software requirements. In the event of a hardware or software change 
that creates a material risk that the individual will be unable to 
access or retain documents that were the subject of the initial 
consent, the individual must be provided with information concerning 
the revised hardware or software, and an opportunity to withdraw a 
prior consent. The Department published a Request for Information 
regarding electronic disclosure in the Federal Register on April 7, 
2011 (75 Fed. Reg. 19285), which is unrelated to this notice. The ICR 
is scheduled to expire on August 31, 2011.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 86-128.
    Type of Review: Extension without change of a currently approved 
collection of information.
    OMB Number: 1210-0059.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions.
    Respondents: 4,200.
    Responses: 1,168,529.
    Estimated Total Burden Hours: 59,072.
    Estimated Total Burden Cost (Operating and Maintenance): $711,630.
    Description: Prohibited Transaction Class Exemption 86-128 permits 
persons who serve as fiduciaries for employee benefit plans to effect 
or execute securities transactions on behalf of employee benefit plans. 
The exemption also allows sponsors of pooled separate accounts and 
other pooled investment funds to use their affiliates to effect or 
execute securities transactions for such accounts in order to recapture 
brokerage commissions for the benefit of employee benefit plans whose 
assets are maintained in pooled separate accounts managed by insurance 
companies. This exemption provides relief from certain prohibitions in 
section 406(b) of the Employee Retirement Income Security Act of 1974 
(ERISA) and from the taxes imposed by section 4975(a) and (b) of the 
Internal Revenue Code of 1986 (the Code) by reason of Code section 
4975(c)(1)(E) or (F).
    In order to insure that the exemption is not abused, that the 
rights of participants and beneficiaries are

[[Page 30200]]

protected, and that the exemption's conditions are being complied with, 
the Department has included in the exemption five information 
collection requirements. The first requirement is written authorization 
executed in advance by an independent fiduciary of the plan whose 
assets are involved in the transaction with the broker-fiduciary. The 
second requirement is, within three months of the authorization, the 
broker-fiduciary furnish the independent fiduciary with any reasonably 
available information necessary for the independent fiduciary to 
determine whether an authorization should be made. The information must 
include a copy of the exemption, a form for termination, and a 
description of the broker-fiduciary's brokerage placement practices. 
The third requirement is that the broker-fiduciary must provide a 
termination form to the independent fiduciary annually so that the 
independent fiduciary may terminate the authorization without penalty 
to the plan; failure to return the form constitutes continuing 
authorization. The fourth requirement is for the broker-fiduciary to 
report all transactions to the independent fiduciary, either by 
confirmation slips or through quarterly reports. The fifth requirement 
calls for the broker-fiduciary to provide an annual summary of the 
transactions. The annual summary must contain all security transaction-
related charges incurred by the plan, the brokerage placement 
practices, and a portfolio turnover ratio. The ICR is scheduled to 
expire on September 30, 2011.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Furnishing Documents to the Secretary of Labor on Request 
under ERISA Section 104(a)(6).
    Type of Review: Extension without change of a currently approved 
collection of information.
    OMB Number: 1210-0112.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions.
    Respondents: 500.
    Responses: 500.
    Estimated Total Burden Hours: 44.
    Estimated Total Burden Cost (Operating and Maintenance): $1,665.
    Description: As a result of the Taxpayer Relief Act of 1997 (TRA 
97), the plan administrators of ERISA-covered employee benefit plans no 
longer need to file copies of the summary plan descriptions and 
summaries of material modifications that are publicly available. TRA 97 
added paragraph (6) to section 104(a) of ERISA. Prior to the TRA 97 
amendments, ERISA required certain documents be filed with the 
Department so that plan participants and beneficiaries could obtain the 
documents without having to turn to the plan administrator. The new 
section 104(a)(6) authorizes the Department to request these documents 
on behalf of plan participants and beneficiaries. The Department issued 
a final implementing guidance on this matter on January 7, 2002 (67 FR 
772). The ICR relating to document requests is scheduled to expire on 
December 31, 2011.

Focus of Comments

    The Department is particularly interested in comments that:
     Evaluate whether the collections of information are 
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 
collections 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 ICRs for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Dated: May 18, 2011.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. 2011-12711 Filed 5-23-11; 8:45 am]
BILLING CODE 4510-29-P