Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Exemption 90-1, Insurance Company Pooled Separate Accounts, 34410 [2012-14085]

Agencies

• DEPARTMENT OF LABOR
• Office of the Secretary

[Federal Register Volume 77, Number 112 (Monday, June 11, 2012)]
[Notices]
[Page 34410]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14085]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Exemption 90-1, 
Insurance Company Pooled Separate Accounts

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Prohibited Transaction Exemption 90-
1; Insurance Company Pooled Separate Accounts,'' to the Office of 
Management and Budget (OMB) for review and approval for continued use 
in accordance with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 
3501 et seq.).

DATES: Submit comments on or before July 11, 2012.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained from the 
RegInfo.gov Web site, https://www.reginfo.gov/public/do/PRAMain, on the 
day following publication of this notice or by contacting Michel Smyth 
by telephone at 202-693-4129 (this is not a toll-free number) or 
sending an email to DOL_PRA_PUBLIC@dol.gov.
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503, Telephone: 202-395-6929/Fax: 202-395-6881 (these 
are not toll-free numbers), email: OIRA_submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by email at DOL_PRA_PUBLIC@dol.gov.

SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption (PTE) 90-1, 
Insurance Company Pooled Separate Accounts, provides an exemption from 
certain provisions of the Employee Retirement Income Security Act of 
1974 (ERISA) relating to transactions involving insurance company 
pooled separate accounts in which employee benefit plans participate. 
Without the exemption, ERISA sections 406 and 407(a) and Internal 
Revenue Code section 4975(c)(1) might prohibit a party in interest to a 
plan from furnishing goods or services to an insurance company pooled 
separate account in which the plan has an interest or prohibit engaging 
in other transactions. Under the exemption, persons who are parties in 
interest to a plan that invests in a pooled separate account, such as a 
service provider, may engage in otherwise prohibited transactions with 
the separate account if the plan's participation in the separate 
account does not exceed specified limits and other conditions are met. 
These other conditions include a requirement that the party in interest 
not be the insurance company, or an affiliate thereof, that holds the 
plan assets in its pooled separate account or other separate account. 
The terms of the transaction to which the exemption is applied must be 
at least as favorable to the pooled separate account as those that 
would be obtained in a separate arms-length transaction with an 
unrelated party, and the insurance company must maintain records of any 
transaction to which the exemption applies for a period of six years. 
This ICR covers the recordkeeping requirement. This ICR seeks extension 
of the authority for the information collection without revising it.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is approved by the OMB under the PRA and displays 
a currently valid OMB Control Number. In addition, notwithstanding any 
other provisions of law, no person shall generally be subject to 
penalty for failing to comply with a collection of information if the 
collection of information does not display a valid OMB Control Number. 
See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this 
information collection under OMB Control Number 1210-0083. The current 
OMB approval is scheduled to expire on August 31, 2012; however, it 
should be noted that existing information collection requirements 
submitted to the OMB receive a month-to-month extension while they 
undergo review. For additional information, see the related notice 
published in the Federal Register on April 5, 2012 (77 FR 20650).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should reference OMB Control Number 1210-0083. 
The OMB 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., permitting 
electronic submission of responses.
    Agency: DOL-EBSA.
    Title of Collection: Insurance Company Pooled Separate Accounts.
    OMB Control Number: 1210-0083.
    Affected Public: Private Sector--Businesses or other for-profits.
    Total Estimated Number of Respondents: 64.
    Total Estimated Number of Responses: 640.
    Total Estimated Annual Burden Hours: 107.
    Total Estimated Annual Other Costs Burden: $0.

    Dated: June 5, 2012.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2012-14085 Filed 6-8-12; 8:45 am]
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