Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1992-6: Sale of Individual Life Insurance or Annuity Contracts by a Plan, 77716-77717 [2013-30638]

Download as PDF 77716 Federal Register / Vol. 78, No. 247 / Tuesday, December 24, 2013 / Notices • 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–OSHA. Title of Collection: Access to Employee Exposure and Medical Records. OMB Control Number: 1218–0065. Affected Public: Private sector— business or other for-profits. Total Estimated Number of Respondents: 759,668. Total Estimated Number of Responses: 6,548,554. Total Estimated Annual Burden Hours: 730,515. Total Estimated Annual Other Costs Burden: $0. Dated: December 18, 2013. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2013–30564 Filed 12–23–13; 8:45 am] BILLING CODE 4510–26–P Authority: 44 U.S.C. 3507(a)(1)(D). DEPARTMENT OF LABOR Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1992–6: Sale of Individual Life Insurance or Annuity Contracts by a Plan Notice. The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ‘‘Prohibited Transaction Class Exemption 1992–6: Sale of Individual Life Insurance or Annuity Contracts by a Plan,’’ to the Office of Management and Budget (OMB) for review and approval for continued use, without change, in accordance with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq. DATES: Submit comments on or before January 23, 2014. 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 free of charge from the emcdonald on DSK67QTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 16:36 Dec 23, 2013 This ICR seeks to maintain PRA authorization for the information collection requirements contained in the Prohibited Transaction Class Exemption (PTE) applicable to the sale of individual life insurance or annuity contracts by a plan (PTE 1992– 6). More specifically, PTE 1992–6 exempts from the prohibited transaction restrictions of the Employee Retirement Income Security Act (ERISA), 29 U.S.C. 1101 et seq., 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; provided that certain conditions are met. In the absence of this exemption, certain aspects of these transactions might be prohibited by ERISA section 406. Among other conditions, PTE 1992–6 requires that a pension plan 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. The ERISA authorizes this information collection. See 29 U.S.C. 1108(a). This information collection is subject to the PRA. A Federal agency generally cannot conduct or sponsor a collection SUPPLEMENTARY INFORMATION: Office of the Secretary ACTION: RegInfo.gov Web site at http:// www.reginfo.gov/public/do/ PRAViewICR?ref_nbr=201311-1210-002 (this link will only become active 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 by mail or courier to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL–EBSA, Office of Management and Budget, Room 10235, 725 17th Street, NW., Washington, DC 20503; by Fax: 202– 395–6881 (this is not a toll-free number); or by email: OIRA_ submission@omb.eop.gov. Commenters are encouraged, but not required, to send a courtesy copy of any comments by mail or courier to the U.S. Department of Labor-OASAM, Office of the Chief Information Officer, Attn: Departmental Information Compliance Management Program, Room N1301, 200 Constitution Avenue, NW., Washington, DC 20210; or by email: DOL_PRA_PUBLIC@dol.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. Jkt 232001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 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 that does not display a valid Control Number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under Control Number 1210–0063. OMB authorization for an ICR cannot be for more than three (3) years without renewal, and the current approval for this collection is scheduled to expire on December 31, 2013. The DOL seeks to extend PRA authorization for this information collection for three (3) more years, without any change to existing requirements. The DOL notes that existing information collection requirements submitted to the OMB receive a month-to-month extension while they undergo review. For additional substantive information about this ICR, see the related notice published in the Federal Register on May 22, 2013 (78 FR 30333). 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 mention OMB Control Number 1210– 0063. 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: Prohibited Transaction Class Exemption 1992–6: E:\FR\FM\24DEN1.SGM 24DEN1 Federal Register / Vol. 78, No. 247 / Tuesday, December 24, 2013 / Notices Sale of Individual Life Insurance or Annuity Contracts by a Plan. OMB Control Number: 1210–0063. Affected Public: Private Sector— businesses or other for-profits. Total Estimated Number of Respondents: 10,600. Total Estimated Number of Responses: 10,600. Total Estimated Annual Burden Hours: 2,100. Total Estimated Annual Other Costs Burden: $5,500. Dated: December 18, 2013. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2013–30638 Filed 12–23–13; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Default Investment Alternatives under Participant Directed Individual Account Plans ACTION: Notice. The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ‘‘Default Investment Alternatives under Participant Directed Individual Account Plans,’’ to the Office of Management and Budget (OMB) for review and approval for continued use, without change, in accordance with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq. DATES: Submit comments on or before January 23, 2014. 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 free of charge from the RegInfo.gov Web site at http:// www.reginfo.gov/public/do/ PRAViewICR?ref_nbr=201311-1210-004 (this link will only become active 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 by mail or courier to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL–EBSA, Office of Management and Budget, Room 10235, 725 17th Street NW., emcdonald on DSK67QTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 16:36 Dec 23, 2013 Jkt 232001 Washington, DC 20503; by Fax: 202– 395–6881 (this is not a toll-free number); or by email: OIRA_ submission@omb.eop.gov. Commenters are encouraged, but not required, to send a courtesy copy of any comments by mail or courier to the U.S. Department of Labor-OASAM, Office of the Chief Information Officer, Attn: Departmental Information Compliance Management Program, Room N1301, 200 Constitution Avenue NW., Washington, DC 20210; or by email: DOL_PRA_PUBLIC@dol.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. Authority: 44 U.S.C. 3507(a)(1)(D). SUPPLEMENTARY INFORMATION: This ICR seeks to maintain PRA authority for the information collection requirements specified in regulations 29 CFR 2520.104b–1 and 2550.404c–5. More specifically, Employee Retirement Income Security Act of 1974 (ERISA) section 404(c), 29 U.S.C. 1104(c), provides that a participant or beneficiary who can hold an individual account under his or her pension plan and who can exercise control over account assets, as determined in DOL regulations, will not be treated as a plan fiduciary. Moreover, no other plan fiduciary will be liable for any loss, or due to any breach, resulting from the participant’s or beneficiary’s exercise of control over the individual account assets. The Pension Protection Act, Public Law 109–280, amended the ERISA by adding section 404(c)(5)(A), 29 U.S.C. 1104(c)(5)(A), which provides that a participant in an individual account plan who fails to make investment elections regarding his or her account assets will nevertheless be treated as having exercised control over those assets, so long as the plan provides appropriate notice and invests the assets in accordance with DOL regulations. The DOL, accordingly, has promulgated a regulation to offer guidance on the types of investment vehicles that a plan may choose as its qualified default investment alternative (QDIA). The regulation also outlines two information collection requirements. First, it implements the statutory requirement that a plan provide an annual notice to each participant and beneficiary whose account assets could be invested in a QDIA. Second, the regulation requires a plan to pass any pertinent materials it receives from a QDIA to any participant or beneficiary with assets invested in the QDIA, as well to provide certain information on request. These information collections PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 77717 inform participants and beneficiaries who do not make investment elections of the consequences of the failure to elect investments, the ways in which account assets will be invested through the QDIA, and of the continuing opportunity to make other investment elections, including options available under the plan. 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 that does not display a valid Control Number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under Control Number 1210–0132. OMB authorization for an ICR cannot be for more than three (3) years without renewal, and the current approval for this collection is scheduled to expire on December 31, 2013. The DOL seeks to extend PRA authorization for this information collection for three (3) more years, without any change to existing requirements. The DOL notes that existing information collection requirements submitted to the OMB receive a month-to-month extension while they undergo review. For additional substantive information about this ICR, see the related notice published in the Federal Register on May 22, 2013 (78 FR 3033). 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 mention OMB Control Number 1210– 0132. 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 E:\FR\FM\24DEN1.SGM 24DEN1

Agencies

[Federal Register Volume 78, Number 247 (Tuesday, December 24, 2013)]
[Notices]
[Pages 77716-77717]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30638]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption 1992-6: 
Sale of Individual Life Insurance or Annuity Contracts by a Plan

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 Class 
Exemption 1992-6: Sale of Individual Life Insurance or Annuity 
Contracts by a Plan,'' to the Office of Management and Budget (OMB) for 
review and approval for continued use, without change, in accordance 
with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq.

DATES: Submit comments on or before January 23, 2014.

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 free of charge 
from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201311-1210-002 (this link will only become active 
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 by mail or courier to the Office 
of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL-
EBSA, Office of Management and Budget, Room 10235, 725 17th Street, 
NW., Washington, DC 20503; by Fax: 202-395-6881 (this is not a toll-
free number); or by email: OIRA_submission@omb.eop.gov. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue, NW., 
Washington, DC 20210; or by email: DOL_PRA_PUBLIC@dol.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.

    Authority: 44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: This ICR seeks to maintain PRA authorization 
for the information collection requirements contained in the Prohibited 
Transaction Class Exemption (PTE) applicable to the sale of individual 
life insurance or annuity contracts by a plan (PTE 1992-6). More 
specifically, PTE 1992-6 exempts from the prohibited transaction 
restrictions of the Employee Retirement Income Security Act (ERISA), 29 
U.S.C. 1101 et seq., 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; 
provided that certain conditions are met. In the absence of this 
exemption, certain aspects of these transactions might be prohibited by 
ERISA section 406. Among other conditions, PTE 1992-6 requires that a 
pension plan 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. The ERISA 
authorizes this information collection. See 29 U.S.C. 1108(a).
    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 that 
does not display a valid Control Number. See 5 CFR 1320.5(a) and 
1320.6. The DOL obtains OMB approval for this information collection 
under Control Number 1210-0063.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on December 31, 2013. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL notes that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on May 22, 2013 (78 FR 30333).
    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 mention OMB Control Number 1210-0063. 
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: Prohibited Transaction Class Exemption 1992-6:

[[Page 77717]]

Sale of Individual Life Insurance or Annuity Contracts by a Plan.
    OMB Control Number: 1210-0063.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 10,600.
    Total Estimated Number of Responses: 10,600.
    Total Estimated Annual Burden Hours: 2,100.
    Total Estimated Annual Other Costs Burden: $5,500.

    Dated: December 18, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-30638 Filed 12-23-13; 8:45 am]
BILLING CODE 4510-29-P