Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1998-54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions, 45617-45618 [2017-20916]

Download as PDF Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices 45617 159 TAA PETITIONS INSTITUTED BETWEEN 6/5/17 AND 8/18/17—Continued TA–W 93072 93073 93074 93075 93076 93077 93078 93079 93080 93081 93082 93083 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... Location National Oilwell Varco (Workers) ...................................... Norpac Foods Inc. (State/One-Stop) ................................ Philips Medical Systems (Cleveland) Inc. (Company) ...... Yanfeng US Automotive II LLC (Union) ........................... API Heat Transfer (Union) ................................................ Fargo Assembly of Mississippi, LLC (Workers) ................ Health Care Service Corporation (State/One-Stop) ......... Travelport (State/One-Stop) .............................................. Affinity Apparel (Workers) ................................................. Casamba (an affiliate of Source Medical) (Workers) ....... DART Aerospace (State/One-Stop) .................................. Hitachi Metals Automotive Components, LLC (State/ One-Stop). Claremore, OK ................................... Salem, OR .......................................... Aurora, IL ............................................ Lansing, MI ......................................... Cheektowaga, NY .............................. Kosciusko, MS .................................... Downers Grove, IL ............................. Kansas City, MO ................................ Moultrie, GA ....................................... Rome, GA ........................................... Eugene, OR ........................................ Wellsboro, PA ..................................... [FR Doc. 2017–20940 Filed 9–28–17; 8:45 am] BILLING CODE 4510–FN–P DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1998–54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions Notice of availability; request for comments. ACTION: The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ‘‘Prohibited Transaction Class Exemption 1998–54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions,’’ 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). Public comments on the ICR are invited. DATES: The OMB will consider all written comments that agency receives on or before October 30, 2017. 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=201707-1210-001 (this link will only become active on the day following publication of this notice) or by asabaliauskas on DSKBBXCHB2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 Date of institution Subject firm (petitioners) 18:50 Sep 28, 2017 Jkt 241001 contacting Michel Smyth by telephone at 202–693–4129, TTY 202–693–8064, (these are not toll-free numbers) or by email at DOL_PRA_PUBLIC@dol.gov. Submit comments about this request by mail 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: 202–395–5806 (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, TTY 202–693–8064, (these are not toll-free numbers) or by email at DOL_ PRA_PUBLIC@dol.gov. SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for the information collection requirements contained in Prohibited Transaction Class Exemption (PTE) 1998–54 that relates to certain employee benefit plan foreign exchange transactions executed pursuant to standing instructions. More specifically, the PTE permits certain foreign exchange transactions between employee benefit plans and certain banks and broker-dealers that are parties in interest with respect to such plans. In order that such transactions be consistent with Employee Retirement Income Security Act (ERISA) section 408(a), 29 U.S.C. 1108/(a), requirements, the PTE imposes the following conditions at the time the foreign exchange transaction is entered into: (a) The terms of the transaction must not be PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 08/14/17 08/14/17 08/14/17 08/14/17 08/16/17 08/17/17 08/17/17 08/17/17 08/18/17 08/18/17 08/18/17 08/18/17 Date of petition 08/09/17 08/11/17 08/11/17 08/11/17 08/07/17 08/16/17 08/16/17 08/16/17 08/17/17 08/17/17 08/17/17 08/17/17 less favorable than those available in comparable arm’s-length transactions between unrelated parties or those afforded by the bank or the brokerdealer in comparable arm’s-length transactions involving unrelated parties; (b) neither the bank nor the brokerdealer has any discretionary authority with respect to the investment of the assets involved in the transaction; (c) the bank or broker-dealer maintains at all times written policies and procedures regarding the handling of foreign exchange transactions for plans for which it is a party in interest which ensure that the party acting for the bank or the broker-dealer knows it is dealing with a plan; (d) the transactions are performed in accordance with a written authorization executed in advance by an independent fiduciary of the plan whose assets are involved in the transaction and who is independent of the bank or broker-dealer engaging in the covered transaction; (e) transactions are executed within one business day of receipt of funds; (f) the bank or the broker-dealer, at least once a day at a time specified in written procedures, establishes a rate or range of rates of exchange to be used for the transactions covered by this exemption and executes transactions at either the next scheduled time or no later than twenty-four (24) hours after receipt of notice of receipt of funds; (g) prior to execution of a transaction, the bank or the brokerdealer provides the authorizing fiduciary with a copy of the applicable written policies and procedures for foreign exchange transactions involving income item conversions and de minimis purchases and sale transactions; (h) the bank or the brokerdealer furnishes the authorizing fiduciary a written confirmation statement with respect to each covered transaction within five (5) days of execution; (i) the bank or the brokerdealer maintains records necessary for E:\FR\FM\29SEN1.SGM 29SEN1 asabaliauskas on DSKBBXCHB2PROD with NOTICES 45618 Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices plan fiduciaries, participants, and the DOL and Internal Revenue Service to determine whether the conditions of the exemption have been met for a period of six years from the date of execution of a transaction. Internal Revenue Code of 1986 section 4975 and ERISA section 408 authorize this information collection. See 26 U.S.C. 4975; 29 U.S.C. 1108. 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 1210–0111. 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 September 30, 2017. 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, 2017 (82 FR 23303). 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 thirty (30) days of publication of this notice in the Federal Register. In order to help ensure appropriate consideration, comments should mention OMB Control Number 1210–0111. 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; VerDate Sep<11>2014 18:50 Sep 28, 2017 Jkt 241001 • 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 1998–54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions. OMB Control Number: 1210–0111. Affected Public: Private Sector— businesses or other for-profits. Total Estimated Number of Respondents: 35. Total Estimated Number of Responses: 420,000. Total Estimated Annual Time Burden: 4,200 hours. Total Estimated Annual Other Costs Burden: $0. Authority: 44 U.S.C. 3507(a)(1)(D). Dated: September 15, 2017. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2017–20916 Filed 9–28–17; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR [Agency Docket Number: DOL–2017–0003] Request for Information on Potential Stay-at-Work/Return-to-Work Demonstration Projects Office of Disability Employment Policy, DOL. ACTION: Request for information. AGENCY: Washington State’s workers’ compensation system runs several promising early intervention programs including the Centers of Occupational Health and Education (COHE) and the Early Return to Work and the Stay at Work programs, which provide early intervention and return-to-work services for individuals with work-related health conditions and their employers. The President’s FY2018 budget proposed that the Office of Disability Employment Policy (ODEP) at the U.S. Department of Labor (DOL) and the Social Security Administration (SSA) jointly conduct a demonstration testing the effects of implementing key features of these programs in other states and/or for a broader population beyond workers’ SUMMARY: PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 compensation. To do that, we anticipate funding two to three states to operate projects with key elements drawn from the Washington State programs mentioned above, with an increased emphasis on access to employmentrelated supports, or fund the expansion of existing programs to include increased access to employment-related supports. The ultimate policy goal is to increase employment and labor force participation of individuals who have or are developing work disabilities. This request for information (RFI) seeks public input on how the proposed demonstration projects can best be designed to promote labor force attachment, coordinate employment and health services, and support injured and ill workers in returning to and remaining at work. The input we receive will inform our deliberations about the possible design of a future demonstration project. DATES: Comments must be received by October 30, 2017. ADDRESSES: You may submit comments by any one of three methods—Internet, fax, or mail. Do not submit the same comments multiple times or by more than one method. Regardless of which method you choose, please refer to Docket No. DOL–2017–0003in your comment pages so that we may associate your comments with the correct docket. Caution: In your comments, you should be careful to include only the information that you wish to make publicly available. We strongly urge you not to include in your comments any personal information, such as Social Security numbers or medical information. 1. Internet: We strongly recommend that you submit your comments via the Internet. Please visit the Federal eRulemaking portal at http:// www.regulations.gov. Use the ‘‘Search’’ function to find docket number DOL– 2017–0003. The system will issue a tracking number to confirm your submission. You will not be able to view your comment immediately because we must post each comment manually. It may take up to a week for your comment to be viewable. 2. Fax: Fax comments to (202) 693– 7888. 3. Mail: Mail your comments to the Office of Disability Employment Policy, U.S. Department of Labor, 200 Constitution Avenue NW., S–1303, Washington, DC 20210. Comments are available for public viewing on the Federal eRulemaking portal at http://www.regulations.gov or in person, during regular business E:\FR\FM\29SEN1.SGM 29SEN1

Agencies

[Federal Register Volume 82, Number 188 (Friday, September 29, 2017)]
[Notices]
[Pages 45617-45618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20916]


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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 1998-54 
Relating to Certain Employee Benefit Plan Foreign Exchange Transactions 
Executed Pursuant to Standing Instructions

ACTION: Notice of availability; request for comments.

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

SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Prohibited Transaction Class 
Exemption 1998-54 Relating to Certain Employee Benefit Plan Foreign 
Exchange Transactions Executed Pursuant to Standing Instructions,'' 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). Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before October 30, 2017.

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=201707-1210-001 (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, TTY 202-693-8064, (these are 
not toll-free numbers) or by email at DOL_PRA_PUBLIC@dol.gov.
    Submit comments about this request by mail 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: 202-395-5806 (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, TTY 202-693-8064, (these are not toll-free numbers) or by email 
at DOL_PRA_PUBLIC@dol.gov.

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the information collection requirements contained in Prohibited 
Transaction Class Exemption (PTE) 1998-54 that relates to certain 
employee benefit plan foreign exchange transactions executed pursuant 
to standing instructions. More specifically, the PTE permits certain 
foreign exchange transactions between employee benefit plans and 
certain banks and broker-dealers that are parties in interest with 
respect to such plans. In order that such transactions be consistent 
with Employee Retirement Income Security Act (ERISA) section 408(a), 29 
U.S.C. 1108/(a), requirements, the PTE imposes the following conditions 
at the time the foreign exchange transaction is entered into: (a) The 
terms of the transaction must not be less favorable than those 
available in comparable arm's-length transactions between unrelated 
parties or those afforded by the bank or the broker-dealer in 
comparable arm's-length transactions involving unrelated parties; (b) 
neither the bank nor the broker-dealer has any discretionary authority 
with respect to the investment of the assets involved in the 
transaction; (c) the bank or broker-dealer maintains at all times 
written policies and procedures regarding the handling of foreign 
exchange transactions for plans for which it is a party in interest 
which ensure that the party acting for the bank or the broker-dealer 
knows it is dealing with a plan; (d) the transactions are performed in 
accordance with a written authorization executed in advance by an 
independent fiduciary of the plan whose assets are involved in the 
transaction and who is independent of the bank or broker-dealer 
engaging in the covered transaction; (e) transactions are executed 
within one business day of receipt of funds; (f) the bank or the 
broker-dealer, at least once a day at a time specified in written 
procedures, establishes a rate or range of rates of exchange to be used 
for the transactions covered by this exemption and executes 
transactions at either the next scheduled time or no later than twenty-
four (24) hours after receipt of notice of receipt of funds; (g) prior 
to execution of a transaction, the bank or the broker-dealer provides 
the authorizing fiduciary with a copy of the applicable written 
policies and procedures for foreign exchange transactions involving 
income item conversions and de minimis purchases and sale transactions; 
(h) the bank or the broker-dealer furnishes the authorizing fiduciary a 
written confirmation statement with respect to each covered transaction 
within five (5) days of execution; (i) the bank or the broker-dealer 
maintains records necessary for

[[Page 45618]]

plan fiduciaries, participants, and the DOL and Internal Revenue 
Service to determine whether the conditions of the exemption have been 
met for a period of six years from the date of execution of a 
transaction. Internal Revenue Code of 1986 section 4975 and ERISA 
section 408 authorize this information collection. See 26 U.S.C. 4975; 
29 U.S.C. 1108.
    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 1210-0111.
    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 September 30, 2017. 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, 2017 (82 FR 23303).
    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 thirty (30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0111. 
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 1998-54 
Relating to Certain Employee Benefit Plan Foreign Exchange Transactions 
Executed Pursuant to Standing Instructions.
    OMB Control Number: 1210-0111.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 35.
    Total Estimated Number of Responses: 420,000.
    Total Estimated Annual Time Burden: 4,200 hours.
    Total Estimated Annual Other Costs Burden: $0.

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

    Dated: September 15, 2017.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2017-20916 Filed 9-28-17; 8:45 am]
 BILLING CODE 4510-29-P