Agency Information Collection Activities; Submission for OMB Review; Comment Request; Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption, 5578 [2024-01662]

Download as PDF 5578 Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / Notices DEPARTMENT OF LABOR Agency Information Collection Activities; Submission for OMB Review; Comment Request; Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption Notice of availability; request for comments. ACTION: The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval 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 the agency receives on or before February 28, 2024. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Comments are invited on: (1) whether the collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; (2) the accuracy of the agency’s estimates of the burden and cost of the collection of information, including the validity of the methodology and assumptions used; (3) ways to enhance the quality, utility and clarity of the information collection; and (4) ways to minimize the burden of the collection of information on those who are to respond, including the use of automated collection techniques or other forms of information technology. FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202– 693–6782, or by email at DOL_PRA_ PUBLIC@dol.gov. SUPPLEMENTARY INFORMATION: The proposed exemption would allow investment advice fiduciaries under both ERISA and the Code to receive compensation, including as a result of advice to roll over assets from a Plan to an IRA, and engage in principal transactions, that would otherwise violate the prohibited transaction provisions of ERISA and the Code. The exemption would apply to registered investment advisers, broker-dealers, ddrumheller on DSK120RN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 18:33 Jan 26, 2024 Jkt 262001 banks, insurance companies, and their employees, agents, and representatives that are investment advice fiduciaries. The exemption would include protective conditions designed to safeguard the interests of Plans, participants and beneficiaries, and IRA owners. The new class exemption would affect participants and beneficiaries of Plans, IRA owners, and fiduciaries with respect to such Plans and IRAs. For additional substantive information about this ICR, see the related notice published in the Federal Register on August 25, 2023 (88 FR 58312). 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 the OMB approves it 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 OMB Control Number. See 5 CFR 1320.5(a) and 1320.6. DOL seeks PRA authorization for this information collection for three (3) years. OMB authorization for an ICR cannot be for more than three (3) years without renewal. The DOL notes that information collection requirements submitted to the OMB for existing ICRs receive a month-to-month extension while they undergo review. Agency: DOL–EBSA. Title of Collection: Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption. OMB Control Number: 1210–0163. Affected Public: Individuals or households. Total Estimated Number of Respondents: 18,259. Total Estimated Number of Responses: 3,259,765. Total Estimated Annual Time Burden: 994,301 hours. Total Estimated Annual Other Costs Burden: $104,639. (Authority: 44 U.S.C. 3507(a)(1)(D)) Michael Howell, Senior Paperwork Reduction Act Analyst. [FR Doc. 2024–01662 Filed 1–26–24; 8:45 am] BILLING CODE 4510–29–P PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 OFFICE OF MANAGEMENT AND BUDGET Notice; 2023 Statutory Pay-As-You-Go Act Annual Report Office of Management and Budget (OMB). ACTION: Notice. AGENCY: This report is being published as required by the Statutory Pay-AsYou-Go (PAYGO) Act of 2010. The Act requires that OMB issue an annual report and a sequestration order, if necessary. FOR FURTHER INFORMATION CONTACT: Erin O’Brien. 202–395–3106. SUPPLEMENTARY INFORMATION: This report can be found at https:// www.whitehouse.gov/omb/paygo/. Authority: 2 U.S.C. 934. SUMMARY: Kelly A. Kinneen, Assistant Director for Budget. This Report is being published pursuant to section 5 of the Statutory Pay-As-You-Go (PAYGO) Act of 2010, Public Law 111–139, 124 Stat. 8, 2 U.S.C. 934, which requires that OMB issue an annual PAYGO report, including a sequestration order if necessary, no later than 14 working days after the end of a congressional session. This Report describes the budgetary effects of all PAYGO legislation enacted during the first session of the 118th Congress and presents the 5-year and 10-year PAYGO scorecards maintained by OMB.1 Because neither the 5-year nor 10-year scorecard shows a debit for the budget year, which for purposes of this Report is fiscal year 2024,2 a sequestration order under subsection 5(b) of the PAYGO Act, 2 U.S.C 934(b) is not required. The budget year balance on each of the PAYGO scorecards is zero because the Consolidated Appropriations Act, 2023 (Pub. L. 117–328) shifted the debits on both scorecards from fiscal year 2024 to fiscal year 2025. The change directed by Public Law 117–328 is discussed in more detail in section IV of this report. During the first session of the 118th Congress, no laws with PAYGO effects were enacted with emergency requirements under section 4(g) of the PAYGO Act, 2 U.S.C. 933(g), though as discussed later in this report, one law was enacted that rescinded funding that received an emergency designation 1 This report encompasses laws enacted between January 3, 2023 at noon and January 3, 2024 at 11:55 a.m. (Pub. L. 117–329 through Pub. L. 118– 34). 2 References to years on the PAYGO scorecards are to fiscal years. E:\FR\FM\29JAN1.SGM 29JAN1

Agencies

[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Notices]
[Page 5578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01662]



[[Page 5578]]

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

DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Improving Investment Advice for Workers & 
Retirees Prohibited Transaction Exemption

ACTION: Notice of availability; request for comments.

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

SUMMARY: The Department of Labor (DOL) is submitting this Employee 
Benefits Security Administration (EBSA)-sponsored information 
collection request (ICR) to the Office of Management and Budget (OMB) 
for review and approval 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 the agency 
receives on or before February 28, 2024.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    Comments are invited on: (1) whether the collection of information 
is necessary for the proper performance of the functions of the 
Department, including whether the information will have practical 
utility; (2) the accuracy of the agency's estimates of the burden and 
cost of the collection of information, including the validity of the 
methodology and assumptions used; (3) ways to enhance the quality, 
utility and clarity of the information collection; and (4) ways to 
minimize the burden of the collection of information on those who are 
to respond, including the use of automated collection techniques or 
other forms of information technology.

FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at [email protected].

SUPPLEMENTARY INFORMATION: The proposed exemption would allow 
investment advice fiduciaries under both ERISA and the Code to receive 
compensation, including as a result of advice to roll over assets from 
a Plan to an IRA, and engage in principal transactions, that would 
otherwise violate the prohibited transaction provisions of ERISA and 
the Code. The exemption would apply to registered investment advisers, 
broker-dealers, banks, insurance companies, and their employees, 
agents, and representatives that are investment advice fiduciaries. The 
exemption would include protective conditions designed to safeguard the 
interests of Plans, participants and beneficiaries, and IRA owners. The 
new class exemption would affect participants and beneficiaries of 
Plans, IRA owners, and fiduciaries with respect to such Plans and IRAs. 
For additional substantive information about this ICR, see the related 
notice published in the Federal Register on August 25, 2023 (88 FR 
58312).
    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 the OMB approves it 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 
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
    DOL seeks PRA authorization for this information collection for 
three (3) years. OMB authorization for an ICR cannot be for more than 
three (3) years without renewal. The DOL notes that information 
collection requirements submitted to the OMB for existing ICRs receive 
a month-to-month extension while they undergo review.
    Agency: DOL-EBSA.
    Title of Collection: Improving Investment Advice for Workers & 
Retirees Prohibited Transaction Exemption.
    OMB Control Number: 1210-0163.
    Affected Public: Individuals or households.
    Total Estimated Number of Respondents: 18,259.
    Total Estimated Number of Responses: 3,259,765.
    Total Estimated Annual Time Burden: 994,301 hours.
    Total Estimated Annual Other Costs Burden: $104,639.

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

Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-01662 Filed 1-26-24; 8:45 am]
BILLING CODE 4510-29-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.