Notice2022-14004
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption for Insurance and Annuity Contracts and Mutual Fund Principal Underwriters
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 30, 2022
Issuing agencies
Labor Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 87 Issue 125 (Thursday, June 30, 2022)</title>
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[Federal Register Volume 87, Number 125 (Thursday, June 30, 2022)]
[Notices]
[Pages 39129-39130]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-14004]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Prohibited Transaction Class Exemption for
Insurance and Annuity Contracts and Mutual Fund Principal Underwriters
ACTION: Notice of availability; request for comments.
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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 August 1, 2022.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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) if the information will be processed and used in a timely
manner; (3) 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; (4) ways to enhance the quality,
utility and clarity of the information collection; and (5) 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: Mara Blumenthal by telephone at 202-
693-8538, or by email at <a href="/cdn-cgi/l/email-protection#50141f1c0f0002110f0005121c191310343f3c7e373f26"><span class="__cf_email__" data-cfemail="d1959e9d8e8183908e8184939d989291b5bebdffb6bea7">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Class Exemption (PTE)
84-24, as amended, provides an exemption for insurance agents,
insurance brokers and pension consultants to receive a sales commission
from an insurance company in connection with the purchase, with plan or
IRA assets, of an insurance or annuity contract. Relief is also
provided for a principal underwriter for an investment company
registered under the Investment Company Act of 1940 to receive a sales
commission in connection with the purchase, with plan or IRA assets, of
securities issued by the investment company. To ensure that the class
exemption is not abused, that the rights of the participants and
beneficiaries are protected, and that the exemption's conditions are
being complied with, the Department often requires minimal information
collection pertaining to the affected transactions. For additional
substantive information about this ICR, see the related notice
published in the Federal Register on March 17, 2022 (87 FR 15267).
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
[[Page 39130]]
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: Prohibited Transaction Class Exemption for
Insurance and Annuity Contracts and Mutual Fund Principal Underwriters.
OMB Control Number: 1210-0158.
Affected Public: Private Sector--Businesses or other for-profits
and not-for-profit institutions.
Total Estimated Number of Respondents: 7,988.
Total Estimated Number of Responses: 258,041.
Total Estimated Annual Time Burden: 45,277 hours.
Total Estimated Annual Other Costs Burden: $11,743.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Dated: June 23, 2022.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2022-14004 Filed 6-29-22; 8:45 am]
BILLING CODE 4510-29-P
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