Notice2023-08007
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Class Exemption for Certain Transactions Involving the Sale of Individual Life Insurance or Annuity Contracts by an Employee Benefit Plan
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
April 17, 2023
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 88 Issue 73 (Monday, April 17, 2023)</title>
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[Federal Register Volume 88, Number 73 (Monday, April 17, 2023)]
[Notices]
[Page 23473]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-08007]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Class Exemption for Certain Transactions
Involving the Sale of Individual Life Insurance or Annuity Contracts by
an Employee Benefit Plan
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 May 17, 2023.
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#42060d0e1d1210031d1217000e0b0102262d2e6c252d34"><span class="__cf_email__" data-cfemail="4b0f0407141b190a141b1e090702080b2f2427652c243d">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 408(a) of the Employee Retirement
Income Security Act (ERISA) authorizes the Secretary of Labor ``to
grant a conditional or unconditional exemption of any fiduciary or
class of fiduciaries or transactions, from all or part of the
restrictions imposed by section 406 and 407(a).'' Class exemption PTE
92-6 exempts from the prohibited transaction restrictions the sale of
individual life insurance or annuity contracts held by an employee
benefit plan to certain parties. Plans utilizing the exemption are
required to inform the insured participant of a proposed sale of a life
insurance or annuity policy to the employer, a relative, a trust,
another plan, an owner-employee, or a shareholder-employee and be given
an opportunity to purchase such contract. For additional substantive
information about this ICR, see the related notice published in the
Federal Register on July 22, 2022 (87 FR 43897).
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: Class Exemption for Certain Transactions
Involving the Sale of Individual Life Insurance or Annuity Contracts
Held by an Employee Benefit Plan.
OMB Control Number: 1210-0063.
Affected Public: Private Sector--Businesses or other for-profits.
Total Estimated Number of Respondents: 11,401.
Total Estimated Number of Responses: 11,401.
Total Estimated Annual Time Burden: 2,280 hours.
Total Estimated Annual Other Costs Burden: $7,753.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Dated: April 10, 2023.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2023-08007 Filed 4-14-23; 8:45 am]
BILLING CODE 4510-29-P
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