Notice2025-05323
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Acquisition and Sale of Trust Real Estate Investment Trust Shares by Individual Account Plans Sponsored by Trust Real Estate Investment Trusts
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
March 28, 2025
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
<html>
<head>
<title>Federal Register, Volume 90 Issue 59 (Friday, March 28, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 59 (Friday, March 28, 2025)]
[Notices]
[Pages 14166-14167]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05323]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Acquisition and Sale of Trust Real Estate
Investment Trust Shares by Individual Account Plans Sponsored by Trust
Real Estate Investment Trusts
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 April 28, 2025.
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.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#6c282320333c3e2d333c392e20252f2c080300420b031a"><span class="__cf_email__" data-cfemail="a6e2e9eaf9f6f4e7f9f6f3e4eaefe5e6c2c9ca88c1c9d0">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption 2004-07
permits an individual account pension plan sponsored by a real estate
investment trust (REIT) within the meaning of Code section 856 that is
organized as a trust under applicable law (Trust REIT), or by its
affiliates, to purchase, hold and sell publicly traded shares of
beneficial interest in the Trust REIT at the direction of the
participant or an independent fiduciary. The relief also covers
contributions in kind of REIT shares. Such purchases, holdings, and
sales would otherwise be prohibited under ERISA section 406 and Code
section 4975.
The class exemption requires, among other conditions, that the
Trust REIT (or its agent) provide the person who has authority to
direct acquisition or sale of REIT shares with the most recent
prospectus, quarterly report, and annual report concerning the Trust
REIT prior to or immediately after an initial investment in the Trust
REIT. The person with such authority may be, under the terms of the
plan, either an independent fiduciary or a participant exercising
investment rights pertaining to his or her individual account under the
plan. Updated versions of the reports must be provided to the directing
person as published. The exemption further requires the plan to
maintain records concerning investments in a Trust REIT for a period of
six years and make them available to interested persons including the
Department, Internal Revenue Service, fiduciary or authorized
representative of the plan, and participants and beneficiaries. The
exemption requires confidentiality procedures, which must be designed
to protect against the possibility that an employer may exert undue
influence on participants regarding share-related transactions, and the
participants and beneficiaries of the plan must be provided with a
statement describing the confidentiality procedures in place and the
fiduciary responsible for monitoring these procedures. For additional
substantive information about this ICR, see the related notice
published in the Federal Register on July 9, 2024 (89 FR 56416).
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.
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.
[[Page 14167]]
Agency: DOL-EBSA.
Title of Collection: Acquisition and Sale of Trust Real Estate
Investment Trust Shares by Individual Account Plans Sponsored by Trust
Real Estate Investment Trusts.
OMB Control Number: 1210-0124.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 57.
Total Estimated Number of Responses: 2,695.
Total Estimated Annual Time Burden: 144 hours.
Total Estimated Annual Other Costs Burden: $10,214.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-05323 Filed 3-27-25; 8:45 am]
BILLING CODE 4510-29-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on March 28, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.