Proposed Extension of Information Collection Request Submitted
for Public Comment; Prohibited Transaction Class Exemption 92-6--Sale
of Individual Life Insurance or Annuity Contracts by a Plan
[04/09/2007]
Volume 72, Number 67, Page 17587-17588
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment; Prohibited Transaction Class Exemption 92-6--Sale
of Individual Life Insurance or Annuity Contracts by a Plan
AGENCY: Employee Benefits Security Administration, Department of Labor.
ACTION: Notice.
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SUMMARY: The Department of Labor (the Department), in accordance with
the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)),
provides the general public and Federal agencies with an opportunity to
comment on proposed and continuing collections of information. This
helps the Department assess the impact of its information collection
requirements and minimize the reporting burden on the public and helps
the public understand the Department's information collection
requirements and provide the requested data in the desired format.
Currently, the Employee Benefits Security Administration is soliciting
comments on the proposed extension of the information collection
provisions of Prohibited Transaction Class Exemption 92-6. A copy of
the information collection request (ICR) may be obtained by contacting
the office listed in the ADDRESSES section of this notice.
DATES: Written comments must be submitted to the office shown in the
Addresses section on or before June 8, 2007.
ADDRESSES: Joseph S. Piacentini, Department of Labor, Employee Benefits
Security Administration, 200 Constitution Avenue, NW., Washington, DC
20210, (202) 693-8410, FAX (202) 693-4745 (these are not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Class Exemption 92-6 exempts from the
prohibited transaction restrictions of the Employee Retirement Security
Act of 1974 (ERISA) the sale of individual life insurance or annuity
contracts by a plan to participants, relatives of participants,
employers any of whose employees are covered by the plan, other
employee benefit plans, owner-employees or shareholder-employees. In
the absence of this exemption, certain aspects of these transactions
might be prohibited by section 406 of ERISA.
[[Page 17588]]
Among other conditions, PTE 92-6 requires that pension plans inform
the insured participant of a proposed sale of a life insurance or
annuity policy to the employer, a relative, another plan, an owner-
employee, or a shareholder-employee. This recordkeeping requirement
constitutes an information collection within the meaning of the PRA,
for which the Department has obtained approval from the Office of
Management and Budget (OMB) under OMB Control No. 1210-0063. The OMB
approval is currently scheduled to expire on July 31, 2007.
II. Current Actions
This notice requests public comment pertaining to the Department's
request for extension of OMB approval of the information collection
contained in PTE 92-6. After considering comments received in response
to this notice, the Department intends to submit an ICR to OMB for
continuing approval. No change to the existing ICR is proposed or made
at this time. An agency may not conduct or sponsor, and a person is not
required to respond to, an information collection unless it displays a
valid OMB control number. A summary of the ICR and the current burden
estimates follows:
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: Prohibited Transaction Class Exemption 92-6.
Type of Review: Extension of a currently approved collection of
information.
OMB Number: 1210-0063.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 8,360.
Responses: 8,360.
Estimated Total Burden Hours: 1,671.
Estimated Total Burden Cost (Operating and Maintenance): $3,093.
III. Focus of Comments
The Department of Labor (Department) 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., by
permitting electronic submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Dated: April 3, 2007.
Bradford P. Campbell,
Acting Assistant Secretary, Employee Benefits Security Administration.
[FR Doc. E7-6553 Filed 4-6-07; 8:45 am]
BILLING CODE 4510-29-P
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