[Federal Register Volume 85, Number 97 (Tuesday, May 19, 2020)]
[Notices]
[Page 29980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10724]
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DEPARTMENT OF LABOR
Office of the Secretary
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Prohibited Transaction Class Exemption 1992-6:
Sale of Individual Life Insurance or Annuity Contracts by a 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 agency receives
on or before June 18, 2020.
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) 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: Anthony May by telephone at 202-693-
4129 (this is not a toll-free number) or by email at
[email protected].
SUPPLEMENTARY INFORMATION: This class exemption exempts from the
prohibited transaction provisions of ERISA, the sale of individual 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, for
the cash surrender value of the contracts, provided certain conditions
set forth in the exemption are met. The Department has included in the
class exemption a basic disclosure requirement. Pension plans are
required to 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. If the participant elects
not to purchase the contract, the relative, the employer, another plan,
the owner-employees, or the shareholder-employees may purchase the
contract from the plan upon the receipt by the plan of written consent
of the participant. The disclosure requirement of the class exemption
does not apply if the contract is sold to the plan participant. For
additional substantive information about this ICR, see the related
notice published in the Federal Register on October 10, 2019 (84 FR
54642).
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: Prohibited Transaction Class Exemption 1992-6:
Sale of Individual Life Insurance or Annuity Contracts by a Plan.
OMB Control Number: 1210-0063.
Affected Public: Private Sector: Businesses or other for-profits.
Total Estimated Number of Respondents: 10,853.
Total Estimated Number of Responses: 10,853.
Total Estimated Annual Time Burden: 2,171 hours.
Total Estimated Annual Other Costs Burden: $6,512.
Authority: 44 U.S.C. 3507(a)(1)(D).
Dated: May 13, 2020.
Anthony May,
Acting Departmental Clearance Officer.
[FR Doc. 2020-10724 Filed 5-18-20; 8:45 am]
BILLING CODE 4510-29-P