17586 Federal Register / Vol. 72, No. 67 / Monday, April 9, 2007 / Notices 

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 

85–68. 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 

Pursuant to section 408 of ERISA, the 

Department has authority to grant an 

exemption from the prohibitions of 

sections 406 and 407(a) if it can 

determine that the exemption is 

administratively feasible, in the interest 

of participants and beneficiaries, and 

protective of the rights of participants 

and beneficiaries of the plan. Prohibited 

Transaction Class Exemption 85–68 

describes the conditions under which a 

plan is permitted to acquire customer 

notes accepted by an employer of 

employees covered by the plan in the 

ordinary course of the employer’s 

primary business activity. The 

exemption covers sales as well as 

contributions of customer notes by an 

employer to its plan. Specifically, the 

exemption requires that the employer 

provide a written guarantee to 

repurchase a note which becomes more 

than 60 days delinquent, that such notes 

be secured by a perfected security 

interest in the property financed by the 

note, and that the collateral be insured. 

The exemption requires records 

pertaining to the transaction to be 

maintained for a period of six years for 

the purpose of ensuring that the 

transactions are protective of the rights 

of participants and beneficiaries. 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–

0094. 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 

85–68. 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 85–68. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0094. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Respondents: 525. 

Frequency: On Occasion. 

Responses: 1900. 

Average Response time [if applicable]: 

1 hour. 

Estimated Total Burden Hours: 1900 

hours. 

Estimated Total Burden Cost: $0. 

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. E7–6551 Filed 4–6–07; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Proposed Extension of Information 

Collection Request Submitted for 

Public Comment; Prohibited 

Transaction Class Exemption 91–55—

Transactions Between Individual 

Retirement Accounts and Authorized 

Purchasers of American Eagle Coins 

AGENCY: Employee Benefits Security 

Administration, Department of Labor. 

ACTION: Notice. 

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 

91–55. 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 Exemption 

91–55 permits purchases and sales by 

certain ‘‘individual retirement 

accounts,’’ as defined in Internal 

Revenue Code section 408 (IRAs) of 

American Eagle bullion coins (‘‘Coins’’) 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 72, No. 67 / Monday, April 9, 2007 / Notices 17587 

in principal transactions from or to 

broker-dealers in Coins that are 

‘‘authorized purchasers’’ of Coins in 

bulk quantities from the United States 

Mint and which are also ‘‘disqualified 

persons,’’ within the meaning of Code 

section 4975(e)(2), with respect to IRAs. 

The exemption also describes the 

circumstances under which an interestfree extension of credit in connection 

with such sales and purchases is 

permitted. In the absence of an 

exemption, such purchases and sales 

and extensions of credit would be 

impermissible under the Employee 

Retirement Income Security Act of 1974 

(ERISA). 

Among other conditions, the 

exemption requires certain information 

related to covered transactions in Coins 

must be disclosed by the authorized 

purchaser to persons who direct the 

transaction for the IRA. Currently, it is 

standard industry practice that most of 

this information is provided to persons 

directing investments in an IRA when 

transactions in Coins occur. The 

exemption also requires that the 

disqualified person maintain for a 

period of at least six years such records 

as are necessary to allow accredited 

persons, as defined in the exemption, to 

determine whether the conditions of the 

transaction have been met. Finally, an 

authorized purchaser must provide a 

confirmation statement with respect to 

each covered transaction to the person 

who directs the transaction for the IRA. 

The requirements constitute information 

collections 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. 1210–0079. The OMB 

approval is currently scheduled to 

expire on July 31, 2007. 

The recordkeeping requirement 

facilitates the Department’s ability to 

make findings under section 408 of 

ERISA and section 4975(c) of the Code. 

The confirmation and disclosure 

requirements protect a participant or 

beneficiary who invests in IRAs and 

transacts in Coins with authorized 

purchasers by providing the investor or 

the person directing his or her 

investments with timely information 

about the market in Coins and about the 

individual’s account in particular. 

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 

91–55. 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 91–55. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0079. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Respondents: 2. 

Responses: 12,800. 

Frequency: On occasion. 

Estimated Total Burden Hours: 554 

hours. 

Estimated Total Burden Cost: $0. 

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. E7–6552 Filed 4–6–07; 8:45 am] 

BILLING CODE 4510–29–P 

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. 

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. 


sroberts on PROD1PC70 with NOTICES