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[Federal Register Volume 78, Number 247 (Tuesday, December 24, 2013)]
[Notices]
[Pages 77716-77717]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30638]

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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.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Prohibited Transaction Class 
Exemption 1992-6: Sale of Individual Life Insurance or Annuity 
Contracts by a Plan,'' to the Office of Management and Budget (OMB) for 
review and approval for continued use, without change, in accordance 
with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq.

DATES: Submit comments on or before January 23, 2014.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201311-1210-002 (this link will only become active 
on the day following publication of this notice) or by contacting 
Michel Smyth by telephone at 202-693-4129 (this is not a toll-free 
number) or sending an email to DOL_PRA_PUBLIC@dol.gov.
    Submit comments about this request by mail or courier to the Office 
of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL-
EBSA, Office of Management and Budget, Room 10235, 725 17th Street, 
NW., Washington, DC 20503; by Fax: 202-395-6881 (this is not a toll-
free number); or by email: OIRA_submission@omb.eop.gov. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue, NW., 
Washington, DC 20210; or by email: DOL_PRA_PUBLIC@dol.gov.

FOR FURTHER INFORMATION: Contact Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by email at DOL_PRA_PUBLIC@dol.gov.

    Authority: 44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: This ICR seeks to maintain PRA authorization 
for the information collection requirements contained in the Prohibited 
Transaction Class Exemption (PTE) applicable to the sale of individual 
life insurance or annuity contracts by a plan (PTE 1992-6). More 
specifically, PTE 1992-6 exempts from the prohibited transaction 
restrictions of the Employee Retirement Income Security Act (ERISA), 29 
U.S.C. 1101 et seq., 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; 
provided that certain conditions are met. In the absence of this 
exemption, certain aspects of these transactions might be prohibited by 
ERISA section 406. Among other conditions, PTE 1992-6 requires that a 
pension plan 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. The ERISA 
authorizes this information collection. See 29 U.S.C. 1108(a).
    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 it is approved by the OMB under the PRA 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 Control Number. See 5 CFR 1320.5(a) and 
1320.6. The DOL obtains OMB approval for this information collection 
under Control Number 1210-0063.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on December 31, 2013. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL notes that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on May 22, 2013 (78 FR 30333).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0063. 
The OMB 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., permitting 
electronic submission of responses.
    Agency: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption 1992-6:

[[Page 77717]]

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: 10,600.
    Total Estimated Number of Responses: 10,600.
    Total Estimated Annual Burden Hours: 2,100.
    Total Estimated Annual Other Costs Burden: $5,500.

    Dated: December 18, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-30638 Filed 12-23-13; 8:45 am]
BILLING CODE 4510-29-P
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