[Federal Register Volume 66, Number 12 (Thursday, January 18, 2001)]
[Notices]
[Page 4865]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-1449]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Exemption 92-6

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, conducts a preclearance 
consultation program to provide the general public and Federal agencies 
with an opportunity to comment on proposed and continuing collections 
of information in accordance with the Paperwork Reduction Act of 1995 
(PRA 95) (44 U.S.C. 3506(c)(2)(A)). This helps to ensure that requested 
data can be provided in the desired format, reporting burden (time and 
financial resources) is minimized, collection instruments are clearly 
understood, and the impact of collection requirements on respondents 
can be properly assessed.
    Currently, the Pension and Welfare Benefits Administration is 
soliciting comments concerning the information collection request (ICR) 
incorporated in Prohibited Transaction Class Exemption 92-6 (PTCE 92-
6), pertaining to the sale of individual life insurance or annuity 
contracts by a plan. A copy of the 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 below on or before March 19, 2001.

ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S. 
Department of Labor, Pension and Welfare Benefits Administration, 200 
Constitution Avenue, NW., Room N-5647, Washington, DC 20210. Telephone: 
(202) 219-4782; Fax: (202) 219-4745. 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.
    Recordkeeping requirements incorporated within the class exemption 
are intended to protect the interests of plan participants and 
beneficiaries. The disclosure requirements protect plan participants by 
putting them on notice of the plan's intention to sell insurance or 
annuity contracts under which they are insured, and by giving the 
participants the right of first refusal to purchase such contracts.

II. Desired Focus of Comments

    The Department is particularly interested in comments which:
    <bullet> 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;
    <bullet> 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;
    <bullet> Enhance the quality, utility, and clarity of the 
information to be collected; and
    <bullet> 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.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in PTCE 92-6. The Department is not proposing or implementing changes 
to the existing ICR at this time.
    Type of Review: Extension of currently approved collection of 
information.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Class Exemption 92-6.
    OMB Number: 1210-0063.
    Affected Public: Individuals or households; business or other for-
profit; not-for-profit institutions
    Respondents: 76,560.
    Frequency of Response: On occasion.
    Responses: 7,656.
    Estimated Total Burden Hours: 1,276.
    Estimated Burden Cost (Operating and Maintenance): $2,833.
    Comments submitted in response to this notice will summarized and/
or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: January 11, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-1449 Filed 1-17-01; 8:45 am]
BILLING CODE 4510-29-M