80 FR 34696 - Proposed Extension of Information Collection Requests Submitted for Public Comment

DEPARTMENT OF LABOR
Employee Benefits Security Administration

Federal Register Volume 80, Issue 116 (June 17, 2015)

Page Range		34696-34701
FR Document		2015-14837
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 public's reporting burden. It also helps the public understand the Department's information collection requirements and provide the requested data in the desired format. The Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed extension of the information collection requests (ICRs) contained in the documents described below. A copy of the ICRs may be obtained by contacting the office listed in the ADDRESSES section of this notice. ICRs also are available at reginfo.gov (http:// www.reginfo.gov/public/do/PRAMain).
Federal Register, Volume 80 Issue 116 (Wednesday, June 17, 2015)
[Federal Register Volume 80, Number 116 (Wednesday, June 17, 2015)]
[Notices]
[Pages 34696-34701]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-14837]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Requests Submitted 
for Public Comment

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 public's reporting burden. It also helps 
the public understand the Department's information collection 
requirements and provide the requested data in the desired format. The 
Employee Benefits Security Administration (EBSA) is soliciting comments 
on the proposed extension of the information collection requests (ICRs) 
contained in the documents described below. A copy of the ICRs may be 
obtained by contacting the office listed in the ADDRESSES section of 
this notice. ICRs also are available at reginfo.gov (http://www.reginfo.gov/public/do/PRAMain).

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before August 17, 2015.

ADDRESSES: G. Christopher Cosby, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue NW., Room N-5718, 
Washington, DC 20210, [email protected], (202) 693-8410, FAX (202) 
693-4745 (these are not toll-free numbers).

SUPPLEMENTARY INFORMATION: This notice requests public comment on the 
Department's request for extension of the Office of Management and 
Budget's (OMB) approval of ICRs contained in the rules and prohibited 
transactions described below. The Department is not proposing any 
changes to the existing ICRs 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 ICRs and the current burden estimates follows:

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Settlement Agreements between a Plan and Party in Interest.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0091.
    Affected Public: Businesses or other for-profits.
    Respondents: 4.
    Responses: 1,080.
    Estimated Total Burden Hours: 30.
    Estimated Total Burden Cost (Operating and Maintenance): $335.
    Description: Section 408(a) of ERISA and section 4975(c)(2) of the 
Internal Revenue Code of 1986 (the Code) give the Secretary of Labor 
the authority to grant an exemption to a class or order of fiduciaries, 
disqualified persons, or transactions from all or part of the 
restrictions imposed by sections 406 and 407(a) of ERISA and from the 
taxes imposed by sections 4975(a) and (b) of the Code, by reason of 
section 4975(c)(1) of the Code. This information collection request 
(ICR) relates to two prohibited transaction class exemptions (PTEs) 
that the Department of Labor (the Department) has granted, both of 
which involve settlement agreements. These two exemptions are described 
below:
    PTE 94-71. Granted on September 30, 1994, PTE 94-71 exempts from 
certain restrictions of ERISA and certain taxes imposed by the Code, a 
transaction or activity that is authorized, prior to the execution of 
the transaction or activity, by a settlement agreement resulting from 
an investigation of an employee benefit plan conducted by the 
Department.
    PTE 2003-39. Granted on December 31, 2005, PTE 03-39 exempts from 
certain restrictions of ERISA and certain taxes imposed by the Code, 
transactions arising out of the settlement of litigation that involve 
the release of claims against parties in interest in exchange for 
payment by or on behalf of the party in interest, provided that certain 
conditions are met.
    Because both exemptions involve settlement agreements, the 
Department has combined their information collection provisions into 
one ICR and has obtained OMB approval for their paperwork burden. The 
Department believes that the public and the Federal government are both 
best served by allowing the public to review and comment on similar 
exemption provisions in combination. The ICR is scheduled to expire on 
August 31, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Voluntary Fiduciary Correction Program.
    Type of Review: Extension of a currently approved information 
collection.
    OMB Number: 1210-0118.
    Affected Public: Businesses or other for-profits.
    Respondents: 5,760.
    Responses: 119,761.
    Estimated Total Burden Hours: 25,920.
    Estimated Total Burden Cost (Operating and Maintenance): 
$1,174,000.
    Description: This information collection arises from two related 
actions: the Voluntary Fiduciary Correction Program (the VFC Program or 
the Program) and Prohibited Transaction Class Exemption (PTE) 2002-51 
(the Exemption). The Department adopted the Program and the Exemption 
in order to encourage members of the public to voluntarily correct 
transactions that violate (or are suspected of violating) the fiduciary 
or prohibited transaction provisions of the ERISA. Both the Program and 
the Exemption incorporate information collection requirements in order 
to protect participants and beneficiaries

[[Page 34697]]

and enable the Department to oversee the appropriate use of the Program 
and the Exemption. The ICR is scheduled to expire on August 31, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Termination of Abandoned Individual Account Plans.
    Type of Review: Extension of a currently approved collection of 
information,
    OMB Number: 1210-0127.
    Affected Public: Businesses or other for-profits.
    Respondents: 39,330.
    Responses: 3,102,640.
    Estimated Total Burden Hours: 109,800.
    Estimated Total Burden Cost (Operating and Maintenance): 
$1,088,000.
    Description: The abandoned plan initiative includes the following 
actions, which impose the following information collections:
    1. Qualified Termination Administrator (QTA) Regulation: The QTA 
regulation creates an orderly and efficient process by which a 
financial institution that holds the assets of a plan that is deemed to 
have been abandoned may undertake to terminate the plan and distribute 
its assets to participants and beneficiaries holding accounts under the 
plan, with protections and approval of the Department under the 
standards of the regulation. The regulation requires the QTA to provide 
certain notices to the Department, to participants and beneficiaries, 
and to the plan sponsor (or service providers to the plan, if 
necessary), and to keep certain records pertaining to the termination.
    2. Abandoned Plan Terminal Report Regulation: The terminal report 
regulation provides an alternative, simplified method for a QTA to 
satisfy the annual report requirement otherwise applicable to a 
terminating plan by filing a special simplified terminal report with 
the Department after terminating an abandoned plan and distributing the 
remaining assets in the individual account plans to participants and 
beneficiaries.
    3. Terminated Plan Distribution Regulation: The terminated plan 
distribution regulation establishes a safe harbor method by which 
fiduciaries who are terminating individual account pension plans 
(whether abandoned or not) may select an investment vehicle to receive 
account balances distributed from the terminated plan when the 
participant has failed to provide investment instructions. The 
regulation requires the fiduciaries to provide advance notice to 
participants and beneficiaries of how such distributions will be 
invested, if no other investment instructions are provided.
    4. Abandoned Plan Class Exemption: The exemption permits a QTA that 
terminates an abandoned plan under the QTA regulation to receive 
payment for its services from the abandoned plan and to distribute the 
account balance of a participant who has failed to provide investment 
direction into an individual retirement account (IRA) maintained by the 
QTA or an affiliate. Without the exemption, financial institutions 
would be unable to receive payment for services rendered out of plan 
assets without violating ERISA's prohibited transaction provisions and 
would therefore be highly unlikely to undertake the termination of 
abandoned plans. The exemption includes the condition that the QTA keep 
records of the distributions for a period of six years and make such 
records available on request to interested persons (including the 
Department and participants and beneficiaries). If a QTA wishes to be 
paid out of plan assets for services provided prior to becoming a QTA, 
the exemption requires that the QTA enter into a written agreement with 
a plan fiduciary or the plan sponsor prior to receiving payment and 
that a copy of the agreement be provided to the Department.
    5. PTE 2004-16 (Automatic Rollover Exemption): Also included in 
this ICR are the notice and recordkeeping requirements contained in PTE 
2004-16, which permits a pension plan fiduciary that is a financial 
institution and is also the employer maintaining an individual account 
pension plan for its employees to establish, on behalf of its separated 
employees, an IRA at a financial institution that is either the 
employer or an affiliate, which IRA would receive mandatory 
distributions that the fiduciary ``rolls over'' from the plan when an 
employee terminates employment.
    Because all of these regulations and exemptions relate to 
terminating or abandoned plans and/or to distribution and rollover of 
distributed benefits for which no participant investment election has 
been made, the Department has combined the paperwork burden for all of 
these actions into one ICR. In the Department's view, this combination 
allows the public to have a better understanding of the aggregate 
burden imposed on the public for these related regulatory actions. OMB 
approved the ICR under OMB control number 1210-0127, which is scheduled 
to expire on September 30, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: PTE 90-1; Insurance Company Pooled Separate Accounts.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0083.
    Affected Public: Businesses or other for-profits.
    Respondents: 64.
    Responses: 640.
    Estimated Total Burden Hours: 107.
    Estimated Total Burden Cost (Operating and Maintenance): $0.
    Description: PTE 90-1 provides an exemption from certain provisions 
of the Employee Retirement Income Security Act of 1974 (ERISA) relating 
to transactions involving insurance company pooled separate accounts in 
which employee benefit plans participate. Without the exemption, 
sections 406 and 407(a) of ERISA and section 4975(c)(1) of the Internal 
Revenue Code might prohibit a party in interest to a plan from 
furnishing goods or services to an insurance company pooled separate 
account in which the plan has an interest, or prohibit engaging in 
other transactions. Under the exemption, persons who are parties in 
interest to a plan that invests in a pooled separate account, such as a 
service provider, may engage in otherwise prohibited transactions with 
the separate account if the plan's participation in the separate 
account does not exceed specified limits and other conditions are met. 
These other conditions include a requirement that the party in interest 
not be the insurance company, or an affiliate thereof, that holds the 
plan assets in its pooled separate account or other separate account. 
The terms of the transaction to which the exemption is applied must be 
at least as favorable to the pooled separate account as those that 
would be obtained in a separate arms-length transaction with an 
unrelated party, and the insurance company must maintain records of any 
transaction to which the exemption applies for a period of six years. 
This ICR covers this recordkeeping requirement.
    The Department previously submitted this information collection to 
the Office of Management and Budget (OMB) in an ICR that was approved 
under the OMB Control Number 1210-0083. The current approval is 
scheduled to expire on October 31, 2015.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Definition of Plan Assets--Participant Contributions.

[[Page 34698]]

    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0100.
    Affected Public: Businesses or other for-profits.
    Respondents: 1.
    Responses: 251.
    Estimated Total Burden Hours: 8.
    Estimated Total Burden Cost (Operating and Maintenance): $1,088.
    Description: The regulation concerning plan assets and participant 
contributions provides guidance for fiduciaries, participants, and 
beneficiaries of employee benefit plans regarding how participant 
contributions to pension plans must be handled when they are either 
paid to the employer by the participant or directly withheld by the 
employer from the employee's wages for transmission to the pension 
plan. In particular, the regulation sets standards for the timely 
delivery of such participant contributions, including an outside time 
limit for the employer's holding of participant contributions. In 
addition, for those employers who may have difficulty meeting the 
regulation's outside deadlines for transmitting participant 
contribution, the regulation (29 CFR 2510.3-102(d) provides the 
opportunity for the employer to obtain an extension of the time limit 
by providing participants and the Department with a notice that 
contains specified information. The ICR pertains to this notice 
requirement. The Department previously requested review of this 
information collection and obtained approval from the Office of 
Management and Budget (OMB) under OMB control number 1210-0100. That 
approval is scheduled to expire on October 31, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption for Cross-Trades of 
Securities by Index and Model-Driven Funds (PTCE 2002-12).
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0115.
    Affected Public: Businesses or other for-profits.
    Respondents: 60.
    Responses: 840.
    Estimated Total Burden Hours: 855.
    Estimated Total Burden Cost (Operating and Maintenance): $528.
    Description: PTE 2002-12 exempts certain transactions that would be 
prohibited under the Employee Retirement Income Security Act of 1974 
(the Act or ERISA) and the Federal Employees' Retirement System Act 
(FERSA), and provides relief from certain sanctions of the Internal 
Revenue Code of 1986 (the Code). The exemption permits cross-trades of 
securities among Index and Model-Driven Funds (Funds) managed by 
managers (Managers), and among such Funds and certain large accounts 
(Large Accounts) that engage such Managers to carry out a specific 
portfolio restructuring program or to otherwise act as a ``trading 
adviser'' for such a program. By removing existing barriers to these 
types of transactions, the exemption increases the incidences of cross-
trading, thereby lowering the transaction costs to plans in a number of 
ways from what they would be otherwise.
    In order for the Department to grant an exemption for a transaction 
or class of transactions that would otherwise be prohibited under 
ERISA, the statute requires the Department to make a finding that the 
exemption is administratively feasible, in the interest of the plan and 
its participants and beneficiaries, and protective of the rights of the 
participants and beneficiaries. To ensure that Managers have complied 
with the requirements of the exemption, the Department has included in 
the exemption certain recordkeeping and disclosure obligations that are 
designed to safeguard plan assets by periodically providing information 
to plan fiduciaries, who generally must be independent from the cross-
trading program. Initially, where plans are not invested in Funds, 
Managers must furnish information to plan fiduciaries about the cross-
trading program, provide a statement that the Manager will have a 
potentially conflicting division of loyalties, and obtain written 
authorization from a plan fiduciary for a plan to participate in a 
cross-trading program. For plans that are currently invested in Funds, 
the Manager must provide annual notices to update the plan fiduciary 
and provide the plan with an opportunity to withdraw from the program. 
For Large Accounts, prior to the cross-trade, the Manager must provide 
information about the cross-trading program and obtain written 
authorization from the fiduciary of a Large Account to engage in cross-
trading in connection with a portfolio restructuring program. Following 
completion of the Large Account's restructuring, information must be 
provided by the Manager about all cross-trades executed in connection 
with a portfolio-restructuring program. Finally, the exemption requires 
that Managers maintain for a period of 6 years from the date of each 
cross-trade the records necessary to enable plan fiduciaries and 
certain other persons specified in the exemption (e.g., Department 
representatives or contributing employers), to determine whether the 
conditions of the exemption have been met.
    EBSA previously submitted the information collection provisions of 
PTE 2002-12 to the Office of Management and Budget (OMB) for review in 
connection with promulgation of the prohibited transaction exemption. 
OMB approved the information collection request (ICR) under OMB Control 
No. 1210-0115. The ICR approval is currently scheduled to expire on 
October 31, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Acquisition and Sale of Trust Real Estate Investment Trust 
Shares by Individual Account Plans Sponsored by Trust Real Estate 
Investment Trusts.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0124.
    Affected Public: Businesses or other for-profits.
    Respondents: 46.
    Responses: 96,600.
    Estimated Total Burden Hours: 4,838.
    Estimated Total Burden Cost (Operating and Maintenance): $251,160.
    Description: PTE 2004-07 exempts from certain prohibited 
transaction restrictions of the Employee Retirement Income Security Act 
of 1974 (ERISA) and from certain taxes imposed by the Internal Revenue 
Code of 1986 (the Code), the acquisition, holding, sale, and 
contribution in kind of publicly traded shares of beneficial interest 
in a real estate investment trust that is structured under State law as 
a business trust (Trust REIT), on behalf of and to individual account 
plans sponsored by the REIT or its affiliates, provided that certain 
conditions are met.
    The exemption allows individual account plans (Plans) established 
by Trust REITS to offer a beneficial interest in the Trust REIT in the 
form of Qualifying REIT Shares, as defined in the exemption, to 
participants in Plans sponsored by the REIT or its employer affiliates, 
to require that employer contributions be used to purchase such shares, 
and to permit ``contributions in kind'' of such shares to these Plans 
by employers.
    The exemption conditions relief on compliance with a number of 
information collection requirements. These information collections are 
to be provided or made available to plan

[[Page 34699]]

participants and fiduciaries in order to inform them about investments 
in Qualifying REIT Shares and the conditions of the exemption 
permitting share transactions. Records sufficient to allow them to 
determine whether the exemption conditions are met must also be 
maintained, and made available to them upon request, for a period of 
six years. These records must also be made available on request to 
employers and employee organizations with employees and members covered 
by a Plan of the Trust REIT or one of its employer affiliates, and to 
authorized employees and representatives of the Department and the 
Internal Revenue Service. EBSA submitted an ICR for the information 
collections in PTE 2004-07 to the Office of Management and Budget (OMB) 
for review and clearance in connection with proposal of the class 
exemption, which was published in the Federal Register on June 3, 2003 
(68 FR 33185). OMB approved the ICR under OMB control number 1210-0124. 
The ICR approval is currently scheduled to expire on October 31, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Notice of Research Exception under the Genetic Information 
Nondiscrimination Act of 2008.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0136.
    Affected Public: Businesses or other for-profits.
    Respondents: 3.
    Responses: 3.
    Estimated Total Burden Hours: 1.
    Estimated Total Burden Cost (Operating and Maintenance): $11.
    Description: The Genetic Information Nondiscrimination Act of 2008 
(GINA), Public Law 110-233, was enacted on May 21, 2008. Title I of 
GINA amended the Employee Retirement Income Security Act of 1974 
(ERISA), the Public Health Service Act (PHS Act), the Internal Revenue 
Code of 1986 (Code), and the Social Security Act (SSA) to prohibit 
discrimination in health coverage based on genetic information. 
Sections 101 through 103 of Title I of GINA prevent employment-based 
group health plans and health insurance issuers in the group and 
individual markets from discriminating based on genetic information, 
and from collecting such information. The interim final regulations, 
which are codified at 29 CFR 2590.702A, only interpret Sections 101 
through 103 of Title I of GINA.
    While GINA does not mandate any specific benefits for health care 
services related to genetic tests, diseases, conditions, or genetic 
services, GINA establishes rules that generally prohibit a group health 
plan and a health insurance issuer in the group market from:
     Increasing the group premium or contribution amounts based 
on genetic information;
     Requesting or requiring an individual or family member to 
undergo a genetic test; and
     Requesting, requiring or purchasing genetic information 
prior to or in connection with enrollment, or at any time for 
underwriting purposes.
    GINA and the interim final regulations (29 CFR 2590.702A(c)(5)) 
provide a research exception to the limitations on requesting or 
requiring genetic testing that allow a group health plan or group 
health insurance issuer to request, but not require, a participant or 
beneficiary to undergo a genetic test if all of the following 
conditions of the research exception are satisfied:
     The request must be made pursuant to research that 
complies with 45 CFR part 46 (or equivalent Federal regulations) and 
any applicable State or local law or regulations for the protection of 
human subjects in research. To comply with the informed consent 
requirements of 45 CFR 46.116(a)(8), a participant must receive a 
disclosure that participation in the research is voluntary, refusal to 
participate cannot involve any penalty or loss of benefits to which the 
participant is otherwise entitled, and the participant may discontinue 
participation at any time without penalty or loss of benefits to which 
the participant is entitled (the Participant Disclosure). The interim 
final regulations provide that when the Participant Disclosure is 
received by participants seeking their informed consent, no additional 
disclosures are required for purposes of the GINA research exception.
     The plan or issuer must make the request in writing and 
must clearly indicate to each participant or beneficiary (or in the 
case of a minor child, to the legal guardian of such beneficiary) to 
whom the request is made that compliance with the request is voluntary 
and noncompliance will have no effect on eligibility for benefits or 
premium or contribution amounts.
     None of the genetic information collected or acquired as a 
result of the research may be used for underwriting purposes.
     The plan or issuer must complete a copy of the ``Notice of 
Research Exception under the Genetic Information Nondiscrimination 
Act'' (the Notice) and provide it to the address specified in its 
instructions. The Notice and instructions are available on the 
Department of Labor's Web site (http://www.dol.gov/ebsa).
    The Participant Disclosure and the Notice are the information 
collection requests (ICRs) contained in the interim final rules. The 
Department previously requested review of this information collection 
and obtained approval from the Office of Management and Budget (OMB) 
under OMB control number 1210-0136. The ICR is scheduled to expire on 
October 31, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Bank Collective Investment Funds; Prohibited Transaction 
Class Exemption 91-38.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0082.
    Affected Public: Businesses or other for-profits, Not-for-profit 
institutions.
    Respondents: 4,200.
    Responses: 4,200.
    Estimated Total Burden Hours: 700.
    Estimated Total Burden Cost (Operating and Maintenance): $0.
    Description: PTE 91-38 provides an exemption from the prohibited 
transaction provisions of the Employee Retirement Income Security Act 
of 1974 (ERISA) for certain transactions between a bank collective 
investment fund and persons who are parties in interest with respect to 
an employee benefit plan. Without the exemption, sections 406 and 
407(a) of ERISA and section 4975(c)(1) of the Internal Revenue Code may 
prohibit transactions between the collective investment fund (CIF) and 
a party in interest to one or more of the employee benefit plans 
participating in the collective investment fund. Under PTE 91-38, a 
collective investment fund generally may engage in transactions with 
parties in interest to a plan that invests in the fund as long as the 
plan's total investment in the fund does not exceed a specified 
percentage of the total assets of the fund. The PTE also contains more 
limited or differently defined relief for funds holding more than the 
specified percentage, for multiemployer plans, and for transactions 
involving employer securities and employer real property. In order to 
ensure that the rights of participants and beneficiaries are protected, 
and that bank collective investment funds can demonstrate compliance 
with the terms of the exemption, the Department requires a bank to 
maintain records regarding the exempted transactions and make them 
available for inspection to specified

[[Page 34700]]

interested persons (including the Department and the Internal Revenue 
Service) on request for a period of six years.
    EBSA previously submitted the information collection provisions of 
PTE 91-38 to the Office of Management and Budget (OMB) for review in an 
ICR that was approved under the OMB Control No. 1210-0082. The current 
approval is scheduled to expire on November 30, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Foreign Currency Transactions; Prohibited Transaction Class 
Exemption 94-20.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0085.
    Affected Public: Businesses or other for-profits, Not-for-profit 
institutions.
    Respondents: 271.
    Responses: 1,355.
    Estimated Total Burden Hours: 226.
    Estimated Total Burden Cost (Operating and Maintenance): $0,
    Description: PTE 94-20 permits the purchase and sale of foreign 
currencies between an employee benefit plan and a bank, broker-dealer, 
or an affiliate thereof, that is a trustee, custodian, fiduciary, or 
other party in interest with respect to the plan. The exemption is 
available provided that the transaction is directed (within the meaning 
of section IV(e) of the exemption) by a plan fiduciary that is 
independent of the bank, broker-dealer, or affiliate and all other 
conditions of the exemption are satisfied. Without this exemption, 
certain aspects of these transactions might be prohibited by section 
406(a) of ERISA. To protect the interests of participants and 
beneficiaries of the employee benefit plan, the exemption requires that 
the party wishing to take advantage of the exemption (1) develop 
written policies and procedures applicable to trading in foreign 
currencies on behalf of an employee benefit plan; (2) provide a written 
confirmation with respect to each transaction in foreign currency to 
the independent plan fiduciary, disclosing specified information; and 
(3) maintain records pertaining to the transaction for a period of six 
years. This ICR relates to the foregoing disclosure and recordkeeping 
requirements.Show citation box
    EBSA previously submitted the information collection provisions of 
PTE 94-20 to the Office of Management and Budget (OMB) for review in 
connection with promulgation of the prohibited transaction exemption. 
OMB approved the information collection request (ICR) under OMB Control 
No. 1210-0085. The ICR approval is currently scheduled to expire on 
November 30, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 97-41; Collective 
Investment Funds Conversion Transactions.
    Type of Review: Extension of a currently approved collection of 
information,
    OMB Number: 1210-0104.
    Affected Public: Businesses or other for-profits.
    Respondents: 50.
    Responses: 105.
    Estimated Total Burden Hours: 1,760.
    Estimated Total Burden Cost (Operating and Maintenance): $356,000.
    Description: Prohibited Transaction Exemption (PTE) 97-41 provides 
an exemption from the prohibited transaction provisions of the 
Employment Retirement Income Security Act of 1974 (ERISA) and from 
certain taxes imposed by the Internal Revenue Code of 1986. The 
exemption permits employee benefit plans to purchase shares of one or 
more open-end investment companies (funds) registered under the 
Investment Advisers Act of 1940 by transferring in-kind, to the 
investment company, assets of the plan that are part of a collective 
investment fund (CIF) maintained by a bank or plan advisor that is both 
a fiduciary of the plan and an investment advisor to the investment 
company offering the fund.
    The exemption requires that an independent fiduciary receive 
advance written notice of any covered transaction, as well as specific 
written information concerning the funds to be purchased. The 
independent fiduciary must also provide written advance approval of 
conversion transactions and receive written confirmation of each 
transaction, as well as additional on-going disclosures as defined in 
PTE 97-41. These disclosures are the basis for this ICR.
    EBSA previously submitted the information collection provisions of 
PTE 97-41 to the Office of Management and Budget (OMB) for review in 
connection with promulgation of the prohibited transaction exemption. 
OMB approved the information collection request (ICR) under OMB Control 
No. 1210-0104. The ICR approval is currently scheduled to expire on 
November 30, 2015.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Employee Retirement Income Security Act Summary Annual 
Report Requirement.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0040.
    Affected Public: Businesses or other for-profits.
    Respondents: 746,000.
    Responses: 169,000,000.
    Estimated Total Burden Hours: 2,300,000.
    Estimated Total Burden Cost (Operating and Maintenance): 
$58,300,000.
    Description: Section 104(b)(3) of ERISA and the regulation 
published at 29 CFR 2520.104b-10 require, with certain exceptions, that 
administrators of employee benefit plans furnish annually to each 
participant and certain beneficiaries a summary annual report (SAR) 
meeting the requirements of the statute and regulation. The regulation 
prescribes the content and format of the SAR and the timing of its 
delivery. The SAR provides current information about the plan and 
assists those who receive it in understanding the plan's current 
financial operation and condition. It also explains participants' and 
beneficiaries' rights to receive further information on these issues.
    EBSA previously submitted the information collection provisions in 
the regulation at 29 CFR 2520.104b-10 to the Office of Management and 
Budget (OMB) for review in an information collection request (ICR). OMB 
approved the ICR under OMB Control No. 1210-0040. The ICR approval is 
scheduled to expire on December 31, 2015.

Focus of Comments

    The Department is particularly interested in comments that:
     Evaluate whether the collections of information are 
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 
collections 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

[[Page 34701]]

included in the ICRs for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Dated: June 11, 2015.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. 2015-14837 Filed 6-16-15; 8:45 am]
 BILLING CODE 4510-29-P
34696 Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices

international treaties, conventions, or comments on the proposed extension of involve settlement agreements. These
protocols in effect on May 1, 1971. The the information collection requests two exemptions are described below:
DEA investigated the company’s (ICRs) contained in the documents PTE 94–71. Granted on September 30,
maintenance of effective controls described below. A copy of the ICRs 1994, PTE 94–71 exempts from certain
against diversion by inspecting and may be obtained by contacting the office restrictions of ERISA and certain taxes
testing the company’s physical security listed in the ADDRESSES section of this imposed by the Code, a transaction or
systems, verifying the company’s notice. ICRs also are available at activity that is authorized, prior to the
compliance with state and local laws, reginfo.gov (http://www.reginfo.gov/ execution of the transaction or activity,
and reviewing the company’s public/do/PRAMain). by a settlement agreement resulting
background and history. DATES: Written comments must be from an investigation of an employee
Therefore, pursuant to 21 U.S.C. submitted to the office shown in the benefit plan conducted by the
952(a) and 958(a), and in accordance Addresses section on or before August Department.
with 21 CFR 1301.34, the above-named 17, 2015. PTE 2003–39. Granted on December
company is granted registration as an 31, 2005, PTE 03–39 exempts from
ADDRESSES: G. Christopher Cosby,
importer of the basic classes of certain restrictions of ERISA and certain
Department of Labor, Employee Benefits
controlled substances: taxes imposed by the Code, transactions
Security Administration, 200
Constitution Avenue NW., Room N– arising out of the settlement of litigation
Controlled substance Schedule that involve the release of claims against
5718, Washington, DC 20210,
cosby.chris@dol.gov, (202) 693–8410, parties in interest in exchange for
Methylphenidate (1724) ................ II
FAX (202) 693–4745 (these are not toll- payment by or on behalf of the party in
Fentanyl (9801) ............................ II
free numbers). interest, provided that certain
The company plans to import the conditions are met.
SUPPLEMENTARY INFORMATION: This Because both exemptions involve
listed controlled substances in finished notice requests public comment on the
dosage form (FDF) from foreign sources settlement agreements, the Department
Department’s request for extension of has combined their information
for analytical testing and clinical trials the Office of Management and Budget’s
in which the foreign FDF will be collection provisions into one ICR and
(OMB) approval of ICRs contained in has obtained OMB approval for their
compared to the company’s own the rules and prohibited transactions
domestically-manufactured FDF. This paperwork burden. The Department
described below. The Department is not believes that the public and the Federal
analysis is required to allow the proposing any changes to the existing
company to export domestically- government are both best served by
ICRs at this time. An agency may not allowing the public to review and
manufactured FDF to foreign markets. conduct or sponsor, and a person is not comment on similar exemption
Dated: June 11, 2015. required to respond to, an information provisions in combination. The ICR is
Joseph T. Rannazzisi, collection unless it displays a valid scheduled to expire on August 31, 2015.
Deputy Assistant Administrator. OMB control number. A summary of the
Agency: Employee Benefits Security
[FR Doc. 2015–14911 Filed 6–16–15; 8:45 am] ICRs and the current burden estimates
Administration, Department of Labor.
follows:
BILLING CODE 4410–09–P Title: Voluntary Fiduciary Correction
Agency: Employee Benefits Security Program.
Administration, Department of Labor. Type of Review: Extension of a
DEPARTMENT OF LABOR Title: Settlement Agreements between currently approved information
a Plan and Party in Interest. collection.
Employee Benefits Security Type of Review: Extension of a OMB Number: 1210–0118.
Administration currently approved collection of Affected Public: Businesses or other
information. for-profits.
Proposed Extension of Information OMB Number: 1210–0091. Respondents: 5,760.
Collection Requests Submitted for Affected Public: Businesses or other Responses: 119,761.
Public Comment for-profits. Estimated Total Burden Hours:
AGENCY: Employee Benefits Security Respondents: 4. 25,920.
Administration, Department of Labor. Responses: 1,080. Estimated Total Burden Cost
ACTION: Notice. Estimated Total Burden Hours: 30. (Operating and Maintenance):
Estimated Total Burden Cost $1,174,000.
SUMMARY: The Department of Labor (the (Operating and Maintenance): $335. Description: This information
Department), in accordance with the Description: Section 408(a) of ERISA collection arises from two related
Paperwork Reduction Act of 1995 (PRA and section 4975(c)(2) of the Internal actions: the Voluntary Fiduciary
95) (44 U.S.C. 3506(c)(2)(A)), provides Revenue Code of 1986 (the Code) give Correction Program (the VFC Program or
the general public and Federal agencies the Secretary of Labor the authority to the Program) and Prohibited
with an opportunity to comment on grant an exemption to a class or order Transaction Class Exemption (PTE)
proposed and continuing collections of of fiduciaries, disqualified persons, or 2002–51 (the Exemption). The
information. This helps the Department transactions from all or part of the Department adopted the Program and
assess the impact of its information restrictions imposed by sections 406 the Exemption in order to encourage
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collection requirements and minimize and 407(a) of ERISA and from the taxes members of the public to voluntarily
the public’s reporting burden. It also imposed by sections 4975(a) and (b) of correct transactions that violate (or are
helps the public understand the the Code, by reason of section 4975(c)(1) suspected of violating) the fiduciary or
Department’s information collection of the Code. This information collection prohibited transaction provisions of the
requirements and provide the requested request (ICR) relates to two prohibited ERISA. Both the Program and the
data in the desired format. The transaction class exemptions (PTEs) that Exemption incorporate information
Employee Benefits Security the Department of Labor (the collection requirements in order to
Administration (EBSA) is soliciting Department) has granted, both of which protect participants and beneficiaries

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and enable the Department to oversee advance notice to participants and Agency: Employee Benefits Security
the appropriate use of the Program and beneficiaries of how such distributions Administration, Department of Labor.
the Exemption. The ICR is scheduled to will be invested, if no other investment Title: PTE 90–1; Insurance Company
expire on August 31, 2015. instructions are provided. Pooled Separate Accounts.
Agency: Employee Benefits Security 4. Abandoned Plan Class Exemption: Type of Review: Extension of a
Administration, Department of Labor. The exemption permits a QTA that currently approved collection of
Title: Termination of Abandoned terminates an abandoned plan under the information.
Individual Account Plans. QTA regulation to receive payment for OMB Number: 1210–0083.
Type of Review: Extension of a its services from the abandoned plan Affected Public: Businesses or other
currently approved collection of and to distribute the account balance of for-profits.
information, a participant who has failed to provide Respondents: 64.
OMB Number: 1210–0127. investment direction into an individual
Responses: 640.
Affected Public: Businesses or other retirement account (IRA) maintained by
the QTA or an affiliate. Without the Estimated Total Burden Hours: 107.
for-profits.
Respondents: 39,330. exemption, financial institutions would Estimated Total Burden Cost
Responses: 3,102,640. be unable to receive payment for (Operating and Maintenance): $0.
Estimated Total Burden Hours: services rendered out of plan assets Description: PTE 90–1 provides an
109,800. without violating ERISA’s prohibited exemption from certain provisions of
Estimated Total Burden Cost transaction provisions and would the Employee Retirement Income
(Operating and Maintenance): therefore be highly unlikely to Security Act of 1974 (ERISA) relating to
$1,088,000. undertake the termination of abandoned transactions involving insurance
Description: The abandoned plan plans. The exemption includes the company pooled separate accounts in
initiative includes the following actions, condition that the QTA keep records of which employee benefit plans
which impose the following information the distributions for a period of six years participate. Without the exemption,
collections: and make such records available on sections 406 and 407(a) of ERISA and
1. Qualified Termination request to interested persons (including section 4975(c)(1) of the Internal
Administrator (QTA) Regulation: The the Department and participants and Revenue Code might prohibit a party in
QTA regulation creates an orderly and beneficiaries). If a QTA wishes to be interest to a plan from furnishing goods
efficient process by which a financial paid out of plan assets for services or services to an insurance company
institution that holds the assets of a plan provided prior to becoming a QTA, the pooled separate account in which the
that is deemed to have been abandoned exemption requires that the QTA enter plan has an interest, or prohibit
may undertake to terminate the plan into a written agreement with a plan engaging in other transactions. Under
and distribute its assets to participants fiduciary or the plan sponsor prior to the exemption, persons who are parties
and beneficiaries holding accounts receiving payment and that a copy of in interest to a plan that invests in a
under the plan, with protections and the agreement be provided to the pooled separate account, such as a
approval of the Department under the Department. service provider, may engage in
standards of the regulation. The 5. PTE 2004–16 (Automatic Rollover otherwise prohibited transactions with
regulation requires the QTA to provide Exemption): Also included in this ICR the separate account if the plan’s
certain notices to the Department, to are the notice and recordkeeping participation in the separate account
participants and beneficiaries, and to requirements contained in PTE 2004– does not exceed specified limits and
the plan sponsor (or service providers to 16, which permits a pension plan other conditions are met. These other
the plan, if necessary), and to keep fiduciary that is a financial institution conditions include a requirement that
certain records pertaining to the and is also the employer maintaining an the party in interest not be the insurance
termination. individual account pension plan for its company, or an affiliate thereof, that
2. Abandoned Plan Terminal Report employees to establish, on behalf of its holds the plan assets in its pooled
Regulation: The terminal report separated employees, an IRA at a separate account or other separate
regulation provides an alternative, financial institution that is either the account. The terms of the transaction to
simplified method for a QTA to satisfy employer or an affiliate, which IRA which the exemption is applied must be
the annual report requirement otherwise would receive mandatory distributions at least as favorable to the pooled
applicable to a terminating plan by that the fiduciary ‘‘rolls over’’ from the separate account as those that would be
filing a special simplified terminal plan when an employee terminates obtained in a separate arms-length
report with the Department after employment. transaction with an unrelated party, and
terminating an abandoned plan and Because all of these regulations and the insurance company must maintain
distributing the remaining assets in the exemptions relate to terminating or records of any transaction to which the
individual account plans to participants abandoned plans and/or to distribution exemption applies for a period of six
and beneficiaries. and rollover of distributed benefits for years. This ICR covers this
3. Terminated Plan Distribution which no participant investment recordkeeping requirement.
Regulation: The terminated plan election has been made, the Department The Department previously submitted
distribution regulation establishes a safe has combined the paperwork burden for this information collection to the Office
harbor method by which fiduciaries all of these actions into one ICR. In the of Management and Budget (OMB) in an
asabaliauskas on DSK5VPTVN1PROD with NOTICES

who are terminating individual account Department’s view, this combination ICR that was approved under the OMB
pension plans (whether abandoned or allows the public to have a better Control Number 1210–0083. The current
not) may select an investment vehicle to understanding of the aggregate burden approval is scheduled to expire on
receive account balances distributed imposed on the public for these related October 31, 2015.
from the terminated plan when the regulatory actions. OMB approved the Agency: Employee Benefits Security
participant has failed to provide ICR under OMB control number 1210– Administration, Department of Labor.
investment instructions. The regulation 0127, which is scheduled to expire on Title: Definition of Plan Assets—
requires the fiduciaries to provide September 30, 2015. Participant Contributions.

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Type of Review: Extension of a (FERSA), and provides relief from years from the date of each cross-trade
currently approved collection of certain sanctions of the Internal the records necessary to enable plan
information. Revenue Code of 1986 (the Code). The fiduciaries and certain other persons
OMB Number: 1210–0100. exemption permits cross-trades of specified in the exemption (e.g.,
Affected Public: Businesses or other securities among Index and Model- Department representatives or
for-profits. Driven Funds (Funds) managed by contributing employers), to determine
Respondents: 1. managers (Managers), and among such whether the conditions of the
Responses: 251. Funds and certain large accounts (Large exemption have been met.
Estimated Total Burden Hours: 8. Accounts) that engage such Managers to EBSA previously submitted the
Estimated Total Burden Cost carry out a specific portfolio information collection provisions of
(Operating and Maintenance): $1,088. restructuring program or to otherwise PTE 2002–12 to the Office of
Description: The regulation act as a ‘‘trading adviser’’ for such a Management and Budget (OMB) for
concerning plan assets and participant program. By removing existing barriers review in connection with promulgation
contributions provides guidance for to these types of transactions, the of the prohibited transaction exemption.
fiduciaries, participants, and exemption increases the incidences of OMB approved the information
beneficiaries of employee benefit plans cross-trading, thereby lowering the collection request (ICR) under OMB
regarding how participant contributions transaction costs to plans in a number Control No. 1210–0115. The ICR
to pension plans must be handled when of ways from what they would be approval is currently scheduled to
they are either paid to the employer by otherwise. expire on October 31, 2015.
the participant or directly withheld by In order for the Department to grant Agency: Employee Benefits Security
the employer from the employee’s an exemption for a transaction or class Administration, Department of Labor.
wages for transmission to the pension of transactions that would otherwise be Title: Acquisition and Sale of Trust
plan. In particular, the regulation sets prohibited under ERISA, the statute Real Estate Investment Trust Shares by
standards for the timely delivery of such requires the Department to make a Individual Account Plans Sponsored by
participant contributions, including an finding that the exemption is Trust Real Estate Investment Trusts.
outside time limit for the employer’s administratively feasible, in the interest Type of Review: Extension of a
holding of participant contributions. In of the plan and its participants and currently approved collection of
addition, for those employers who may beneficiaries, and protective of the information.
have difficulty meeting the regulation’s rights of the participants and OMB Number: 1210–0124.
outside deadlines for transmitting beneficiaries. To ensure that Managers Affected Public: Businesses or other
participant contribution, the regulation have complied with the requirements of for-profits.
(29 CFR 2510.3–102(d) provides the the exemption, the Department has Respondents: 46.
opportunity for the employer to obtain included in the exemption certain Responses: 96,600.
an extension of the time limit by recordkeeping and disclosure Estimated Total Burden Hours: 4,838.
providing participants and the obligations that are designed to Estimated Total Burden Cost
Department with a notice that contains safeguard plan assets by periodically (Operating and Maintenance): $251,160.
specified information. The ICR pertains providing information to plan Description: PTE 2004–07 exempts
to this notice requirement. The fiduciaries, who generally must be from certain prohibited transaction
Department previously requested review independent from the cross-trading restrictions of the Employee Retirement
of this information collection and program. Initially, where plans are not Income Security Act of 1974 (ERISA)
obtained approval from the Office of invested in Funds, Managers must and from certain taxes imposed by the
Management and Budget (OMB) under furnish information to plan fiduciaries Internal Revenue Code of 1986 (the
OMB control number 1210–0100. That about the cross-trading program, Code), the acquisition, holding, sale,
approval is scheduled to expire on provide a statement that the Manager and contribution in kind of publicly
October 31, 2015. will have a potentially conflicting traded shares of beneficial interest in a
Agency: Employee Benefits Security division of loyalties, and obtain written real estate investment trust that is
Administration, Department of Labor. authorization from a plan fiduciary for structured under State law as a business
Title: Prohibited Transaction Class a plan to participate in a cross-trading trust (Trust REIT), on behalf of and to
Exemption for Cross-Trades of program. For plans that are currently individual account plans sponsored by
Securities by Index and Model-Driven invested in Funds, the Manager must the REIT or its affiliates, provided that
Funds (PTCE 2002–12). provide annual notices to update the certain conditions are met.
Type of Review: Extension of a plan fiduciary and provide the plan The exemption allows individual
currently approved collection of with an opportunity to withdraw from account plans (Plans) established by
information. the program. For Large Accounts, prior Trust REITS to offer a beneficial interest
OMB Number: 1210–0115. to the cross-trade, the Manager must in the Trust REIT in the form of
Affected Public: Businesses or other provide information about the cross- Qualifying REIT Shares, as defined in
for-profits. trading program and obtain written the exemption, to participants in Plans
Respondents: 60. authorization from the fiduciary of a sponsored by the REIT or its employer
Responses: 840. Large Account to engage in cross-trading affiliates, to require that employer
Estimated Total Burden Hours: 855. in connection with a portfolio contributions be used to purchase such
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Estimated Total Burden Cost restructuring program. Following shares, and to permit ‘‘contributions in
(Operating and Maintenance): $528. completion of the Large Account’s kind’’ of such shares to these Plans by
Description: PTE 2002–12 exempts restructuring, information must be employers.
certain transactions that would be provided by the Manager about all The exemption conditions relief on
prohibited under the Employee cross-trades executed in connection compliance with a number of
Retirement Income Security Act of 1974 with a portfolio-restructuring program. information collection requirements.
(the Act or ERISA) and the Federal Finally, the exemption requires that These information collections are to be
Employees’ Retirement System Act Managers maintain for a period of 6 provided or made available to plan

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34700 Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices

interested persons (including the approved the information collection Title: Employee Retirement Income
Department and the Internal Revenue request (ICR) under OMB Control No. Security Act Summary Annual Report
Service) on request for a period of six 1210–0085. The ICR approval is Requirement.
years. currently scheduled to expire on Type of Review: Extension of a
EBSA previously submitted the November 30, 2015. currently approved collection of
information collection provisions of Agency: Employee Benefits Security information.
PTE 91–38 to the Office of Management OMB Number: 1210–0040.
Administration, Department of Labor. Affected Public: Businesses or other
and Budget (OMB) for review in an ICR Title: Prohibited Transaction Class
that was approved under the OMB for-profits.
Exemption 97–41; Collective Investment Respondents: 746,000.
Control No. 1210–0082. The current Funds Conversion Transactions. Responses: 169,000,000.
approval is scheduled to expire on Type of Review: Extension of a Estimated Total Burden Hours:
November 30, 2015. currently approved collection of 2,300,000.
Agency: Employee Benefits Security information, Estimated Total Burden Cost
Administration, Department of Labor. OMB Number: 1210–0104. (Operating and Maintenance):
Title: Foreign Currency Transactions; Affected Public: Businesses or other $58,300,000.
Prohibited Transaction Class Exemption for-profits. Description: Section 104(b)(3) of
94–20. Respondents: 50. ERISA and the regulation published at
Type of Review: Extension of a Responses: 105. 29 CFR 2520.104b–10 require, with
currently approved collection of certain exceptions, that administrators
Estimated Total Burden Hours: 1,760.
information. of employee benefit plans furnish
OMB Number: 1210–0085. Estimated Total Burden Cost
annually to each participant and certain
Affected Public: Businesses or other (Operating and Maintenance): $356,000.
beneficiaries a summary annual report
for-profits, Not-for-profit institutions. Description: Prohibited Transaction (SAR) meeting the requirements of the
Respondents: 271. Exemption (PTE) 97–41 provides an statute and regulation. The regulation
Responses: 1,355. exemption from the prohibited prescribes the content and format of the
Estimated Total Burden Hours: 226. transaction provisions of the SAR and the timing of its delivery. The
Estimated Total Burden Cost Employment Retirement Income SAR provides current information about
(Operating and Maintenance): $0, Security Act of 1974 (ERISA) and from the plan and assists those who receive
Description: PTE 94–20 permits the certain taxes imposed by the Internal it in understanding the plan’s current
purchase and sale of foreign currencies Revenue Code of 1986. The exemption financial operation and condition. It
between an employee benefit plan and permits employee benefit plans to also explains participants’ and
a bank, broker-dealer, or an affiliate purchase shares of one or more open- beneficiaries’ rights to receive further
thereof, that is a trustee, custodian, end investment companies (funds) information on these issues.
fiduciary, or other party in interest with registered under the Investment EBSA previously submitted the
respect to the plan. The exemption is Advisers Act of 1940 by transferring in- information collection provisions in the
available provided that the transaction kind, to the investment company, assets regulation at 29 CFR 2520.104b–10 to
is directed (within the meaning of of the plan that are part of a collective the Office of Management and Budget
section IV(e) of the exemption) by a plan investment fund (CIF) maintained by a (OMB) for review in an information
fiduciary that is independent of the bank or plan advisor that is both a collection request (ICR). OMB approved
bank, broker-dealer, or affiliate and all fiduciary of the plan and an investment the ICR under OMB Control No. 1210–
other conditions of the exemption are advisor to the investment company 0040. The ICR approval is scheduled to
satisfied. Without this exemption, offering the fund. expire on December 31, 2015.
certain aspects of these transactions The exemption requires that an
Focus of Comments
might be prohibited by section 406(a) of independent fiduciary receive advance
written notice of any covered The Department is particularly
ERISA. To protect the interests of
transaction, as well as specific written interested in comments that:
participants and beneficiaries of the
information concerning the funds to be • Evaluate whether the collections of
employee benefit plan, the exemption information are necessary for the proper
requires that the party wishing to take purchased. The independent fiduciary
must also provide written advance performance of the functions of the
advantage of the exemption (1) develop agency, including whether the
written policies and procedures approval of conversion transactions and
receive written confirmation of each information will have practical utility;
applicable to trading in foreign • Evaluate the accuracy of the
currencies on behalf of an employee transaction, as well as additional on-
going disclosures as defined in PTE 97– agency’s estimate of the collections of
benefit plan; (2) provide a written information, including the validity of
confirmation with respect to each 41. These disclosures are the basis for
this ICR. the methodology and assumptions used;
transaction in foreign currency to the • Enhance the quality, utility, and
independent plan fiduciary, disclosing EBSA previously submitted the
clarity of the information to be
specified information; and (3) maintain information collection provisions of
collected; and
records pertaining to the transaction for PTE 97–41 to the Office of Management • Minimize the burden of the
a period of six years. This ICR relates to and Budget (OMB) for review in collection of information on those who
the foregoing disclosure and connection with promulgation of the
asabaliauskas on DSK5VPTVN1PROD with NOTICES

are to respond, including through the
recordkeeping requirements.Show prohibited transaction exemption. OMB use of appropriate automated,
citation box approved the information collection electronic, mechanical, or other
EBSA previously submitted the request (ICR) under OMB Control No. technological collection techniques or
information collection provisions of 1210–0104. The ICR approval is other forms of information technology,
PTE 94–20 to the Office of Management currently scheduled to expire on e.g., by permitting electronic
and Budget (OMB) for review in November 30, 2015. submissions of responses.
connection with promulgation of the Agency: Employee Benefits Security Comments submitted in response to
prohibited transaction exemption. OMB Administration, Department of Labor. this notice will be summarized and/or

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Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices 34701

included in the ICRs for OMB approval of Labor is committed to equal for vetting nominees under
of the extension of the information opportunity in the workplace and seeks consideration for appointment.
collection; they will also become a a broad-based and diverse Council.
Phyllis C. Borzi,
matter of public record. Accordingly, notice is hereby given
Assistant Secretary, Employee Benefits
Dated: June 11, 2015. that any person or organization desiring Security Administration.
Joseph S. Piacentini, to nominate one or more individuals for
[FR Doc. 2015–14781 Filed 6–16–15; 8:45 am]
Director, Office of Policy and Research, appointment to the Advisory Council on
BILLING CODE 4510–29–P
Employee Benefits Security Administration. Employee Welfare and Pension Benefit
[FR Doc. 2015–14837 Filed 6–16–15; 8:45 am] Plans to represent any of the groups or
BILLING CODE 4510–29–P
fields specified in the preceding DEPARTMENT OF LABOR
paragraph may submit nominations to
Larry Good, Council Executive Office of the Secretary
DEPARTMENT OF LABOR Secretary, Frances Perkins Building,
U.S. Department of Labor, 200 Agency Information Collection
Employee Benefits Security Constitution Avenue NW., Suite N– Activities; Submission for OMB
Administration 5623, Washington, DC 20210, or as Review; Comment Request; O*NET
email attachments to good.larry@ Data Collection Program
Advisory Council on Employee Welfare dol.gov. Nominations (including
and Pension Benefit Plans; supporting nominations) must be ACTION: Notice.
Nominations for Vacancies received on or before July 31, 2015.
Please allow three weeks for regular SUMMARY: On June 30, 2015, the
Section 512 of the Employee Department of Labor (DOL) will submit
Retirement Income Security Act of 1974 mail delivery to the Department of
Labor. If sending electronically, please the Employment and Training
(ERISA), 88 Stat. 895, 29 U.S.C. 1142, Administration (ETA) sponsored
provides for the establishment of an use an attachment in rich text, Word, or
pdf format. Nominations may be in the information collection request (ICR)
Advisory Council on Employee Welfare revision titled, ‘‘O*NET Data Collection
and Pension Benefit Plans (the Council), form of a letter, resolution or petition,
signed by the person making the Program’’ to the Office of Management
which is to consist of 15 members to be and Budget (OMB) for review and
appointed by the Secretary of Labor (the nomination or, in the case of a
nomination by an organization, by an approval for use in accordance with the
Secretary) as follows: Three Paperwork Reduction Act (PRA) of 1995
representatives of employee authorized representative of the
organization. (44 U.S.C. 3501 et seq.). Public
organizations (at least one of whom comments on the ICR are invited.
shall be a representative of an Nominations, including supporting
letters, should: DATES: The OMB will consider all
organization whose members are
participants in a multiemployer plan); • State the person’s qualifications to written comments that agency receives
three representatives of employers (at serve on the Council. on or before July 30, 2015.
least one of whom shall be a • State that the candidate will accept ADDRESSES: A copy of this ICR with
representative of employers maintaining appointment to the Council if offered. applicable supporting documentation;
or contributing to multiemployer plans); • Include which of the five positions including a description of the likely
one representative each from the fields (representing groups or fields) the respondents, proposed frequency of
of insurance, corporate trust, actuarial candidate is nominated to fill. response, and estimated total burden
counseling, investment counseling, • Include the nominee’s full name, may be obtained free of charge from the
investment management, and work affiliation, mailing address, phone RegInfo.gov Web site at http://
accounting; and three representatives number, and email address. www.reginfo.gov/public/do/
from the general public (one of whom PRAViewICR?ref_nbr=201504-1205-010
• Include the nominator’s full name,
shall be a person representing those (this link will only become active on
mailing address, phone number, and
receiving benefits from a pension plan). July 1, 2015) or by contacting Michel
email address.
No more than eight members of the Smyth by telephone at 202–693–4129,
• Include the nominator’s signature,
Council shall be members of the same TTY 202–693–8064, (these are not toll-
whether sent by email or otherwise.
political party. free numbers) or sending an email to
Council members shall be persons Please do not include any information DOL_PRA_PUBLIC@dol.gov.
qualified to appraise the programs that you do not want publicly disclosed. Submit comments about this request
instituted under ERISA. Appointments In selecting Council members, the by mail or courier to the Office of
are for terms of three years. The Secretary of Labor will consider Information and Regulatory Affairs,
prescribed duties of the Council are to individuals nominated in response to Attn: OMB Desk Officer for DOL–ETA,
advise the Secretary with respect to the this Federal Register notice, as well as Office of Management and Budget,
carrying out of his or her functions other qualified individuals. Room 10235, 725 17th Street NW.,
under ERISA, and to submit to the Nominees will be contacted to Washington, DC 20503; by Fax: 202–
Secretary, or his or her designee, provide information on their political 395–5806 (this is not a toll-free
recommendations with respect thereto. affiliation and their status as registered number); or by email: OIRA_
The Council will meet at least four lobbyists. Anyone currently subject to submission@omb.eop.gov. Commenters
asabaliauskas on DSK5VPTVN1PROD with NOTICES

times each year. federal registration requirements as a are encouraged, but not required, to
The terms of five members of the lobbyist is not eligible for appointment. send a courtesy copy of any comments
Council expire at the end of this year. Nominees should be aware of the time by mail or courier to the U.S.
The groups or fields they represent are commitment for attending meetings and Department of Labor-OASAM, Office of
as follows: (1) Employee organizations; actively participating in the work of the the Chief Information Officer, Attn:
(2) employers; (3) investment Council. Historically, this has meant a Departmental Information Compliance
counseling; (4) actuarial counseling; and commitment of 15–20 days per year. Management Program, Room N1301,
(5) the general public. The Department The Department of Labor has a process 200 Constitution Avenue NW.,

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Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice.
Dates		Written comments must be submitted to the office shown in the
FR Citation		80 FR 34696
80 FR 34696 - Proposed Extension of Information Collection Requests Submitted for Public Comment

DEPARTMENT OF LABOREmployee Benefits Security Administration

Federal Register Volume 80, Issue 116 (June 17, 2015)

DEPARTMENT OF LABOR
Employee Benefits Security Administration
