80 FR 64451 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Exemption 1990-1, Insurance Company Pooled Separate Accounts

DEPARTMENT OF LABOR
Office of the Secretary

Federal Register Volume 80, Issue 205 (October 23, 2015)

Page Range64451-64452
FR Document2015-26967

The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Prohibited Transaction Exemption 1990-1, Insurance Company Pooled Separate Accounts,'' 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. Public comments on the ICR are invited.

Federal Register, Volume 80 Issue 205 (Friday, October 23, 2015)
[Federal Register Volume 80, Number 205 (Friday, October 23, 2015)]
[Notices]
[Pages 64451-64452]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-26967]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Exemption 1990-1, 
Insurance Company Pooled Separate Accounts

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 Exemption 
1990-1, Insurance Company Pooled Separate Accounts,'' 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. Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before November 23, 2015.

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=201509-1210-001 (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, TTY 202-693-8064, (these are 
not toll-free numbers) or by email at [email protected].
    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: 202-395-5806 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to

[[Page 64452]]

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: 
[email protected].

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129, TTY 202-693-8064, (these are not toll-free numbers) or by email 
at [email protected].

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


SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Prohibited Transaction Exemption 1990-1 (PTE 90-1), Insurance 
Company Pooled Separate Accounts information collection. PTE 90-1 
provides an exemption from certain Employee Retirement Income Security 
Act of 1974 (ERISA) provisions relating to transactions involving 
insurance company pooled separate accounts in which employee benefit 
plans participate. Without the exemption, Internal Revenue Code section 
4975(c)(1) and ERISA sections 406 and 407(a) 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. See 26 U.S.C. 4975(c)(1) and 
29 U.S.C. 1106 and 1107(a). Under the exemption, a person who is a 
party 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 the recordkeeping 
requirement. Internal Revenue Code section 4975(c)(2) and ERISA section 
408(a) authorize this information collection. See 26 U.S.C. 4975(c)(2) 
and 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 1210-0083.
    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 October 31, 2015. 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 June 17, 2015 (80 FR 
34696).
    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 thirty (30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0083. 
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 Exemption 90-1; 
Insurance Company Pooled Separate Accounts.
    OMB Control Number: 1210-0083.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 96.
    Total Estimated Number of Responses: 960.
    Total Estimated Annual Time Burden: 160 hours.
    Total Estimated Annual Other Costs Burden: $0.

     Dated: October 19, 2015.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2015-26967 Filed 10-22-15; 8:45 am]
 BILLING CODE 4510-29-P


Current View
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesThe OMB will consider all written comments that agency receives on or before November 23, 2015.
ContactMichel Smyth by telephone at 202-693- 4129, TTY 202-693-8064, (these are not toll-free numbers) or by email at [email protected]
FR Citation80 FR 64451 

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