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)
Office of the Secretary
Federal Register Volume 80, Issue 205 (October 23, 2015)
| Page Range | 64451-64452 | |
| FR Document | 2015-26967 |
[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] ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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 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: 202-395-5806 (this is not a toll-free number); or by email: OIRA_submission@omb.eop.gov. 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: DOL_PRA_PUBLIC@dol.gov. 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 DOL_PRA_PUBLIC@dol.gov. 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
![Federal Register / Vol. 80, No. 205 / Friday, October 23, 2015 / Notices 64451
and five tax populations. Each populations. Only the validation of We will summarize and/or include in
transaction record contains the Benefits Population 12 will be affected the request for OMB approval of the
necessary characteristics or dimensions by the new threshold of $25,000. ICR, the comments received in response
that enable it to be summed into an Accommodating the new threshold to this comment request; they will also
independent recount of what the state requires: (1) Changing the threshold become a matter of public record.
has already reported. The Department amount in the data validation database
Portia Wu,
provides state agencies with software programming; (2) making one-time
Assistant Secretary for Employment and
that edits the extract file (to identify and changes to two rows of data that
Training, Labor.
remove duplicate transactions and validate the 227 report; and (3) adapting
[FR Doc. 2015–26944 Filed 10–22–15; 8:45 am]
improperly built records, for example), the affected Overpayment rules (called
BILLING CODE 4510–FW–P
then aggregates the transactions to Steps or Substeps) to Module 3 of the
produce an independent reconstruction Benefits handbook, which contains
or ‘‘validation count’’ of the reported State definitions and data system
DEPARTMENT OF LABOR
figure. The reported count is considered locations for Federal reporting
valid by this ‘‘quantity’’ validation test requirements. These changes will Office of the Secretary
if it is within ±2% of the validation impose little to no additional burden on
count (±1% for a GPRA-related state validators. Agency Information Collection
element). Activities; Submission for OMB
The software also draws samples of II. Review Focus
Review; Comment Request; Prohibited
most transaction types from the extract The Department is particularly Transaction Exemption 1990–1,
files. Guided by a state-specific interested in comments which: Insurance Company Pooled Separate
handbook, the validators review these • Evaluate whether the proposed Accounts
sample records against documentation collection of information is necessary
in the state’s management information for the proper performance of the ACTION: Notice.
system to determine whether the functions of the agency, including
transactions in the extract file are whether the information will have SUMMARY: The Department of Labor
supported by system documentation. practical utility; (DOL) is submitting the Employee
This qualitative check determines • Evaluate the accuracy of the Benefits Security Administration
whether the validation count can be agency’s estimate of the burden of the (EBSA) sponsored information
trusted as accurate. The benefits extract proposed collection of information, collection request (ICR) titled,
files are considered to pass this including the validity of the ‘‘Prohibited Transaction Exemption
‘‘quality’’ review if random samples methodology and assumptions used; 1990–1, Insurance Company Pooled
indicate that no more than 5% of the • Enhance the quality, utility, and Separate Accounts,’’ to the Office of
records contain errors; tax files are clarity of the information to be Management and Budget (OMB) for
subjected to different but related tests. A collected; and review and approval for continued use,
reported count is considered valid only • Minimize the burden of the without change, in accordance with the
if it differs from a reconstructed collection of information on those who Paperwork Reduction Act of 1995
(validation) count by no more than the are to respond, including through the (PRA), 44 U.S.C. 3501 et seq. Public
appropriate criterion of ±2% or ±1%, use of appropriate automated, comments on the ICR are invited.
and the validation count comes from an electronic, mechanical, or other DATES: The OMB will consider all
extract file that has satisfied all quality technological collection techniques or written comments that agency receives
tests. other forms of information technology, on or before November 23, 2015.
For Federal fiscal years 2011 and e.g., permitting electronic submissions ADDRESSES: A copy of this ICR with
beyond, all states will be required to of responses. applicable supporting documentation;
conduct a complete validation every III. Current Actions including a description of the likely
three years. In three cases the three-year respondents, proposed frequency of
rule does not apply, and a revalidation Type of Review: Extension with response, and estimated total burden
must occur within one year: (1) Groups revisions. may be obtained free of charge from the
Title: Unemployment Insurance Data RegInfo.gov Web site at http://
of reported counts that are summed for
Validation Program. www.reginfo.gov/public/do/
purposes of making a Pass/Fail
OMB Number: 1205–0431. PRAViewICR?ref_nbr=201509-1210-001
determination and do not pass Affected Public: State Workforce
validation by being within ±2% of the Agencies.
(this link will only become active on the
reconstructed counts or the extract file Form(s): ET Handbook 361. day following publication of this notice)
does not pass all quality tests; (2) the Estimated Total Annual Respondents: or by contacting Michel Smyth by
validation applies to the two benefits 53. telephone at 202–693–4129, TTY 202–
populations and one tax population Annual Frequency: At least five 693–8064, (these are not toll-free
used for GPRA measures; and (3) reports validation items per state (two benefits numbers) or by email at DOL_PRA_
are produced by new reporting software. populations and one tax population) PUBLIC@dol.gov.
Every year states must also certify that plus reviewing and certifying that Submit comments about this request
Module 3 of the Benefits and Tax Benefits and Tax Module items are up by mail or courier to the Office of
handbooks are up to date. to date. Information and Regulatory Affairs,
mstockstill on DSK4VPTVN1PROD with NOTICES
In August 2015, through Estimated Total Annual Responses: Attn: OMB Desk Officer for DOL–EBSA,
Unemployment Insurance Program 265 (53 states × 5 populations). Office of Management and Budget,
Letter 08–12, Change 1, the Department Average Time per Response: 446 Room 10235, 725 17th Street NW.,
issued changes that increased the high Hours. Washington, DC 20503; by Fax: 202–
dollar overpayment threshold from Estimated Total Annual Burden 395–5806 (this is not a toll-free
$5,000 to $25,000 on the ETA 227 Hours: 23,644 Hours. number); or by email: OIRA_
report. The ETA 227 report is validated Total Annual Burden Cost for submission@omb.eop.gov. Commenters
through four of the 16 benefit Respondents: $1,115,997. are encouraged, but not required, to
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![64452 Federal Register / Vol. 80, No. 205 / Friday, October 23, 2015 / Notices
send a courtesy copy of any comments This information collection is subject Agency: DOL–EBSA.
by mail or courier to the U.S. to the PRA. A Federal agency generally Title of Collection: Prohibited
Department of Labor-OASAM, Office of cannot conduct or sponsor a collection Transaction Exemption 90–1; Insurance
the Chief Information Officer, Attn: of information, and the public is Company Pooled Separate Accounts.
Departmental Information Compliance generally not required to respond to an OMB Control Number: 1210–0083.
Management Program, Room N1301, information collection, unless it is Affected Public: Private Sector—
200 Constitution Avenue NW., approved by the OMB under the PRA businesses or other for-profits.
Washington, DC 20210; or by email: and displays a currently valid OMB Total Estimated Number of
DOL_PRA_PUBLIC@dol.gov. Control Number. In addition, Respondents: 96.
notwithstanding any other provisions of Total Estimated Number of
FOR FURTHER INFORMATION CONTACT: law, no person shall generally be subject Responses: 960.
Michel Smyth by telephone at 202–693– to penalty for failing to comply with a Total Estimated Annual Time Burden:
4129, TTY 202–693–8064, (these are not collection of information that does not 160 hours.
toll-free numbers) or by email at DOL_ display a valid Control Number. See 5 Total Estimated Annual Other Costs
PRA_PUBLIC@dol.gov. CFR 1320.5(a) and 1320.6. The DOL Burden: $0.
Authority: 44 U.S.C. 3507(a)(1)(D). obtains OMB approval for this
Dated: October 19, 2015.
information collection under Control
Michel Smyth,
SUPPLEMENTARY INFORMATION: This ICR Number 1210–0083.
OMB authorization for an ICR cannot Departmental Clearance Officer.
seeks to extend PRA authority for the
Prohibited Transaction Exemption be for more than three (3) years without [FR Doc. 2015–26967 Filed 10–22–15; 8:45 am]
1990–1 (PTE 90–1), Insurance Company renewal, and the current approval for BILLING CODE 4510–29–P
Pooled Separate Accounts information this collection is scheduled to expire on
collection. PTE 90–1 provides an October 31, 2015. The DOL seeks to
exemption from certain Employee extend PRA authorization for this NATIONAL FOUNDATION ON THE
Retirement Income Security Act of 1974 information collection for three (3) more ARTS AND THE HUMANITIES
(ERISA) provisions relating to years, without any change to existing
transactions involving insurance requirements. The DOL notes that National Endowment for the Arts
company pooled separate accounts in existing information collection
requirements submitted to the OMB Proposed Collection; Comment
which employee benefit plans Request
participate. Without the exemption, receive a month-to-month extension
Internal Revenue Code section while they undergo review. For
additional substantive information ACTION: Notice.
4975(c)(1) and ERISA sections 406 and
about this ICR, see the related notice SUMMARY: The National Endowment for
407(a) might prohibit a party in interest
published in the Federal Register on the Arts (NEA), as part of its continuing
to a plan from furnishing goods or
June 17, 2015 (80 FR 34696). effort to reduce paperwork and
services to an insurance company Interested parties are encouraged to
pooled separate account in which the respondent burden, conducts a
send comments to the OMB, Office of
plan has an interest or prohibit engaging preclearance consultation program to
Information and Regulatory Affairs at
in other transactions. See 26 U.S.C. provide the general public and Federal
the address shown in the ADDRESSES
4975(c)(1) and 29 U.S.C. 1106 and agencies with an opportunity to
section within thirty (30) days of
1107(a). Under the exemption, a person comment on proposed and/or
publication of this notice in the Federal
who is a party in interest to a plan that continuing collections of information in
Register. In order to help ensure
invests in a pooled separate account, accordance with the Paperwork
appropriate consideration, comments
such as a service provider, may engage Reduction Act of 1995 (PRA95) [44
should mention OMB Control Number
in otherwise prohibited transactions U.S.C. 3506(c)(A)]. This program helps
1210–0083. The OMB is particularly
with the separate account if the plan’s to ensure that requested data can be
interested in comments that:
participation in the separate account • Evaluate whether the proposed provided in the desired format,
does not exceed specified limits and collection of information is necessary reporting burden (time and financial
other conditions are met. These other for the proper performance of the resources) is minimized, collection
conditions include a requirement that functions of the agency, including instruments are clearly understood, and
the party in interest not be the insurance whether the information will have the impact of collection requirements on
company, or an affiliate thereof, that practical utility; respondents can be properly assessed.
holds the plan assets in its pooled • Evaluate the accuracy of the Currently, the NEA is soliciting
separate account or other separate agency’s estimate of the burden of the comments concerning the proposed
account. The terms of the transaction to proposed collection of information, information collection on arts
which the exemption is applied must be including the validity of the participation in the U.S. A copy of the
at least as favorable to the pooled methodology and assumptions used; current information collection request
separate account as those that would be • Enhance the quality, utility, and can be obtained by contacting the office
obtained in a separate arms-length clarity of the information to be listed below in the address section of
transaction with an unrelated party, and collected; and this notice.
the insurance company must maintain • Minimize the burden of the DATES: Written comments must be
mstockstill on DSK4VPTVN1PROD with NOTICES
records of any transaction to which the collection of information on those who submitted to the office listed in the
exemption applies for a period of six are to respond, including through the address section below within 60 days
years. This ICR covers the use of appropriate automated, from the date of this publication in the
recordkeeping requirement. Internal electronic, mechanical, or other Federal Register. The NEA is
Revenue Code section 4975(c)(2) and technological collection techniques or particularly interested in comments
ERISA section 408(a) authorize this other forms of information technology, which:
information collection. See 26 U.S.C. e.g., permitting electronic submission of • Evaluate whether the proposed
4975(c)(2) and 29 U.S.C. 1108(a). responses. collection of information is necessary
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Document Created: 2015-12-14 15:32:39
Document Modified: 2015-12-14 15:32:39
| 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 | The OMB will consider all written comments that agency receives on or before November 23, 2015. | |
| 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] | |
| FR Citation | 80 FR 64451 |
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