80 FR 68566 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41
DEPARTMENT OF LABOR
Office of the Secretary Federal Register Volume 80, Issue 214 (November 5, 2015)
Office of the Secretary
Federal Register Volume 80, Issue 214 (November 5, 2015)
| Page Range | 68566-68567 | |
| FR Document | 2015-28187 |
[Federal Register Volume 80, Number 214 (Thursday, November 5, 2015)] [Notices] [Pages 68566-68567] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-28187] ----------------------------------------------------------------------- DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41 ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997- 41,'' 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 December 7, 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=201510-1210-007 (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 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- [[Page 68567]] 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 Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41 (PTE 97-41) information collection. PTE 97-41 permits an employee benefit plan to purchase shares of an open-end registered investment company in exchange for plan assets transferred in-kind from a collective investment fund maintained by a bank or plan adviser, where the bank or plan adviser is the investment adviser of the investment company and a fiduciary of the plan, provided specified conditions are met. PTE 97-41 requires that an independent fiduciary receive advance written notice of any covered transaction, as well as specific written information concerning the mutual 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 the exemption. Internal Revenue Code section 4975(c)(2) and Employee Retirement Income Security Act of 1974 section 408(a) authorize this information collection. See 26 U.S.C. 4975(c)(2), 29 U.S.C. 1108. 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 1210-0104. 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 November 30, 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 1210-0104. 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: Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41. OMB Control Number: 1210-0104. Affected Public: Private Sector--businesses or other for-profits. Total Estimated Number of Respondents: 50. Total Estimated Number of Responses: 105. Total Estimated Annual Time Burden: 1,760 hours. Total Estimated Annual Other Costs Burden: $508,282. Dated: November 1, 2015. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2015-28187 Filed 11-4-15; 8:45 am] BILLING CODE 4510-29-P
![68566 Federal Register / Vol. 80, No. 214 / Thursday, November 5, 2015 / Notices
Washington, DC 20503; by Fax: 202– requirements. The DOL notes that DEPARTMENT OF LABOR
395–5806 (this is not a toll-free existing information collection
number); or by email: OIRA_ requirements submitted to the OMB Office of the Secretary
submission@omb.eop.gov. Commenters receive a month-to-month extension
are encouraged, but not required, to while they undergo review. For Agency Information Collection
send a courtesy copy of any comments additional substantive information Activities; Submission for OMB
by mail or courier to the U.S. about this ICR, see the related notice Review; Comment Request; Collective
Department of Labor-OASAM, Office of published in the Federal Register on Investment Funds Conversion
the Chief Information Officer, Attn: June 17, 2015 (80 FR 34696). Transactions, Prohibited Transaction
Departmental Information Compliance Class Exemption 1997–41
Interested parties are encouraged to
Management Program, Room N1301, send comments to the OMB, Office of ACTION: Notice.
200 Constitution Avenue NW., Information and Regulatory Affairs at
Washington, DC 20210; or by email: the address shown in the ADDRESSES SUMMARY: The Department of Labor
DOL_PRA_PUBLIC@dol.gov. section within thirty (30) days of (DOL) is submitting the Employee
FOR FURTHER INFORMATION CONTACT: publication of this notice in the Federal Benefits Security Administration
Michel Smyth by telephone at 202–693– Register. In order to help ensure (EBSA) sponsored information
4129, TTY 202–693–8064, (these are not appropriate consideration, comments collection request (ICR) titled,
toll-free numbers) or by email at DOL_ should mention OMB Control Number ‘‘Collective Investment Funds
PRA_PUBLIC@dol.gov. 1210–0082. The OMB is particularly Conversion Transactions, Prohibited
Authority: 44 U.S.C. 3507(a)(1)(D). interested in comments that: Transaction Class Exemption 1997–41,’’
to the Office of Management and Budget
SUPPLEMENTARY INFORMATION: This ICR • Evaluate whether the proposed (OMB) for review and approval for
seeks to extend PRA authority for the collection of information is necessary continued use, without change, in
Bank Collective Investment Funds, for the proper performance of the accordance with the Paperwork
Prohibited Transaction Class Exemption functions of the agency, including Reduction Act of 1995 (PRA), 44 U.S.C.
(PTE) 1991–38, information collection. whether the information will have 3501 et seq. Public comments on the
PTE 1991–38 exempts from Employee practical utility; ICR are invited.
Retirement Income Security Act of 1974 • Evaluate the accuracy of the DATES: The OMB will consider all
(ERISA) section 406, 29 U.S.C. 1106, agency’s estimate of the burden of the
prohibited transaction provisions written comments that agency receives
proposed collection of information, on or before December 7, 2015.
certain transactions between a bank including the validity of the
collective investment fund and parties ADDRESSES: A copy of this ICR with
methodology and assumptions used; applicable supporting documentation;
in interest to a plan, provided that the
plan’s participation in the collective • Enhance the quality, utility, and including a description of the likely
investment fund does not exceed a clarity of the information to be respondents, proposed frequency of
specified percentage of the total assets collected; and response, and estimated total burden
in the collective investment fund and • Minimize the burden of the may be obtained free of charge from the
that the bank maintains and makes collection of information on those who RegInfo.gov Web site at http://
available certain records. Internal are to respond, including through the www.reginfo.gov/public/do/
Revenue Code section 4975(c)(2) and use of appropriate automated, PRAViewICR?ref_nbr=201510-1210-007
ERISA section 408(a) authorize this electronic, mechanical, or other (this link will only become active on the
information collection. See 26 U.S.C. technological collection techniques or day following publication of this notice)
4975(c)(2), 29 U.S.C. 1108(a). other forms of information technology, or by contacting Michel Smyth by
This information collection is subject e.g., permitting electronic submission of telephone at 202–693–4129, TTY 202–
to the PRA. A Federal agency generally responses. 693–8064, (these are not toll-free
cannot conduct or sponsor a collection numbers) or by email at DOL_PRA_
Agency: DOL–EBSA.
of information, and the public is PUBLIC@dol.gov.
generally not required to respond to an Title of Collection: Collective Submit comments about this request
information collection, unless it is Investment Funds, Prohibited by mail or courier to the Office of
approved by the OMB under the PRA Transaction Class Exemption 1991–38. Information and Regulatory Affairs,
and displays a currently valid OMB OMB Control Number: 1210–0082. Attn: OMB Desk Officer for DOL–EBSA,
Control Number. In addition, Affected Public: Private Sector— Office of Management and Budget,
notwithstanding any other provisions of businesses or other for-profits and not- Room 10235, 725 17th Street NW.,
law, no person shall generally be subject for-profit institutions. Washington, DC 20503; by Fax: 202–
to penalty for failing to comply with a 395–5806 (this is not a toll-free
Total Estimated Number of number); or by email: OIRA_
collection of information that does not Respondents: 6,000.
display a valid Control Number. See 5 submission@omb.eop.gov. Commenters
CFR 1320.5(a) and 1320.6. The DOL Total Estimated Number of are encouraged, but not required, to
obtains OMB approval for this Responses: 6,000. send a courtesy copy of any comments
information collection under Control Total Estimated Annual Time Burden: by mail or courier to the U.S.
Number 1210–0082. 1,000 hours. Department of Labor—OASAM, Office
OMB authorization for an ICR cannot of the Chief Information Officer, Attn:
jstallworth on DSK7TPTVN1PROD with NOTICES
Total Estimated Annual Other Costs
be for more than three (3) years without Burden: $0. Departmental Information Compliance
renewal, and the current approval for Management Program, Room N1301,
this collection is scheduled to expire on Dated: October 30, 2015. 200 Constitution Avenue NW.,
November 30, 2015. The DOL seeks to Michel Smyth, Washington, DC 20210; or by email:
extend PRA authorization for this Departmental Clearance Officer. DOL_PRA_PUBLIC@dol.gov.
information collection for three (3) more [FR Doc. 2015–28188 Filed 11–4–15; 8:45 am] FOR FURTHER INFORMATION CONTACT:
years, without any change to existing BILLING CODE 4510–29–P Michel Smyth by telephone at 202–693–
VerDate Sep<11>2014 15:06 Nov 04, 2015 Jkt 238001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\05NON1.SGM 05NON1](https://thefederalregister.org/doc/80_FR_68780/page/1.svg)
![Federal Register / Vol. 80, No. 214 / Thursday, November 5, 2015 / Notices 68567
4129, TTY 202–693–8064, (these are not additional substantive information DEPARTMENT OF LABOR
toll-free numbers) or by email at DOL_ about this ICR, see the related notice
PRA_PUBLIC@dol.gov. published in the Federal Register on Office of the Secretary
Authority: 44 U.S.C. 3507(a)(1)(D). June 17, 2015 (80 FR 34696).
Agency Information Collection
SUPPLEMENTARY INFORMATION: This ICR Interested parties are encouraged to Activities; Submission for OMB
seeks to extend PRA authority for the send comments to the OMB, Office of Review; Comment Request;
Collective Investment Funds Conversion Information and Regulatory Affairs at Unemployment Insurance Trust Fund
Transactions, Prohibited Transaction the address shown in the ADDRESSES Activity
Class Exemption 1997–41 (PTE 97–41) section within thirty (30) days of
information collection. PTE 97–41 publication of this notice in the Federal ACTION: Notice.
permits an employee benefit plan to Register. In order to help ensure
purchase shares of an open-end SUMMARY: The Department of Labor
appropriate consideration, comments (DOL) is submitting the Employment
registered investment company in should mention OMB Control Number
exchange for plan assets transferred in- and Training Administration (ETA)
1210–0104. The OMB is particularly sponsored information collection
kind from a collective investment fund
interested in comments that: request (ICR) titled, ‘‘Unemployment
maintained by a bank or plan adviser,
where the bank or plan adviser is the • Evaluate whether the proposed Insurance Trust Fund Activity,’’ to the
investment adviser of the investment collection of information is necessary Office of Management and Budget
company and a fiduciary of the plan, for the proper performance of the (OMB) for review and approval for
provided specified conditions are met. functions of the agency, including continued use, without change, in
PTE 97–41 requires that an independent whether the information will have accordance with the Paperwork
fiduciary receive advance written notice practical utility; Reduction Act of 1995 (PRA), 44 U.S.C.
of any covered transaction, as well as 3501 et seq. Public comments on the
• Evaluate the accuracy of the ICR are invited.
specific written information concerning agency’s estimate of the burden of the
the mutual funds to be purchased. The DATES: The OMB will consider all
proposed collection of information, written comments that agency receives
independent fiduciary must also including the validity of the
provide written advance approval of on or before December 7, 2015.
methodology and assumptions used; ADDRESSES: A copy of this ICR with
conversion transactions and receive
written confirmation of each • Enhance the quality, utility, and applicable supporting documentation;
transaction, as well as additional on- clarity of the information to be including a description of the likely
going disclosures as defined in the collected; and respondents, proposed frequency of
exemption. Internal Revenue Code • Minimize the burden of the response, and estimated total burden
section 4975(c)(2) and Employee collection of information on those who may be obtained free of charge from the
Retirement Income Security Act of 1974 RegInfo.gov Web site at http://
are to respond, including through the
section 408(a) authorize this www.reginfo.gov/public/do/
use of appropriate automated,
information collection. See 26 U.S.C. PRAViewICR?ref_nbr=201508-1205-002
electronic, mechanical, or other (this link will only become active on the
4975(c)(2), 29 U.S.C. 1108. technological collection techniques or
This information collection is subject day following publication of this notice)
other forms of information technology, or by contacting Michel Smyth by
to the PRA. A Federal agency generally
cannot conduct or sponsor a collection e.g., permitting electronic submission of telephone at 202–693–4129, TTY 202–
of information, and the public is responses. 693–8064, (these are not toll-free
generally not required to respond to an Agency: DOL–EBSA. numbers) or by email at DOL_PRA_
information collection, unless it is Title of Collection: Collective PUBLIC@dol.gov.
approved by the OMB under the PRA Submit comments about this request
Investment Funds Conversion
and displays a currently valid OMB by mail or courier to the Office of
Transactions, Prohibited Transaction
Control Number. In addition, Information and Regulatory Affairs,
Class Exemption 1997–41. Attn: OMB Desk Officer for DOL–ETA,
notwithstanding any other provisions of
law, no person shall generally be subject OMB Control Number: 1210–0104. Office of Management and Budget,
to penalty for failing to comply with a Affected Public: Private Sector— Room 10235, 725 17th Street NW.,
collection of information that does not businesses or other for-profits. Washington, DC 20503; by Fax: 202–
display a valid Control Number. See 5 395–5806 (this is not a toll-free
Total Estimated Number of number); or by email: OIRA_
CFR 1320.5(a) and 1320.6. The DOL Respondents: 50.
obtains OMB approval for this submission@omb.eop.gov. Commenters
information collection under Control Total Estimated Number of are encouraged, but not required, to
Number 1210–0104. Responses: 105. send a courtesy copy of any comments
OMB authorization for an ICR cannot Total Estimated Annual Time Burden: by mail or courier to the U.S.
be for more than three (3) years without 1,760 hours. Department of Labor—OASAM, Office
renewal, and the current approval for of the Chief Information Officer, Attn:
Total Estimated Annual Other Costs Departmental Information Compliance
this collection is scheduled to expire on
November 30, 2015. The DOL seeks to Burden: $508,282. Management Program, Room N1301,
extend PRA authorization for this Dated: November 1, 2015. 200 Constitution Avenue NW.,
jstallworth on DSK7TPTVN1PROD with NOTICES
information collection for three (3) more Michel Smyth, Washington, DC 20210; or by email:
years, without any change to existing Departmental Clearance Officer.
DOL_PRA_PUBLIC@dol.gov.
requirements. The DOL notes that [FR Doc. 2015–28187 Filed 11–4–15; 8:45 am]
FOR FURTHER INFORMATION CONTACT:
existing information collection Michel Smyth by telephone at 202–693–
BILLING CODE 4510–29–P
requirements submitted to the OMB 4129, TTY 202–693–8064, (these are not
receive a month-to-month extension toll-free numbers) or by email at DOL_
while they undergo review. For PRA_PUBLIC@dol.gov.
VerDate Sep<11>2014 15:06 Nov 04, 2015 Jkt 238001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\05NON1.SGM 05NON1](https://thefederalregister.org/doc/80_FR_68780/page/2.svg)
Document Created: 2015-12-14 15:03:32
Document Modified: 2015-12-14 15:03:32
| 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 December 7, 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 68566 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR