81 FR 50559 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Plan Asset Transactions Determined by In-House Asset Managers Under Prohibited Transaction Class Exemption 1996-23

DEPARTMENT OF LABOR
Office of the Secretary

Federal Register Volume 81, Issue 147 (August 1, 2016)

The Department of Labor (DOL) will submit the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Plan Asset Transactions Determined by In-House Asset Managers Under Prohibited Transaction Class Exemption 1996-23,'' to the Office of Management and Budget (OMB) on July 30, 2016, 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 81, Number 147 (Monday, August 1, 2016)]
[Notices]
[Pages 50559-50560]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-18123]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Plan Asset Transactions Determined by In-House 
Asset Managers Under Prohibited Transaction Class Exemption 1996-23

AGENCY: Office of the Secretary, DOL.

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) will submit the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Plan Asset Transactions Determined 
by In-House Asset Managers Under Prohibited Transaction Class Exemption 
1996-23,'' to the Office of Management and Budget (OMB) on July 30, 
2016, 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 August 31, 2016.

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=201605-1210-007 (this link will only become active 
on July 31, 2016) 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: 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].

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Plan Asset Transactions Determined by In-House Asset Managers Under 
Prohibited Transaction Class Exemption 1996-23 (PTE 96-23) information 
collection. PTE 96-23 permits various parties in interest to an 
employee benefit plan to engage in transactions involving plan assets 
if, among other requirements, the assets are managed by an in-house 
asset manager (INHAM). The information collection requirements that are 
PTE 96-23 conditions include written policies and procedures by an 
INHAM and audit requirements. An independent auditor will use the 
written policies and procedures to determine the INHAM's compliance 
with the exemption. An independent auditor will conduct an annual 
exemption audit and make a determination whether the INHAM is in 
compliance with the written policies and procedures and the objective 
requirements of the exemption. These information collections are 
designed to safeguard participants and beneficiaries in plans managed 
by INHAMS that are involved in transactions covered by the exemption. 
Employee Retirement Income Security Act of 1974 section 408(a) 
authorizes this information collection. See 29 U.S.C. 1108.
    This information collection is subject to the PRA. A Federal agency 
generally

[[Page 50560]]

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 1210-0145.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and 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 November 23, 2015 (80 FR 72990).
    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 1210-0145. 
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: Plan Asset Transactions Determined by In-House 
Asset Managers Under Prohibited Transaction Class Exemption 1996-23.
    OMB Control Number: 1210-0145.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for profit institutions.
    Total Estimated Number of Respondents: 20.
    Total Estimated Number of Responses: 20.
    Total Estimated Annual Time Burden: 940 hours.
    Total Estimated Annual Other Costs Burden: $400,000.

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

    Dated: July 26, 2016.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2016-18123 Filed 7-29-16; 8:45 am]
 BILLING CODE 4510-29-P