81 FR 54851 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977-4)

DEPARTMENT OF LABOR
Office of the Secretary

Federal Register Volume 81, Issue 159 (August 17, 2016)

The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977-4),'' 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 81, Number 159 (Wednesday, August 17, 2016)]
[Notices]
[Pages 54851-54852]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-19613]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption for 
Certain Transactions Between Investment Companies and Employee Benefit 
Plans (PTE 1977-4)

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 Class 
Exemption for Certain Transactions Between Investment Companies and 
Employee Benefit Plans (PTE 1977-4),'' 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 September 16, 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=201607-1210-005 (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-
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 information collection requirements contained in the Prohibited 
Transaction Class Exemption for Certain Transactions Between Investment 
Companies and Employee Benefit Plans (PTE 1977-4). Under circumstances 
the Employee Retirement Income Security Act (ERISA) would otherwise 
prohibit, PTE 1977-4 permits an employee benefit plan to purchase and 
sell shares of an open-end investment company (mutual fund) when a 
fiduciary with respect to the plan is also the investment advisor for 
the mutual fund. PTE 1977-4 incorporates three basic disclosure 
requirements. The first requirement is to disclose any redemption fees 
in the current prospectus of the open-end mutual fund. The second 
requirement is that, at the time of the purchase or sale of such mutual 
fund shares, an independent fiduciary receive a copy of the current 
prospectus issued by the open-end mutual fund and full written 
disclosure of the investment advisory fees charged to or paid by the 
plan and the open-end mutual fund to the investment advisor. The third 
requirement is that the independent fiduciary (1) be notified of any 
changes in the fees and (2) give written approval for the plan to 
purchase or sell affected mutual fund shares or the plan to continue 
possession of any such mutual fund shares acquired before the fee 
changes. ERISA section 408(a) and Internal Revenue Code section 
4975(c)(2) authorize this information collection. See 29 U.S.C. 
1108(a); 26 U.S.C. 4975(c)(2).
    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 1210-0049.
    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 August 31, 2016. 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 May 26, 2016 (81 FR 33550).
    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 1210-0049. 
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

[[Page 54852]]

technological collection techniques or other forms of information 
technology, e.g., permitting electronic submission of responses.
    Agency: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption for 
Certain Transactions Between Investment Companies and Employee Benefit 
Plans (PTE 1977-4).
    OMB Control Number: 1210-0049.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 873.
    Total Estimated Number of Responses: 271,238.
    Total Estimated Annual Time Burden: 23,040 hours.
    Total Estimated Annual Other Costs Burden: $117,069.

     Dated: August 11, 2016.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2016-19613 Filed 8-16-16; 8:45 am]
 BILLING CODE 4510-29-P