81_FR_75366 81 FR 75157 - Proposed Extension of Information Collection Requests Submitted for Public Comment

81 FR 75157 - Proposed Extension of Information Collection Requests Submitted for Public Comment

DEPARTMENT OF LABOR
Employee Benefits Security Administration

Federal Register Volume 81, Issue 209 (October 28, 2016)

Page Range75157-75159
FR Document2016-26046

The Department of Labor (the Department), in accordance with the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)), provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the public's reporting burden. It also helps the public understand the Department's information collection requirements and provide the requested data in the desired format. The Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed extension of the information collection requests (ICRs) contained in the documents described below. A copy of the ICRs may be obtained by contacting the office listed in the ADDRESSES section of this notice. ICRs also are available at reginfo.gov (http:// www.reginfo.gov/public/do/PRAMain).

Federal Register, Volume 81 Issue 209 (Friday, October 28, 2016) 
[Federal Register Volume 81, Number 209 (Friday, October 28, 2016)]
[Notices]
[Pages 75157-75159]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-26046]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Requests Submitted 
for Public Comment

AGENCY: Employee Benefits Security Administration, Department of Labor

ACTION: Notice

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SUMMARY: The Department of Labor (the Department), in accordance with 
the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)), 
provides the general public and Federal agencies with an opportunity to 
comment on proposed and continuing collections of information. This 
helps the Department assess the impact of its information collection 
requirements and minimize the public's reporting burden. It also helps 
the public understand the Department's information collection 
requirements and provide the requested data in the desired format. The 
Employee Benefits Security Administration (EBSA) is soliciting comments 
on the proposed extension of the information collection requests (ICRs) 
contained in the documents described below. A copy of the ICRs may be 
obtained by contacting the office listed in the ADDRESSES section of 
this notice. ICRs also are available at reginfo.gov (http://www.reginfo.gov/public/do/PRAMain).

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before December 27, 2016.

ADDRESSES: G. Christopher Cosby, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue NW., Room N-5718, 
Washington, DC 20210, [email protected], (202) 693-8410, FAX (202) 693-
4745 (these are not toll-free numbers).

SUPPLEMENTARY INFORMATION: This notice requests public comment on the 
Department's request for extension of the Office of Management and 
Budget's (OMB) approval of ICRs contained in the rules and prohibited 
transaction exemptions described below. The Department is not proposing 
any changes to the existing ICRs at this time. An agency may not 
conduct or sponsor, and a person is not required to respond to, an 
information collection unless it displays a valid OMB control number. A 
summary of the ICRs and the current burden estimates follows:

    Agency: Employee Benefits Security Administration, Department of 
Labor.

[[Page 75158]]

    Title: Notice to Employees of Coverage Options Under Fair Labor 
Standards Act Section 18B.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0149.
    Affected Public: Businesses or other for-profits, Farms, Not-for-
profit institutions.
    Respondents: 6,160,461.
    Responses: 72,484,292.
    Estimated Total Burden Hours: 374,502.
    Estimated Total Burden Cost (Operating and Maintenance): 
$12,229,992.
    Description: Section 1512 of the Affordable Care Act creates a new 
Fair Labor Standards Act (FLSA) section 18B requiring a notice to 
employees of coverage options available through the Health Insurance 
Marketplace. On May 8, 2013, the Department issued Technical Release 
2013-2, which provided temporary guidance regarding the notice 
requirement under FLSA section 18B and announced the availability of 
the Model Notice to Employees of Coverage Options. This ICR refers to 
the Model Notice, which was approved by OMB under OMB Control Number 
1210-0149 and is currently scheduled to expire on January 31, 2017.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption (PTE) 92-6: Sale of 
Individual Life Insurance or Annuity Contracts By a Plan.
    Type of Review: Extension of a currently approved information 
collection.
    OMB Number: 1210-0063.
    Affected Public: Businesses or other for-profits.
    Respondents: 10,600.
    Responses: 10,600.
    Estimated Total Burden Hours: 2,100.
    Estimated Total Burden Cost (Operating and Maintenance): $5,500.
    Description: PTE 92-6 exempts from the prohibited transaction 
restrictions of ERISA the sale of individual life insurance or annuity 
contracts by a plan to participants, relatives of participants, 
employers any of whose employees are covered by the plan, other 
employee benefit plans, owner-employees or shareholder-employees. In 
the absence of this exemption, certain aspects of these transactions 
might be prohibited by section 406 of ERISA.
    Among other conditions, PTE 1992-6 requires that pension plans 
inform the insured participant of a proposed sale of a life insurance 
or annuity policy to the employer, a relative, another plan, an owner-
employee, or a shareholder employee. This recordkeeping requirement 
constitutes an information collection within the meaning of the PRA, 
which was approved by OMB under OMB Control Number 1210-0063 and is 
currently scheduled to expire on February 28, 2017.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Loans to Plan Participants and Beneficiaries Who Are Parties 
in Interest With Respect to The Plan Regulation.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0076.
    Affected Public: Businesses or other for-profits, Not-for-profit 
institutions.
    Respondents: 2,500.
    Responses: 2,500.
    Estimated Total Burden Hours: 0.
    Estimated Total Burden Cost (Operating and Maintenance): $946,000.
    Description: ERISA prohibits a plan fiduciary from causing the plan 
to engage in a transaction if he knows or should know that such 
transaction constitutes direct or indirect loan or extension of credit 
between the plan and a party in interest. ERISA section 408(b)(1) 
exempts from this prohibition loans from a plan to parties in interest 
who are participants and beneficiaries of the plan, provided that 
certain requirements are satisfied. In final regulations published in 
the Federal Register on July 20, 1989, (54 FR 30520), the Department 
provided additional guidance on section 408(b)(1)(C), which requires 
that loans be made in accordance with specific provisions in the plan. 
The ICR contained within this rule was approved by OMB under OMB 
Control Number 1210-0076, which is scheduled to expire on February 28, 
2017.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: PTE 85-68 to Permit Employee Benefit Plans to Invest in 
Customer Notes of Employers.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0094.
    Affected Public: Not-for-profit institutions, Businesses or other 
for-profits.
    Respondents: 69.
    Responses: 325.
    Estimated Total Burden Hours: 1.
    Estimated Total Burden Cost (Operating and Maintenance): $0.
    Description: Pursuant to section 408 of ERISA, the Department has 
authority to grant an exemption from the prohibitions of sections 406 
and 407(a) if it can determine that the exemption is administratively 
feasible, in the interest of participants and beneficiaries, and 
protective of the rights of participants and beneficiaries of the plan. 
PTE 85-68 describes the conditions under which a plan is permitted to 
acquire customer notes accepted by an employer of employees covered by 
the plan in the ordinary course of the employer's primary business 
activity. The exemption covers sales as well as contributions of 
customer notes by an employer to its plan. Specifically, the exemption 
requires the employer to provide a written guarantee to repurchase a 
note which becomes more than 60 days delinquent, such notes to be 
secured by a perfected security interest in the property financed by 
the note, and the collateral to be insured. The exemption requires 
records pertaining to the transaction to be maintained for a period of 
six years for the purpose of ensuring that the transactions are 
protective of the rights of participants and beneficiaries. This 
recordkeeping requirement constitutes an information collection within 
the meaning of the PRA, which was approved by OMB under OMB Control 
Number 1210-0094 and is currently scheduled to expire on February 28, 
2017.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Default Investment Alternatives under Participant Directed 
Individual Account Plans.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0132.
    Affected Public: Not-for-profit institutions, Businesses or other 
for-profits.
    Respondents: 239,000.
    Responses: 31,100,000.
    Estimated Total Burden Hours: 201,000.
    Estimated Total Burden Cost (Operating and Maintenance): 
$10,800,000.
    Description: Section 404(c) of ERISA states that participants or 
beneficiaries who can hold individual accounts under their pension 
plans, and who can exercise control over the assets in their accounts 
``as determined in regulations of the Secretary [of Labor]'' will not 
be treated as fiduciaries of the plan. Moreover, no other plan 
fiduciary will be liable for any loss, or by reason of any breach, 
resulting from the participants' or beneficiaries exercise of control 
over their individual account assets.

[[Page 75159]]

    The Pension Protection Act (PPA), Public Law 109-280, amended ERISA 
section 404(c) by adding subparagraph (c)(5)(A). The new subparagraph 
says that a participant in an individual account plan who fails to make 
investment elections regarding his or her account assets will 
nevertheless be treated as having exercised control over those assets 
so long as the plan provides appropriate notice (as specified) and 
invests the assets ``in accordance with regulations prescribed by the 
Secretary [of Labor].'' Section 404(c)(5)(A) further requires the 
Department of Labor (Department) to issue corresponding final 
regulations within six months after enactment of the PPA. The PPA was 
signed into law on August 17, 2006.
    The Department of Labor issued a final regulation under ERISA 
section 404(c)(5)(A) offering guidance on the types of investment 
vehicles that plans may choose as their ``qualified default investment 
alternative''(QDIA). The regulation also outlines two information 
collections. First, it implements the statutory requirement that plans 
provide annual notices to participants and beneficiaries whose account 
assets could be invested in a QDIA. Second, the regulation requires 
plans to pass certain pertinent materials they receive relating to a 
QDIA to those participants and beneficiaries with assets invested in 
the QDIA as well to provide certain information on request. The ICRs 
are approved under OMB Control Number 1210-0132, which is scheduled to 
expire on February 28, 2017.

    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: PTE 96-62, Process for Expedited Approval of an Exemption 
for Prohibited Transaction.
    Type of Review: Extension of a currently approved information 
collection.
    OMB Number: 1210-0098.
    Affected Public: Businesses or other for-profits.
    Respondents: 25.
    Responses: 11,250.
    Estimated Total Burden Hours: 200.
    Estimated Total Burden Cost (Operating and Maintenance): $40,000.
    Description: Section 408(a) of ERISA provides that the Secretary of 
Labor may grant exemptions from the prohibited transaction provisions 
of sections 406 and 407(a) of ERISA, and directs the Secretary to 
establish an exemption procedure with respect to such provisions. On 
July 31, 1996, the Department published PTE 96-62, which, pursuant to 
the exemption procedure set forth in 29 CFR 2570, subpart B, permits a 
plan to seek approval on an accelerated basis of otherwise prohibited 
transactions. A PTE will only be granted on the conditions that the 
plan demonstrate to the Department that the transaction is 
substantially similar to those described in at least two prior 
individual exemptions granted by the Department and that it presents 
little, if any, opportunity for abuse or risk of loss to a plan's 
participants and beneficiaries. This ICR is intended to provide the 
Department with sufficient information to support a finding that the 
exemption meets the statutory standards of section 408(a) of ERISA, and 
to provide affected parties with the opportunity to comment on the 
proposed transaction, while at the same time reducing the regulatory 
burden associated with processing individual exemptions for 
transactions prohibited under ERISA. The ICR was approved by OMB under 
OMB Control Number 1210-0098 and is scheduled to expire on July 31, 
2017.

Focus of Comments

    The Department is particularly interested in comments that:
     Evaluate whether the collections of information are 
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 
collections 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., by 
permitting electronic submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICRs for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration, U.S. 
Department of Labor.
[FR Doc. 2016-26046 Filed 10-27-16; 8:45 am]
 BILLING CODE 4510-29-P

Federal Register / Vol. 81, No. 209 / Friday, October 28, 2016 / Notices 75157 Deutsche Bank also seeks changes to Constitution Avenue NW., Washington, DEPARTMENT OF LABOR the notice requirement described in DC 20210. Section I(g) of the proposed exemption. Employee Benefits Security For a more complete statement of the Deutsche Bank seeks to add the Administration facts and representations supporting the following bracketed language, such that Department’s decision to grant this Section I(g) reads: ‘‘Within two (2) Proposed Extension of Information Extension, refer to the notice of Collection Requests Submitted for months of the date of publication of this proposed extension, published on Public Comment notice of Extension in the Federal Register, each DB QPAM will provide a October 12, 2016, at 81 FR 70577. AGENCY: Employee Benefits Security notice to such effect to each ERISA- FOR FURTHER INFORMATION CONTACT: Mr. Administration, Department of Labor covered plan or IRA for which a DB Scott Ness of the Department, telephone ACTION: Notice QPAM provides asset management or (202) 693–8561. (This is not a toll-free other discretionary fiduciary services [in number.) SUMMARY: The Department of Labor (the reliance on PTE 84–14], unless such Department), in accordance with the notice was previously provided General Information Paperwork Reduction Act of 1995 (PRA consistent with PTE 2015–15.’’ The 95) (44 U.S.C. 3506(c)(2)(A)), provides The attention of interested persons is Department has revised the condition the general public and Federal agencies directed to the following: accordingly. with an opportunity to comment on Deutsche Bank requests an adjustment (1) The fact that a transaction is the proposed and continuing collections of to certain restrictions the proposed subject of an exemption under section information. This helps the Department exemption places on DSK. In this 408(a) of the Act and/or section assess the impact of its information regard, Deutsche Bank seeks to add the 4975(c)(2) of the Code does not relieve collection requirements and minimize following bracketed language, and to a fiduciary or other party in interest or the public’s reporting burden. It also delete the following italicized language, disqualified person from certain other helps the public understand the such that Section I(m) reads: ‘‘DSK has provisions to which the exemption does Department’s information collection not, and will not, provide [discretionary not apply and the general fiduciary requirements and provide the requested asset management services or other responsibility provisions of section 404 data in the desired format. The discretionary] fiduciary or QPAM of the Act, which among other things Employee Benefits Security services to ERISA-covered Plans or require a fiduciary to discharge his Administration (EBSA) is soliciting IRAs, and will not otherwise exercise duties respecting the plan solely in the comments on the proposed extension of discretionary control over plan assets.’’ interest of the participants and the information collection requests The Department declines Deutsche beneficiaries of the plan and in a (ICRs) contained in the documents Bank’s request, but has revised the prudent fashion in accordance with described below. A copy of the ICRs condition to more clearly require that section 404(a)(1)(B) of the Act; nor does may be obtained by contacting the office this condition is intended to be met listed in the ADDRESSES section of this it affect the requirement of section prospectively, not retroactively. notice. ICRs also are available at 401(a) of the Code that the plan must Deutsche Bank also seeks clarification reginfo.gov (http://www.reginfo.gov/ operate for the exclusive benefit of the that for purposes of the Extension, the public/do/PRAMain). employees of the employer maintaining auditor, and not the QPAMs, must DATES: Written comments must be provide the relevant workpapers to the the plan and their beneficiaries; submitted to the office shown in the Department. The Department agrees (2) These exemptions are Addresses section on or before with that interpretation of the condition. supplemental to and not in derogation December 27, 2016. In its letter to the Department, of, any other provisions of the Act and/ ADDRESSES: G. Christopher Cosby, Deutsche Bank states that footnotes 38 or the Code, including statutory or Department of Labor, Employee Benefits and 42, which reference tax-related administrative exemptions and Security Administration, 200 crimes, are unrelated to Deutsche Bank’s transactional rules. Furthermore, the Constitution Avenue NW., Room application and should be deleted. fact that a transaction is subject to an N–5718, Washington, DC 20210, Deutsche Bank also requests that the administrative or statutory exemption is ebsa.opr@dol.gov, (202) 693–8410, FAX Department note for the record that not dispositive of whether the (202) 693–4745 (these are not toll-free ‘‘Deutsche Bank identified Mr. Ripley transaction is in fact a prohibited numbers). both as an employee of DBSI and a transaction; and subject of the Korean case on numerous SUPPLEMENTARY INFORMATION: This prior occasions, including as far back as (3) The availability of these notice requests public comment on the 2011, as well as more recently.’’ exemptions is subject to the express Department’s request for extension of After giving full consideration to the condition that the material facts and the Office of Management and Budget’s entire record, the Department has representations contained in the (OMB) approval of ICRs contained in decided to grant the Extension. The application accurately describes all the rules and prohibited transaction complete application file for the material terms of the transaction which exemptions described below. The Extension (Exemption Application No. is the subject of the exemption. Department is not proposing any D–11879), including all supplemental Signed at Washington, DC, this 24th day of changes to the existing ICRs at this time. submissions received by the An agency may not conduct or sponsor, mstockstill on DSK3G9T082PROD with NOTICES October, 2016. Department, as well as the application and a person is not required to respond Lyssa E. Hall, file for PTE 2015–15 (Exemption to, an information collection unless it Director of Exemption Determinations, displays a valid OMB control number. A Application No. D–11696), are available Employee Benefits Security Administration, for public inspection in the Public summary of the ICRs and the current U.S. Department of Labor. Disclosure Room of the Employee burden estimates follows: [FR Doc. 2016–26089 Filed 10–27–16; 8:45 am] Benefits Security Administration, Room Agency: Employee Benefits Security BILLING CODE 4510–29–P N–1515, U.S. Department of Labor, 200 Administration, Department of Labor. VerDate Sep<11>2014 18:12 Oct 27, 2016 Jkt 241001 PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 E:\FR\FM\28OCN1.SGM 28OCN1

75158 Federal Register / Vol. 81, No. 209 / Friday, October 28, 2016 / Notices Title: Notice to Employees of employer, a relative, another plan, an prohibitions of sections 406 and 407(a) Coverage Options Under Fair Labor owner-employee, or a shareholder if it can determine that the exemption Standards Act Section 18B. employee. This recordkeeping is administratively feasible, in the Type of Review: Extension of a requirement constitutes an information interest of participants and currently approved collection of collection within the meaning of the beneficiaries, and protective of the information. PRA, which was approved by OMB rights of participants and beneficiaries OMB Number: 1210–0149. under OMB Control Number 1210–0063 of the plan. PTE 85–68 describes the Affected Public: Businesses or other and is currently scheduled to expire on conditions under which a plan is for-profits, Farms, Not-for-profit February 28, 2017. permitted to acquire customer notes institutions. Agency: Employee Benefits Security accepted by an employer of employees Respondents: 6,160,461. Administration, Department of Labor. covered by the plan in the ordinary Responses: 72,484,292. Title: Loans to Plan Participants and course of the employer’s primary Estimated Total Burden Hours: Beneficiaries Who Are Parties in Interest business activity. The exemption covers 374,502. With Respect to The Plan Regulation. sales as well as contributions of Estimated Total Burden Cost Type of Review: Extension of a customer notes by an employer to its (Operating and Maintenance): currently approved collection of plan. Specifically, the exemption $12,229,992. information. requires the employer to provide a Description: Section 1512 of the OMB Number: 1210–0076. written guarantee to repurchase a note Affordable Care Act creates a new Fair Affected Public: Businesses or other which becomes more than 60 days Labor Standards Act (FLSA) section 18B for-profits, Not-for-profit institutions. delinquent, such notes to be secured by requiring a notice to employees of Respondents: 2,500. a perfected security interest in the coverage options available through the Responses: 2,500. property financed by the note, and the Health Insurance Marketplace. On May Estimated Total Burden Hours: 0. collateral to be insured. The exemption 8, 2013, the Department issued Estimated Total Burden Cost requires records pertaining to the Technical Release 2013–2, which (Operating and Maintenance): $946,000. transaction to be maintained for a provided temporary guidance regarding Description: ERISA prohibits a plan period of six years for the purpose of the notice requirement under FLSA fiduciary from causing the plan to ensuring that the transactions are section 18B and announced the engage in a transaction if he knows or protective of the rights of participants availability of the Model Notice to should know that such transaction and beneficiaries. This recordkeeping Employees of Coverage Options. This constitutes direct or indirect loan or requirement constitutes an information ICR refers to the Model Notice, which extension of credit between the plan collection within the meaning of the was approved by OMB under OMB and a party in interest. ERISA section PRA, which was approved by OMB Control Number 1210–0149 and is 408(b)(1) exempts from this prohibition under OMB Control Number 1210–0094 currently scheduled to expire on loans from a plan to parties in interest and is currently scheduled to expire on January 31, 2017. who are participants and beneficiaries February 28, 2017. Agency: Employee Benefits Security of the plan, provided that certain Agency: Employee Benefits Security Administration, Department of Labor. requirements are satisfied. In final Administration, Department of Labor. Title: Prohibited Transaction Class regulations published in the Federal Title: Default Investment Alternatives Exemption (PTE) 92–6: Sale of Register on July 20, 1989, (54 FR under Participant Directed Individual Individual Life Insurance or Annuity 30520), the Department provided Account Plans. Contracts By a Plan. additional guidance on section Type of Review: Extension of a Type of Review: Extension of a 408(b)(1)(C), which requires that loans currently approved collection of currently approved information be made in accordance with specific information. collection. provisions in the plan. The ICR OMB Number: 1210–0132. OMB Number: 1210–0063. contained within this rule was approved Affected Public: Not-for-profit Affected Public: Businesses or other by OMB under OMB Control Number institutions, Businesses or other for- for-profits. 1210–0076, which is scheduled to profits. Respondents: 10,600. expire on February 28, 2017. Respondents: 239,000. Responses: 10,600. Agency: Employee Benefits Security Responses: 31,100,000. Estimated Total Burden Hours: 2,100. Administration, Department of Labor. Estimated Total Burden Hours: Estimated Total Burden Cost Title: PTE 85–68 to Permit Employee 201,000. (Operating and Maintenance): $5,500. Benefit Plans to Invest in Customer Estimated Total Burden Cost Description: PTE 92–6 exempts from Notes of Employers. (Operating and Maintenance): the prohibited transaction restrictions of Type of Review: Extension of a $10,800,000. ERISA the sale of individual life currently approved collection of Description: Section 404(c) of ERISA insurance or annuity contracts by a plan information. states that participants or beneficiaries to participants, relatives of participants, OMB Number: 1210–0094. who can hold individual accounts employers any of whose employees are Affected Public: Not-for-profit under their pension plans, and who can covered by the plan, other employee institutions, Businesses or other for- exercise control over the assets in their benefit plans, owner-employees or profits. accounts ‘‘as determined in regulations shareholder-employees. In the absence Respondents: 69. of the Secretary [of Labor]’’ will not be mstockstill on DSK3G9T082PROD with NOTICES of this exemption, certain aspects of Responses: 325. treated as fiduciaries of the plan. these transactions might be prohibited Estimated Total Burden Hours: 1. Moreover, no other plan fiduciary will by section 406 of ERISA. Estimated Total Burden Cost be liable for any loss, or by reason of Among other conditions, PTE 1992–6 (Operating and Maintenance): $0. any breach, resulting from the requires that pension plans inform the Description: Pursuant to section 408 participants’ or beneficiaries exercise of insured participant of a proposed sale of of ERISA, the Department has authority control over their individual account a life insurance or annuity policy to the to grant an exemption from the assets. VerDate Sep<11>2014 18:12 Oct 27, 2016 Jkt 241001 PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 E:\FR\FM\28OCN1.SGM 28OCN1

Federal Register / Vol. 81, No. 209 / Friday, October 28, 2016 / Notices 75159 The Pension Protection Act (PPA), approval on an accelerated basis of DEPARTMENT OF LABOR Public Law 109–280, amended ERISA otherwise prohibited transactions. A section 404(c) by adding subparagraph PTE will only be granted on the Employment and Training (c)(5)(A). The new subparagraph says conditions that the plan demonstrate to Administration that a participant in an individual the Department that the transaction is account plan who fails to make Workforce Information Advisory substantially similar to those described Council (WIAC) investment elections regarding his or in at least two prior individual her account assets will nevertheless be exemptions granted by the Department AGENCY: Employment and Training treated as having exercised control over and that it presents little, if any, Administration, Labor. those assets so long as the plan provides opportunity for abuse or risk of loss to ACTION: Notice of meeting. appropriate notice (as specified) and a plan’s participants and beneficiaries. invests the assets ‘‘in accordance with SUMMARY: Pursuant to Section 308 of the This ICR is intended to provide the regulations prescribed by the Secretary Workforce Innovation and Opportunity Department with sufficient information Act of 2014 (WIOA) (Pub. L. 113–128), [of Labor].’’ Section 404(c)(5)(A) further to support a finding that the exemption which amends section 15 of the Wagner- requires the Department of Labor (Department) to issue corresponding meets the statutory standards of section Peyser Act of 1933 (29 U.S.C. 491–2), final regulations within six months after 408(a) of ERISA, and to provide affected notice is hereby given that the WIAC enactment of the PPA. The PPA was parties with the opportunity to meet on November 16 and 17, 2016. The signed into law on August 17, 2006. comment on the proposed transaction, meeting will take place at the Bureau of The Department of Labor issued a while at the same time reducing the Labor Statistics (BLS) Janet Norwood final regulation under ERISA section regulatory burden associated with Training and Conference Center in 404(c)(5)(A) offering guidance on the processing individual exemptions for Washington, DC. The WIAC was types of investment vehicles that plans transactions prohibited under ERISA. established in accordance with may choose as their ‘‘qualified default The ICR was approved by OMB under provisions of the Federal Advisory investment alternative’’(QDIA). The OMB Control Number 1210–0098 and is Committee Act (FACA), as amended (5 regulation also outlines two information scheduled to expire on July 31, 2017. U.S.C. App.) and will act in accordance collections. First, it implements the with the applicable provisions of FACA Focus of Comments and its implementing regulation at 41 statutory requirement that plans provide annual notices to participants and CFR 102–3. The meeting will be open to The Department is particularly beneficiaries whose account assets the public. interested in comments that: could be invested in a QDIA. Second, DATES: The meeting will take place on the regulation requires plans to pass • Evaluate whether the collections of Wednesday, November 16 and certain pertinent materials they receive information are necessary for the proper Thursday, November 17, 2016 from 9:00 relating to a QDIA to those participants performance of the functions of the a.m. to 4:30 p.m. Public statements and and beneficiaries with assets invested in agency, including whether the requests for special accommodations or the QDIA as well to provide certain information will have practical utility; to address the Advisory Council must be information on request. The ICRs are • Evaluate the accuracy of the received by November 9, 2016. approved under OMB Control Number agency’s estimate of the collections of ADDRESSES: The meeting will be held at 1210–0132, which is scheduled to information, including the validity of the BLS Janet Norwood Training and expire on February 28, 2017. the methodology and assumptions used; Conference Center, Rooms 9 and 10, in Agency: Employee Benefits Security the Postal Square Building at 2 • Enhance the quality, utility, and Administration, Department of Labor. Massachusetts Ave. NE., Washington, clarity of the information to be Title: PTE 96–62, Process for DC 20212. collected; and Expedited Approval of an Exemption for FOR FURTHER INFORMATION CONTACT: Prohibited Transaction. • Minimize the burden of the Steven Rietzke, Chief, Division of Type of Review: Extension of a collection of information on those who National Programs, Tools, and currently approved information are to respond, including through the Technical Assistance, Employment and collection. use of appropriate automated, Training Administration, U.S. OMB Number: 1210–0098. electronic, mechanical, or other Department of Labor, Room C–4510, 200 Affected Public: Businesses or other technological collection techniques or Constitution Ave. NW., Washington, DC for-profits. other forms of information technology, 20210; Telephone: 202–693–3912. Mr. Respondents: 25. e.g., by permitting electronic Rietzke is the Designated Federal Officer Responses: 11,250. submissions of responses. for the WIAC. Estimated Total Burden Hours: 200. Comments submitted in response to SUPPLEMENTARY INFORMATION: Estimated Total Burden Cost this notice will be summarized and/or Background: The WIAC is an (Operating and Maintenance): $40,000. important component of the Workforce included in the ICRs for OMB approval Description: Section 408(a) of ERISA Innovation and Opportunity Act. The of the extension of the information provides that the Secretary of Labor may WIAC is a Federal Advisory Committee grant exemptions from the prohibited collection; they will also become a of workforce and labor market transaction provisions of sections 406 matter of public record. information experts representing a and 407(a) of ERISA, and directs the broad range of national, State, and local mstockstill on DSK3G9T082PROD with NOTICES Phyllis C. Borzi, Secretary to establish an exemption Assistant Secretary, Employee Benefits data and information users and procedure with respect to such Security Administration, U.S. Department of producers. The purpose of the WIAC is provisions. On July 31, 1996, the Labor. to provide recommendations to the Department published PTE 96–62, [FR Doc. 2016–26046 Filed 10–27–16; 8:45 am] Secretary of Labor, working jointly which, pursuant to the exemption through the Assistant Secretary for BILLING CODE 4510–29–P procedure set forth in 29 CFR 2570, Employment and Training and the subpart B, permits a plan to seek Commissioner of Labor Statistics, to VerDate Sep<11>2014 18:12 Oct 27, 2016 Jkt 241001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\28OCN1.SGM 28OCN1


Document Created: 2018-02-13 16:40:08
Document Modified: 2018-02-13 16:40:08
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
DatesWritten comments must be submitted to the office shown in the
FR Citation81 FR 75157 
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