82 FR 45617 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1998-54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions
DEPARTMENT OF LABOR
Office of the Secretary Federal Register Volume 82, Issue 188 (September 29, 2017)
Office of the Secretary
Federal Register Volume 82, Issue 188 (September 29, 2017)
| Page Range | 45617-45618 | |
| FR Document | 2017-20916 |
[Federal Register Volume 82, Number 188 (Friday, September 29, 2017)] [Notices] [Pages 45617-45618] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-20916] ----------------------------------------------------------------------- DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1998-54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions ACTION: Notice of availability; request for comments. ----------------------------------------------------------------------- SUMMARY: The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Prohibited Transaction Class Exemption 1998-54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions,'' 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). Public comments on the ICR are invited. DATES: The OMB will consider all written comments that agency receives on or before October 30, 2017. 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=201707-1210-001 (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 [email protected]. Submit comments about this request by mail 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]. SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for the information collection requirements contained in Prohibited Transaction Class Exemption (PTE) 1998-54 that relates to certain employee benefit plan foreign exchange transactions executed pursuant to standing instructions. More specifically, the PTE permits certain foreign exchange transactions between employee benefit plans and certain banks and broker-dealers that are parties in interest with respect to such plans. In order that such transactions be consistent with Employee Retirement Income Security Act (ERISA) section 408(a), 29 U.S.C. 1108/(a), requirements, the PTE imposes the following conditions at the time the foreign exchange transaction is entered into: (a) The terms of the transaction must not be less favorable than those available in comparable arm's-length transactions between unrelated parties or those afforded by the bank or the broker-dealer in comparable arm's-length transactions involving unrelated parties; (b) neither the bank nor the broker-dealer has any discretionary authority with respect to the investment of the assets involved in the transaction; (c) the bank or broker-dealer maintains at all times written policies and procedures regarding the handling of foreign exchange transactions for plans for which it is a party in interest which ensure that the party acting for the bank or the broker-dealer knows it is dealing with a plan; (d) the transactions are performed in accordance with a written authorization executed in advance by an independent fiduciary of the plan whose assets are involved in the transaction and who is independent of the bank or broker-dealer engaging in the covered transaction; (e) transactions are executed within one business day of receipt of funds; (f) the bank or the broker-dealer, at least once a day at a time specified in written procedures, establishes a rate or range of rates of exchange to be used for the transactions covered by this exemption and executes transactions at either the next scheduled time or no later than twenty- four (24) hours after receipt of notice of receipt of funds; (g) prior to execution of a transaction, the bank or the broker-dealer provides the authorizing fiduciary with a copy of the applicable written policies and procedures for foreign exchange transactions involving income item conversions and de minimis purchases and sale transactions; (h) the bank or the broker-dealer furnishes the authorizing fiduciary a written confirmation statement with respect to each covered transaction within five (5) days of execution; (i) the bank or the broker-dealer maintains records necessary for [[Page 45618]] plan fiduciaries, participants, and the DOL and Internal Revenue Service to determine whether the conditions of the exemption have been met for a period of six years from the date of execution of a transaction. Internal Revenue Code of 1986 section 4975 and ERISA section 408 authorize this information collection. See 26 U.S.C. 4975; 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 1210-0111. 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 September 30, 2017. 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 22, 2017 (82 FR 23303). 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 1210-0111. 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 Class Exemption 1998-54 Relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions. OMB Control Number: 1210-0111. Affected Public: Private Sector--businesses or other for-profits. Total Estimated Number of Respondents: 35. Total Estimated Number of Responses: 420,000. Total Estimated Annual Time Burden: 4,200 hours. Total Estimated Annual Other Costs Burden: $0. Authority: 44 U.S.C. 3507(a)(1)(D). Dated: September 15, 2017. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2017-20916 Filed 9-28-17; 8:45 am] BILLING CODE 4510-29-P
![Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices 45617
159 TAA PETITIONS INSTITUTED BETWEEN 6/5/17 AND 8/18/17—Continued
Date of Date of
TA–W Subject firm (petitioners) Location institution petition
93072 ...... National Oilwell Varco (Workers) ...................................... Claremore, OK ................................... 08/14/17 08/09/17
93073 ...... Norpac Foods Inc. (State/One-Stop) ................................ Salem, OR .......................................... 08/14/17 08/11/17
93074 ...... Philips Medical Systems (Cleveland) Inc. (Company) ...... Aurora, IL ............................................ 08/14/17 08/11/17
93075 ...... Yanfeng US Automotive II LLC (Union) ........................... Lansing, MI ......................................... 08/14/17 08/11/17
93076 ...... API Heat Transfer (Union) ................................................ Cheektowaga, NY .............................. 08/16/17 08/07/17
93077 ...... Fargo Assembly of Mississippi, LLC (Workers) ................ Kosciusko, MS .................................... 08/17/17 08/16/17
93078 ...... Health Care Service Corporation (State/One-Stop) ......... Downers Grove, IL ............................. 08/17/17 08/16/17
93079 ...... Travelport (State/One-Stop) .............................................. Kansas City, MO ................................ 08/17/17 08/16/17
93080 ...... Affinity Apparel (Workers) ................................................. Moultrie, GA ....................................... 08/18/17 08/17/17
93081 ...... Casamba (an affiliate of Source Medical) (Workers) ....... Rome, GA ........................................... 08/18/17 08/17/17
93082 ...... DART Aerospace (State/One-Stop) .................................. Eugene, OR ........................................ 08/18/17 08/17/17
93083 ...... Hitachi Metals Automotive Components, LLC (State/ Wellsboro, PA ..................................... 08/18/17 08/17/17
One-Stop).
[FR Doc. 2017–20940 Filed 9–28–17; 8:45 am] contacting Michel Smyth by telephone less favorable than those available in
BILLING CODE 4510–FN–P at 202–693–4129, TTY 202–693–8064, comparable arm’s-length transactions
(these are not toll-free numbers) or by between unrelated parties or those
email at DOL_PRA_PUBLIC@dol.gov. afforded by the bank or the broker-
DEPARTMENT OF LABOR Submit comments about this request dealer in comparable arm’s-length
by mail to the Office of Information and transactions involving unrelated parties;
Office of the Secretary Regulatory Affairs, Attn: OMB Desk (b) neither the bank nor the broker-
Officer for DOL–EBSA, Office of dealer has any discretionary authority
Agency Information Collection with respect to the investment of the
Management and Budget, Room 10235,
Activities; Submission for OMB assets involved in the transaction; (c)
725 17th Street NW., Washington, DC
Review; Comment Request; Prohibited the bank or broker-dealer maintains at
20503; by Fax: 202–395–5806 (this is
Transaction Class Exemption 1998–54 all times written policies and
not a toll-free number); or by email:
Relating to Certain Employee Benefit procedures regarding the handling of
OIRA_submission@omb.eop.gov.
Plan Foreign Exchange Transactions foreign exchange transactions for plans
Commenters are encouraged, but not
Executed Pursuant to Standing for which it is a party in interest which
required, to send a courtesy copy of any
Instructions ensure that the party acting for the bank
comments by mail or courier to the U.S.
Department of Labor—OASAM, Office or the broker-dealer knows it is dealing
ACTION:Notice of availability; request
of the Chief Information Officer, Attn: with a plan; (d) the transactions are
for comments.
Departmental Information Compliance performed in accordance with a written
SUMMARY: The Department of Labor Management Program, Room N1301, authorization executed in advance by an
(DOL) is submitting the Employee 200 Constitution Avenue NW., independent fiduciary of the plan
Benefits Security Administration Washington, DC 20210; or by email: whose assets are involved in the
(EBSA) sponsored information DOL_PRA_PUBLIC@dol.gov. transaction and who is independent of
collection request (ICR) titled, the bank or broker-dealer engaging in
FOR FURTHER INFORMATION CONTACT:
‘‘Prohibited Transaction Class the covered transaction; (e) transactions
Michel Smyth by telephone at 202–693– are executed within one business day of
Exemption 1998–54 Relating to Certain 4129, TTY 202–693–8064, (these are not
Employee Benefit Plan Foreign receipt of funds; (f) the bank or the
toll-free numbers) or by email at DOL_ broker-dealer, at least once a day at a
Exchange Transactions Executed PRA_PUBLIC@dol.gov.
Pursuant to Standing Instructions,’’ to time specified in written procedures,
SUPPLEMENTARY INFORMATION: This ICR establishes a rate or range of rates of
the Office of Management and Budget
seeks to extend PRA authority for the exchange to be used for the transactions
(OMB) for review and approval for
information collection requirements covered by this exemption and executes
continued use, without change, in
contained in Prohibited Transaction transactions at either the next scheduled
accordance with the Paperwork
Class Exemption (PTE) 1998–54 that time or no later than twenty-four (24)
Reduction Act of 1995 (PRA). Public
relates to certain employee benefit plan hours after receipt of notice of receipt of
comments on the ICR are invited.
foreign exchange transactions executed funds; (g) prior to execution of a
DATES: The OMB will consider all pursuant to standing instructions. More transaction, the bank or the broker-
written comments that agency receives specifically, the PTE permits certain dealer provides the authorizing
on or before October 30, 2017. foreign exchange transactions between fiduciary with a copy of the applicable
ADDRESSES: A copy of this ICR with employee benefit plans and certain written policies and procedures for
applicable supporting documentation; banks and broker-dealers that are parties foreign exchange transactions involving
asabaliauskas on DSKBBXCHB2PROD with NOTICES
including a description of the likely in interest with respect to such plans. In income item conversions and de
respondents, proposed frequency of order that such transactions be minimis purchases and sale
response, and estimated total burden consistent with Employee Retirement transactions; (h) the bank or the broker-
may be obtained free of charge from the Income Security Act (ERISA) section dealer furnishes the authorizing
RegInfo.gov Web site at http://www. 408(a), 29 U.S.C. 1108/(a), requirements, fiduciary a written confirmation
reginfo.gov/public/do/PRAViewICR?ref_ the PTE imposes the following statement with respect to each covered
nbr=201707-1210-001 (this link will conditions at the time the foreign transaction within five (5) days of
only become active on the day following exchange transaction is entered into: (a) execution; (i) the bank or the broker-
publication of this notice) or by The terms of the transaction must not be dealer maintains records necessary for
VerDate Sep<11>2014 18:50 Sep 28, 2017 Jkt 241001 PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 E:\FR\FM\29SEN1.SGM 29SEN1](https://thefederalregister.org/doc/82_FR_45805/page/1.svg)
![45618 Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices
plan fiduciaries, participants, and the • Enhance the quality, utility, and compensation. To do that, we anticipate
DOL and Internal Revenue Service to clarity of the information to be funding two to three states to operate
determine whether the conditions of the collected; and projects with key elements drawn from
exemption have been met for a period • Minimize the burden of the the Washington State programs
of six years from the date of execution collection of information on those who mentioned above, with an increased
of a transaction. Internal Revenue Code are to respond, including through the emphasis on access to employment-
of 1986 section 4975 and ERISA section use of appropriate automated, related supports, or fund the expansion
408 authorize this information electronic, mechanical, or other of existing programs to include
collection. See 26 U.S.C. 4975; 29 U.S.C. technological collection techniques or increased access to employment-related
1108. other forms of information technology, supports. The ultimate policy goal is to
This information collection is subject e.g., permitting electronic submission of increase employment and labor force
to the PRA. A Federal agency generally responses. participation of individuals who have or
cannot conduct or sponsor a collection Agency: DOL–EBSA. are developing work disabilities. This
of information, and the public is Title of Collection: Prohibited request for information (RFI) seeks
generally not required to respond to an Transaction Class Exemption 1998–54 public input on how the proposed
information collection, unless it is Relating to Certain Employee Benefit demonstration projects can best be
approved by the OMB under the PRA Plan Foreign Exchange Transactions designed to promote labor force
and displays a currently valid OMB Executed Pursuant to Standing attachment, coordinate employment and
Control Number. In addition, Instructions. health services, and support injured and
notwithstanding any other provisions of OMB Control Number: 1210–0111. ill workers in returning to and
law, no person shall generally be subject Affected Public: Private Sector— remaining at work. The input we receive
to penalty for failing to comply with a businesses or other for-profits. will inform our deliberations about the
Total Estimated Number of possible design of a future
collection of information that does not
Respondents: 35. demonstration project.
display a valid Control Number. See 5
Total Estimated Number of
CFR 1320.5(a) and 1320.6. The DOL DATES: Comments must be received by
Responses: 420,000.
obtains OMB approval for this October 30, 2017.
Total Estimated Annual Time Burden:
information collection under Control ADDRESSES: You may submit comments
4,200 hours.
Number 1210–0111. by any one of three methods—Internet,
Total Estimated Annual Other Costs
OMB authorization for an ICR cannot Burden: $0. fax, or mail. Do not submit the same
be for more than three (3) years without comments multiple times or by more
Authority: 44 U.S.C. 3507(a)(1)(D).
renewal, and the current approval for than one method. Regardless of which
this collection is scheduled to expire on Dated: September 15, 2017. method you choose, please refer to
September 30, 2017. The DOL seeks to Michel Smyth, Docket No. DOL–2017–0003in your
extend PRA authorization for this Departmental Clearance Officer. comment pages so that we may associate
information collection for three (3) more [FR Doc. 2017–20916 Filed 9–28–17; 8:45 am] your comments with the correct docket.
years, without any change to existing BILLING CODE 4510–29–P Caution: In your comments, you
requirements. The DOL notes that should be careful to include only the
existing information collection information that you wish to make
requirements submitted to the OMB DEPARTMENT OF LABOR publicly available. We strongly urge you
receive a month-to-month extension not to include in your comments any
[Agency Docket Number: DOL–2017–0003]
while they undergo review. For personal information, such as Social
additional substantive information Request for Information on Potential Security numbers or medical
about this ICR, see the related notice Stay-at-Work/Return-to-Work information.
published in the Federal Register on Demonstration Projects 1. Internet: We strongly recommend
May 22, 2017 (82 FR 23303). that you submit your comments via the
Interested parties are encouraged to AGENCY: Office of Disability
Internet. Please visit the Federal
send comments to the OMB, Office of Employment Policy, DOL.
eRulemaking portal at http://
Information and Regulatory Affairs at ACTION: Request for information. www.regulations.gov. Use the ‘‘Search’’
the address shown in the ADDRESSES function to find docket number DOL–
SUMMARY: Washington State’s workers’
section within thirty (30) days of 2017–0003. The system will issue a
compensation system runs several
publication of this notice in the Federal tracking number to confirm your
promising early intervention programs
Register. In order to help ensure submission. You will not be able to
including the Centers of Occupational
appropriate consideration, comments view your comment immediately
Health and Education (COHE) and the
should mention OMB Control Number because we must post each comment
Early Return to Work and the Stay at
1210–0111. The OMB is particularly manually. It may take up to a week for
Work programs, which provide early
interested in comments that: your comment to be viewable.
intervention and return-to-work services
• Evaluate whether the proposed for individuals with work-related health 2. Fax: Fax comments to (202) 693–
collection of information is necessary conditions and their employers. The 7888.
for the proper performance of the 3. Mail: Mail your comments to the
asabaliauskas on DSKBBXCHB2PROD with NOTICES
President’s FY2018 budget proposed
functions of the agency, including that the Office of Disability Employment Office of Disability Employment Policy,
whether the information will have Policy (ODEP) at the U.S. Department of U.S. Department of Labor, 200
practical utility; Labor (DOL) and the Social Security Constitution Avenue NW., S–1303,
• Evaluate the accuracy of the Administration (SSA) jointly conduct a Washington, DC 20210.
agency’s estimate of the burden of the demonstration testing the effects of Comments are available for public
proposed collection of information, implementing key features of these viewing on the Federal eRulemaking
including the validity of the programs in other states and/or for a portal at http://www.regulations.gov or
methodology and assumptions used; broader population beyond workers’ in person, during regular business
VerDate Sep<11>2014 18:50 Sep 28, 2017 Jkt 241001 PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 E:\FR\FM\29SEN1.SGM 29SEN1](https://thefederalregister.org/doc/82_FR_45805/page/2.svg)
Document Created: 2017-09-29 03:26:38
Document Modified: 2017-09-29 03:26:38
| 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 of availability; request for comments. | |
| Dates | The OMB will consider all written comments that agency receives on or before October 30, 2017. | |
| 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 | 82 FR 45617 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR