Labor Dept. Info Collection: Class Exemption for Certain Transactions Involving Sale of Individual Life Insurance or Annuity Contracts Held by Employee Benefit Plan

WASHINGTON, April 17 -- The U.S. Department of Labor has asked the Office of Management and Budget to review an information collection entitled "Class Exemption for Certain Transactions Involving the Sale of Individual Life Insurance or Annuity Contracts Held by an Employee Benefit Plan."

The notice was issued by Mara Blumenthal, senior Paperwork Reduction Act analyst.

DATES: The OMB will consider all written comments that the agency receives on or before May 17, 2023.

FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-693-8538, or by email at [email protected].

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The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA).

Public comments on the ICR are invited.

SUPPLEMENTARY INFORMATION:

Section 408(a) of the Employee Retirement Income Security Act (ERISA) authorizes the Secretary of Labor "to grant a conditional or unconditional exemption of any fiduciary or class of fiduciaries or transactions, from all or part of the restrictions imposed by section 406 and 407(a)." Class exemption PTE 92-6 exempts from the prohibited transaction restrictions the sale of individual life insurance or annuity contracts held by an employee benefit plan to certain parties. Plans utilizing the exemption are required to inform the insured participant of a proposed sale of a life insurance or annuity policy to the employer, a relative, a trust, another plan, an owner-employee, or a shareholder-employee and be given an opportunity to purchase such contract. For additional substantive information about this ICR, see the related notice published in the Federal Register on July 22, 2022 (87 FR 43897).

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 the OMB approves it 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 OMB Control Number. See5 CFR 1320.5(a) and 1320.6.

DOL seeks PRA authorization for this information collection for three (3) years. OMB authorization for an ICR cannot be for more than three (3) years without renewal. The DOL notes that information collection requirements submitted to the OMB for existing ICRs receive a month-to-month extension while they undergo review.

Agency: DOL-EBSA.

Title of Collection: Class Exemption for Certain Transactions Involving the Sale of Individual Life Insurance or Annuity Contracts Held by an Employee Benefit Plan.

OMB Control Number: 1210-0063.

Affected Public: Private Sector--Businesses or other for-profits.

Total Estimated Number of Respondents: 11,401.

Total Estimated Number of Responses: 11,401.

Total Estimated Annual Time Burden: 2,280 hours.

Total Estimated Annual Other Costs Burden: $7,753.

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

Dated: April 10, 2023.

Mara Blumenthal,

Senior PRA Analyst.

[FR Doc. 2023-08007 Filed 4-14-23; 8:45 am]

BILLING CODE 4510-29-P

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The document was published in the Federal Register: https://www.federalregister.gov/documents/2023/04/17/2023-08007/agency-information-collection-activities-submission-for-omb-review-comment-request-class-exemption

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