[Federal Register Volume 66, Number 73 (Monday, April 16, 2001)]
[Notices]
[Page 19519]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9278]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

April 5, 2001.

    The Department of Labor (DOL) has submitted the following public 
information collection requests (ICRs) to the Office of Management and 
Budget (OMB) for review and approval in accordance with the Paperwork 
Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of 
each individual ICR, with applicable supporting documentation, may be 
obtained by calling the Department of Labor. To obtain documentation 
for BLS, ESA, and PWBA contact Marlene Howze ((202) 693-4120 or by 
email to [email protected]). To obtain documentation for ETA, MSHA, 
OSHA, and VETS contact Darrin King ((202) 693-4129 or by E-Mail to 
[email protected]).
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: OMB Desk Officer for BLS, DM, ESA, ETA, MSHA, OSHA, 
PWBA, or VETS, Office of Management and Budget, Room 10235, Washington, 
DC 20503 ((202) 395-7316), within 30 days from the date of this 
publication in the Federal Register.
    The OMB is particularly interested in comments which:
     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.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 92-6; Sale of 
Individual Life Insurance or Annuity Contracts.
    OMB Number: 1210-0063.
    Affected Public: Individuals or households; business or other for-
profit; and not-for-profit institutions.
    Frequency: On occasion; Third party disclosure.
    Number of Respondents: 7,656.
    Number of annual responses: 7,656.
    Estimated Time Per Response: 10 minutes.
    Total Burden Hours: 1,531.
    Total Annualized Capital/Startup costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $2,800.
    Description: Prohibited Transaction Class Exemption 92-6 exempt 
from the prohibited transaction restrictions of ERISA the sale of 
individual life insurance or annuity contracts held by an employee 
benefit plan to: (1) Plan participants insured under such contracts; 
(2) relatives of such participants who are the beneficiaries under the 
contract; (3) employers, any of whose employees are covered by the 
plan; (4) other employee benefit plans that have a party in interest 
relationship; (5) owner-employees (as defined in section 401(c)(3) of 
the Code), or (6) shareholder-employees (as defined in section 1379 of 
the Internal Revenue Code of 1954 as in effect on the day before the 
enactment of the Subchapter S Revision Act of 1982), for the cash 
surrender value of the contracts, provided certain conditions set forth 
in the class exemption are met. The Department has included in the 
class exemption a basic disclosure requirement.
    If the participant elects not to purchase the contract, the 
relative, the employer, another plan, the owner-employees, or the 
shareholder-employees may purchase the contract from the plan upon the 
receipt by the plan of the written consent of the participant. The 
disclosure requirement of the class exemption does not apply if the 
contract is sold to the plan participant.
    The disclosure requirement incorporated within this class exemption 
is intended to protect the rights of plan participants and 
beneficiaries by putting them on notice of the plan's intention to sell 
insurance or annuity contracts under which they are insured, and by 
giving them the right of first refusal to purchase such contracts. 
Without the disclosure requirement, the Department, which may only 
grant an exemption if it can find that participants and beneficiaries 
are protected, would be unable to effectively enforce the terms of the 
class exemption and ensure user compliance.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 01-9278 Filed 4-13-01; 8:45 am]
BILLING CODE 4510-29-M