[Federal Register Volume 69, Number 38 (Thursday, February 26, 2004)]
[Notices]
[Page 8988]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-4244]



[[Page 8988]]

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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Prohibited Transaction Class Exemption 92-6--Sale 
of Individual Life Insurance or Annuity Contracts by a Plan

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, conducts a preclearance 
consultation program to provide the general public and Federal agencies 
with an opportunity to comment on proposed and continuing collections 
of information in accordance with the Paperwork Reduction Act of 1995 
(PRA 95). This program helps to ensure that requested data can be 
provided in the desired format, reporting burden (time and financial 
resources) is minimized, collection instruments are clearly understood, 
and the impact of collection requirements on respondents can be 
properly assessed. Currently, the Employee Benefits Security 
Administration is soliciting comments on the proposed extension of 
Prohibited Transaction Class Exemption 92-6, pertaining to the sale of 
individual life insurance or annuity contracts by a plan.
    A copy of the information collection request (ICR) can be obtained 
by contacting the individual shown in the Addresses section of this 
notice.

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before April 26, 2004.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue NW., Washington, DC 
20210, (202) 693-8410, FAX (202) 693-4745 (these are not toll-free 
numbers).

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 92-6 exempts from the 
prohibited transaction restrictions of the Employee Retirement Security 
Act of 1974 (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.
    Recordkeeping requirements incorporated within the class exemption 
are intended to protect the interests of plan participants and 
beneficiaries. The disclosure requirements protect plan participants by 
putting them on notice of the plan's intention to sell insurance or 
annuity contracts under which they are insured, and by giving the 
participants the right of first refusal to purchase such contracts.

II. Review Focus

    The Department of Labor (Department) is particularly interested in 
comments that:
    [sbull] 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;
    [sbull] 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;
    [sbull] Enhance the quality, utility, and clarity of the 
information to be collected; and
    [sbull] 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 submissions of responses.

III. Current Actions

    The Office of Management and Budget's (OMB) approval of this ICR 
will expire on June 30, 2004. After considering comments received in 
response to this notice, the Department intends to submit the ICR to 
OMB for continuing approval. No change to the existing ICR is proposed 
or made at this time.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 92-6.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0063.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 8,360.
    Responses: 8,360.
    Estimated Total Burden Hours: 1,671.
    Estimated Total Burden Cost (Operating and Maintenance): $3,093.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the ICR; they will 
also become a matter of public record.

    Dated: February 20, 2004.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 04-4244 Filed 2-25-04; 8:45 am]
BILLING CODE 4510-29-P