[Federal Register Volume 77, Number 154 (Thursday, August 9, 2012)]
[Notices]
[Pages 47668-47669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-19474]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Acquisition and Sale of Trust Real Estate 
Investment Trust Shares by Individual Account Plans Sponsored by Trust 
Real Estate Investment Trusts

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Acquisition and Sale of Trust Real 
Estate Investment Trust Shares by Individual Account Plans Sponsored by 
Trust Real Estate Investment Trusts,'' to the Office of Management and 
Budget (OMB) for review and approval for continued use in accordance 
with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501 et 
seq.).

DATES: Submit comments on or before September 10, 2012.

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 from the 
RegInfo.gov Web site, http://www.reginfo.gov/public/do/PRAMain, on the 
day following publication of this notice or by contacting Michel Smyth 
by telephone at 202-693-4129 (this is not a toll-free number) or 
sending an email to [email protected].
    Submit comments about this request 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

[[Page 47669]]

20503, Telephone: 202-395-6929/Fax: 202-395-6881 (these are not toll-
free numbers), email: [email protected].

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by email at [email protected].

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

SUPPLEMENTARY INFORMATION: Prohibited Transaction Class Exemption 2004-
07 permits an individual account pension plan sponsored by a real 
estate investment trust (REIT) that is organized as a business trust 
under State law (Trust REIT), or by its affiliates, to purchase, hold 
and sell publicly traded shares of beneficial interest in the Trust 
REIT. The relief also covers contributions in kind of REIT shares. 
Employee Retirement Income Security Act of 1974 section 406 and 
Internal Revenue Code of 1986 section 4975 would otherwise prohibit 
such purchases, holdings, and sales.
    The class exemption requires, among other conditions, that the 
Trust REIT (or its agent) provide the person who has authority to 
direct acquisition or sale of REIT shares with the most recent 
prospectus, quarterly report, and annual report concerning the Trust 
REIT immediately before an initial investment in the Trust REIT. The 
person with such authority may be, under the terms of the plan, either 
an independent fiduciary or a participant exercising investment rights 
pertaining to his or her individual account under the plan. Updated 
versions of the reports must be provided to the directing person as 
subsequently published. The exemption further requires the plan to 
maintain records concerning investments in a Trust REIT, subject to 
appropriate confidentiality procedures, for a period of six years and 
make them available to interested persons including the Department and 
participants and beneficiaries. The confidentiality procedures must be 
designed to protect against the possibility that an employer may exert 
undue influence on participants regarding share-related transactions, 
and the participants and beneficiaries of the plan must be provided 
with a statement describing the confidentiality procedures in place and 
the fiduciary responsible for monitoring these procedures.
    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 if the 
collection of information 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 1210-0124. The current 
approval is scheduled to expire on August 31, 2012; however, it should 
be noted that existing information collection requirements submitted to 
the OMB receive a month-to-month extension while they undergo review. 
For additional information, see the related notice published in the 
Federal Register on April 5, 2012 (77 FR 20650).
    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 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0124. 
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: Acquisition and Sale of Trust Real Estate 
Investment Trust Shares by Individual Account Plans Sponsored by Trust 
Real Estate Investment Trusts.
    OMB Control Number: 1210-0124.
    Affected Public: Private Sector--Businesses or other for-profits.
    Total Estimated Number of Respondents: 46.
    Total Estimated Number of Responses: 96,600.
    Total Estimated Annual Burden Hours: 4,838.
    Total Estimated Annual Other Costs Burden: $251,160.

    Dated: August 2, 2012.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2012-19474 Filed 8-8-12; 8:45 am]
BILLING CODE 4510-29-P