[Federal Register Volume 90, Number 49 (Friday, March 14, 2025)]
[Notices]
[Pages 12180-12181]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-04069]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; PTE 1990-1; Insurance Company Pooled Separate
Accounts
ACTION: Notice of availability; request for comments.
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SUMMARY: 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.
DATES: The OMB will consider all written comments that the agency
receives on or before April 14, 2025.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at [email protected].
SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption (PTE) 90-1
provides an exemption from the restrictions of ERISA section 406 and
Code section 4975, in part, for certain transactions between insurance
company pooled separate accounts and parties in interest to plans that
invest assets in the pooled separate accounts. PTE 90-1 provides an
exemption for certain transactions between a party in interest with
respect to a plan and an insurance company pooled separate account in
which the plan has an interest or any acquisition or holding by the
pooled separate account of employer securities or employer real
property, provided that the party in interest is not the insurance
company (or an affiliate of the insurance company) which holds the plan
assets in its pooled separate account or any other separate account of
the insurance company and that the amount of the plan's investment in
the separate account does not exceed certain specified percentages (or
that the separate account is a specialized account with a policy of
investing, and invests, substantially all of its assets in certain
specified short-term obligations).
PTE 90-1 also provides specific, additional relief for the
following types of transactions with a party in interest: (1)
furnishing goods to an insurance company pooled separate account, (2)
leasing of real property of the pooled separate account, (3)
transactions involving persons who are parties in interest to a plan
solely because they are service providers or provide nondiscretionary
services to the plan; (4) the insurance company's provision of any
services provided to an insurance company pooled separate account (in
which the plan has an interest) by the insurance company or its
affiliate in connection with the management of the real property
investments of the pooled separate account, and (5) furnishing of
services, facilities, and goods incidental to the services and
facilities by a place of public accommodations owned by the separate
account.
In addition to other specified conditions, the insurance company
intending to rely on the general exemption or any of the specific
exemptions must maintain records of the transactions to which the
exemption applies for a period of six years from the date of the
transaction and make the records available on request to specified
interested persons (including plan fiduciaries, participant and
beneficiaries, contributing employers, the Department, and the Internal
Revenue Service). For additional substantive information about this
ICR, see the related notice published in the Federal Register on July
9, 2024 (89 FR 56416).
Comments are invited on: (1) whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
This information collection is subject to the PRA. A Federal agency
generally
[[Page 12181]]
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. See 5 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: PTE 1990-1; Insurance Company Pooled Separate
Accounts.
OMB Control Number: 1210-0083.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 46.
Total Estimated Number of Responses: 460.
Total Estimated Annual Time Burden: 77 hours.
Total Estimated Annual Other Costs Burden: $0.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-04069 Filed 3-13-25; 8:45 am]
BILLING CODE 4510-FN-P