Prohibited Transaction Class Exemption 1992-6: Sale of Individual Life Insurance or Annuity Contracts by an Employee Benefit Plan

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1210-0063 PTE 92-6 FINAL CLEAN.docx	Supporting Statement A	Uploaded 2023-04-10	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
13370	Prohibited Transaction Class Exemption 92-6: Sale of Individual Life Insurance or Annuity Contracts By a Plan	Other-Text of PTE 9206	Modified

ICR Details

OMB Control No: 1210-0063	ICR Reference No: 202301-1210-001
Status: Active	Previous ICR Reference No: 202002-1210-002
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Prohibited Transaction Class Exemption 1992-6: Sale of Individual Life Insurance or Annuity Contracts by an Employee Benefit Plan
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/30/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/17/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2026	36 Months From Approved	06/30/2023
Responses	11,401	0	10,853
Time Burden (Hours)	2,280	0	2,171
Cost Burden (Dollars)	7,753	0	6,512

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Abstract: 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: (1) plan participants under such plan; (2) relatives of such participants under such plan, (3) employers, any of whose employees are covered by such plan; (4) other employee benefit plans that have a party in interest relationship; (5) owner-employees (as defined in Code section 401(c)(3)), (6) shareholder-employees (as defined in Code 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), or (7) trusts established by plan participants of such plan or relatives of such participants who are the beneficiaries under such plan, for at least an amount equal to the amount necessary to put the plan in the same cash position as it would have been had it retained the contract, surrendered it, and made any distributions owing to the participant on his or her vested interest under such plan, provided certain conditions set forth in the class exemption are met. 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.

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Authorizing Statute(s): US Code: 29 USC 1108(a) Name of Law: Employee Retirement Income Security Act of 1974
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 43897	07/22/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 23473	04/17/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Prohibited Transaction Class Exemption 92-6: Sale of Individual Life Insurance or Annuity Contracts By a Plan

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	11,401	10,853	0	0	548	0
Annual Time Burden (Hours)	2,280	2,171	0	0	109	0
Annual Cost Burden (Dollars)	7,753	6,512	0	0	1,241	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There have been no program changes for this submission. The number of respondents and responses has been updated to reflect information from the 2020 Plan Year, as reported on the Form 5500. The number of responses has increased by 548 responses and the hour burden has increased by 109 hours. Wages have also been updated. Postage rates, used as an input for the cost burden, have been updated to reflect current prices. The cost burden has increased by $1,241.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/17/2023

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