Prohibited Transaction Class Exemption 1992-6: Sale of Individual Life Insurance or Annuity Contracts by an Employee Benefit Plan
Extension without change of a currently approved collection
No
Regular
04/03/2026
Requested
Previously Approved
36 Months From Approved
05/31/2026
25,770
11,401
5,154
2,280
834
7,753
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 insured under such contracts; (2) a relative of such participant who is the beneficiaries under the contract, (3) an employer any of whose employees are covered by the plan; (4) another employee benefit plan; (5) plan participants who are owner-employees (as defined in section 401(c)(3) of the Code), or 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), or (6) trusts established by or for the benefit of plan participants (1) or (2), provided certain conditions set forth in the class exemption are met. With respect to sales of the policy to the employer, a relative of the insured, a trust, or another plan, the participant insured under the policy is first informed of the proposed sale and is given the opportunity to purchase such contract from the plan, and delivers a written document to the plan stating that he or she elects not to purchase the policy and consents to the sale by the plan of such policy to such employer, relative, trust or other plan.
US Code:
29 USC 1108(a)
Name of Law: Employee Retirement Income Security Act of 1974
There have been no program changes for this submission. The number of respondents and responses has been updated to reflect information from the 2023 Form 5500, as reported on the Form 5500. The number of responses has increased by 14,369responses and the hour burden has increased by 2,874 hours. Wages and the average number of participants in affected plans have also been updated.
Postage rates, used as an input for the cost burden, have been updated to reflect current prices. Additionally, many disclosures are now assumed to be sent electronically, resulting in a lower cost burden. The cost burden has decreased by $6,919.
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:
(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;
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.
1210-0063 PTE 92-6 03.18.2026 Clean.docx
Prohibited Transaction Class Exemption 92-6: Sale of Individual Life Insurance or Annuity Contracts By a Plan