[Federal Register Volume 66, Number 124 (Wednesday, June 27, 2001)]
[Notices]
[Page 34270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16079]
[[Page 34270]]
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment and Recommendations: Prohibited Transaction Class
Exemption 96-62
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)(44 U.S.C. 3506(c)(2)(A)). This 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 Pension and Welfare Benefits Administration is
soliciting comments concerning the extension of a currently approved
collection of information, Prohibited Transaction Class Exemption 96-
62, the expedited process for approval of exemptions. A copy of the
proposed information collection request (ICR) can be obtained by
contacting the office listed below in the addresses section of this
notice.
DATES: Written comments must be submitted on or before August 27, 2001.
ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S.
Department of Labor, Pension and Welfare Benefits Administration, 200
Constitution Avenue, NW, Room N-5647, Washington, D.C. 20210, (202)
219-4782, FAX (202) 219-4745. These are not toll-free numbers.
SUPPLEMENTARY INFORMATION:
I. Background
Section 408(a) of the Employee Retirement Income Security Act of
1974 (ERISA) provides that the Secretary of Labor may grant exemptions
from the prohibited transaction provisions of section 406 and 407(a) of
ERISA, and directs the Secretary to establish an exemption procedure
with respect to such provisions. On July 31, 1996, the Department
published Prohibited Transaction Exemption 96-62, which, pursuant to
the exemption procedure set forth in 29 CFR 2570, subpart B, permits a
plan to seek approval on an accelerated basis of otherwise prohibited
transactions. A class exemption will only be granted on the conditions
that the plan demonstrate to the Department that the transaction is
substantially similar to those described in at least two prior
individual exemptions granted by the Depatment and that it presents
little, if any, opportunity for abuse or risk of loss to a plan's
participants and beneficiaries. This ICR is intended to provide the
Department with sufficient information to support a finding that the
exemption meets the statutory standards of section 408(a) of ERISA, and
to provide affected parties with the opportunity to comment on the
proposed transaction, while at the same time reducing the regulatory
burden associated with processing individual exemptions for
transactions prohibited under ERISA.
II. Desired Focus of Comments
The Department 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 submissions of responses.
III. Current Actions
This notice requests comments on the extension of the ICR included
in the regulation governing accelerating approval of a prohibited
transaction class exemption. The Department is not proposing or
implementing changes to the existing ICR at this time.
Type of Review; Extension of a currently approved colleciton of
information.
Agency: Pension and Welfare Benefits Administration.
Title: Prohibited Transaction Exemption 96-62; Accelerated Approval
of an Otherwise Prohibited Transaction.
OMB Number: 1210-0098.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Total Respondents: 42.
Total Responses: 42.
Frequency: On occasion.
Estimated Total Burden Hours: 53.
Total Annual Costs (Operating and Maintenance): $37,884.
Comments submitted in response to this notice will be summarized
and/or included in the request for Office of Management and Budget
approval of the information collection request; they will also become a
matter of public record.
Dated: June 21, 2001.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of
Policy and Research.
[FR Doc. 01-16079 Filed 6-26-01; 8:45 am]
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