Federal Register / Vol. 76, No. 68 / Friday, April 8, 2011 / Notices 19791 

DEPARTMENT OF LABOR 

Office of the Secretary 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Extension 

of Employee Retirement Income 

Security Act Class Exemption 81–8 for 

Investment of Plan Assets in Certain 

Types of Short-Term Investments 

ACTION: Notice. 

SUMMARY: The Department of Labor 

(DOL) is submitting the Employee 

Benefits Security Administration 

(EBSA) sponsored information 

collection request (ICR) titled, 

‘‘Employee Retirement Income Security 

Act Class Exemption 81–8 for 

Investment of Plan Assets in Certain 

Types of Short-Term Investments,’’ to 

the Office of Management and Budget 

(OMB) for review and approval for 

continued use in accordance with the 

Paperwork Reduction Act of 1995 (Pub. 

L. 104–13, 44 U.S.C. chapter 35). 

DATES: Submit comments on or before 

May 9, 2011. 

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 e-mail 

to DOL_PRA_PUBLIC@dol.gov. 

Submit comments about this request 

to the Office of Information and 

Regulatory Affairs, Attn: OMB Desk 

Officer for the Department of Labor, 

Employee Benefits Security 

Administration (EBSA), Office of 

Management and Budget, Room 10235, 

Washington, DC 20503, Telephone: 

202–395–6929/Fax: 202–395–6881 

(these are not toll-free numbers), e-mail: 

OIRA_submission@omb.eop.gov. 

FOR FURTHER INFORMATION: Contact 

Michel Smyth by telephone at 202–693– 

4129 (this is not a toll-free number) or 

by e-mail at 

DOL_PRA_PUBLIC@dol.gov. 

SUPPLEMENTARY INFORMATION: Employee 

Retirement Income Security Act Class 

Exemption 81–8 permits the investment 

of plan assets that involve the purchase 

or other acquisition, holding, sale, 

exchange or redemption by or on behalf 

of an employee benefit plan of certain 

types of short-term investments. The 

Department has included in the class 

exemption two basic disclosure 

requirements. Both affect only the 

portion of the exemption dealing with 

repurchase agreements. The first 

requirement calls for the repurchase 

agreements between the seller and the 

plan to be in writing. The repurchase 

agreements have a duration of one year 

or less and may be in the form of a 

blanket agreement that covers the 

transactions for the year. The written 

agreement is intended to put the plan on 

notice of possible fees associated with 

the redemption of open-end mutual 

fund shares. The second requirement 

obliges the seller of such repurchase 

agreements to provide the most recent 

financial statements to the plan at the 

time of the sale and as the statements 

are issued. The seller must also 

represent, either in the repurchase 

agreement or prior to each repurchase 

agreement transaction, that as of the 

time the transaction is negotiated, there 

has been no material adverse change in 

the seller’s financial condition since the 

date the most recent financial statement 

was furnished that has not been 

disclosed to the plan fiduciary with 

whom the written agreement is made. 

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 OMB control number. 

See 5 CFR 1320.5(a) and 1320.6. The 

DOL obtains OMB approval for this 

information collection under OMB 

Control Number 1210–0061. The current 

OMB approval is scheduled to expire on 

April 30, 2011; however, it should be 

noted that information collections 

submitted to the OMB receive a monthto-month extension while they undergo 

review. For additional information, see 

the related notice published in the 

Federal Register on November 10, 2010 

(75 FR 69130). 

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 ensure appropriate 

consideration, comments should 

reference OMB Control Number 1210– 

0061. 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: Employee Benefits Security 

Administration (EBSA). 

Title of Collection: Employee 

Retirement Income Security Act Class 

Exemption 81–8 for Investment of Plan 

Assets in Certain Types of Short-Term 

Investments. 

OMB Control Number: 1210–0061. 

Affected Public: Private Sector— 

Businesses or other for-profits. 

Total Estimated Number of 

Respondents: 61,000. 

Total Estimated Number of 

Responses: 305,000. 

Total Estimated Annual Burden 

Hours: 76,000. 

Total Estimated Annual Costs Burden: 

$87,000. 

Dated: April 4, 2011. 

Michel Smyth, 

Departmental Clearance Officer. 

[FR Doc. 2011–8385 Filed 4–7–11; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Office of the Secretary 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Extension 

of Employee Retirement Income 

Security Act Prohibited Transaction 

Class Exemption 96–62, Process for 

Expedited Approval of an Exemption 

for Prohibited Transaction 

ACTION: Notice. 

SUMMARY: The Department of Labor 

(DOL) is submitting the Employee 

Benefits Security Administration 

(EBSA) sponsored information 

collection request (ICR) titled, 

‘‘Employee Retirement Income Security 


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