[Federal Register Volume 76, Number 68 (Friday, April 8, 2011)]
[Notices]
[Page 19791]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8385]



[[Page 19791]]

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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.

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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 <a href="/cdn-cgi/l/email-protection#eeaaa1a2b1bebcafb1bebbaca2a7adae8a8182c0898198"><span class="__cf_email__" data-cfemail="60242f2c3f3032213f3035222c292320040f0c4e070f16">[email protected]</span></a>.
    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: <a href="/cdn-cgi/l/email-protection#80cfc9d2c1dff3f5e2ede9f3f3e9efeec0efede2aee5eff0aee7eff6"><span class="__cf_email__" data-cfemail="afe0e6fdeef0dcdacdc2c6dcdcc6c0c1efc0c2cd81cac0df81c8c0d9">[email protected]</span></a>.

FOR FURTHER INFORMATION: Contact Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by e-mail at <a href="/cdn-cgi/l/email-protection#8ecac1c2d1dedccfd1dedbccc2c7cdceeae1e2a0e9e1f8"><span class="__cf_email__" data-cfemail="094d464556595b4856595c4b45404a496d6665276e667f">[email protected]</span></a>.

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 month-to-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:
    <bullet> 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;
    <bullet> 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;
    <bullet> Enhance the quality, utility, and clarity of the 
information to be collected; and
    <bullet> 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


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