59962 Federal Register / Vol. 69, No. 193 / Wednesday, October 6, 2004 / Notices 

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 Employee Benefits 

Security Administration is soliciting 

comments concerning the extension of a 

currently approved collection of 

information, Prohibited Transaction 

Class Exemption T88–1. 

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 December 6, 

2004.

ADDRESSES: Gerald B. Lindrew, Office of 

Policy and Research, U.S. Department of 

Labor, Employee Benefits Security 

Administration, 200 Constitution 

Avenue, NW., Room N–5647, 

Washington, DC 20210, (202) 693–8410, 

FAX (202) 693–4745. These are not tollfree numbers.

SUPPLEMENTARY INFORMATION: 

I. Background 

Prohibited Transaction Exemption 

T88–1 adopts, for purposes of the 

prohibited transaction provisions of 

section 8477(c)(2) of the Federal 

Employees’ Retirement System Act of 

1986 (FERSA), certain prohibited 

transaction class exemptions (the Class 

Exemptions) granted pursuant to section 

408(a) of the Employee Income Security 

Act of 1974. 

II. Current Actions 

This existing collection of information 

should be continued because, without 

the relief provided by this exemption, 

certain transactions described in the 

Class Exemptions might be prohibited 

by under FERSA. The recordkeeping 

requirements incorporated within the 

class exemption are intended to protect 

the interests of plan 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. The exemption affects 

participants and beneficiaries of the 

plans that are involved in such 

transactions as well as the party 

entering into the transaction with the 

plan. 

III. 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. 

IV. Current Actions 

The Office of Management and 

Budget’s (OMB) approval of this ICR 

will expire on November 30, 2004. After 

considering comments received in 

response to this notice, the Department 

intends to submit the ICR to OMB for 

continuing approval. No change to the 

existing ICR is proposed or made at this 

time. 

Agency: Employee Benefits Security 

Administration. 

Title: Prohibited Transaction 

Exemption 96–62; Accelerated Approval 

of an Otherwise Prohibited Transaction. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0095. 

Affected Public: Business or other forprofit, 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: September 30, 2004. 

Gerald B. Lindrew, 

Deputy Director, Employee Benefits Security 

Administration, Office of Policy and 

Research.

[FR Doc. 04–22430 Filed 10–5–04; 8:45 am] 

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Employee Benefits Security 

Administration 

Proposed Extension of Information 

Collection Request Submitted for 

Public Comment and 

Recommendations: Prohibited 

Transaction Class Exemption 96–62

AGENCY: Employee Benefits Security 

Administration, Department of Labor.

ACTION: Notice.

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 Employee Benefits 

Security Administration is soliciting 

comments concerning the extension of a 

currently approved collection of 

information, Prohibited Transaction 

Class Exemption 96–62. 

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 December 6, 

2004.

ADDRESSES: Gerald B. Lindrew, Office of 

Policy and Research, U.S. Department of 

Labor, Employee Benefits Security 

Administration, 200 Constitution 

Avenue, NW., Room N–5647, 

Washington, DC 20210, (202) 693–8410, 

FAX (202) 693–4745. These are not tollfree numbers.

SUPPLEMENTARY INFORMATION: 

I. Background 

Section 408(a) of the Employee 

Retirement Income Security Act of 1974 

(ERISA) provides that the Secretary of 

Federal Register / Vol. 69, No. 193 / Wednesday, October 6, 2004 / Notices 59963

Labor may grant exemptions from the 

prohibited transaction provisions of 

sections 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 Department 

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. Review Focus 

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 

The Office of Management and 

Budget’s (OMB) approval of this ICR 

will expire on November 30, 2004. After 

considering comments received in 

response to this notice, the Department 

intends to submit the ICR to OMB for 

continuing approval. No change to the 

existing ICR is proposed or made at this 

time. 

Agency: Employee Benefits Security 

Administration. 

Title: Prohibited Transaction 

Exemption 96–62; Accelerated Approval 

of an Otherwise Prohibited Transaction. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0098. 

Affected Public: Business or other forprofit, 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): $43,491.

Dated: September 30, 2004. 

Gerald B. Lindrew, 

Deputy Director, Employee Benefits Security 

Administration, Office of Policy and 

Research.

[FR Doc. 04–22431 Filed 10–5–04; 8:45 am] 

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Employee Benefits Security 

Administration 

Proposed Extension of Information 

Collection Request Submitted for 

Public Comment and 

Recommendations Prohibited 

Transaction Class Exemption 81–8

AGENCY: Employee Benefits Security 

Administration, Department of Labor.

ACTION: Notice.

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 other 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 

program 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 Employee Benefits 

Security Administration is soliciting 

comments concerning the proposed 

extension of a currently approved 

collection of information, Prohibited 

Transaction Class Exemption 81–8 on 

investment of plan assets in certain 

types of short-term investments. 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 December 6, 

2004.

ADDRESSES: Mr. Gerald B. Lindrew, 

Office of Policy and Research, U.S. 

Department of Labor, Employee Benefits 

Security Administration, 200 

Constitution Avenue, NW., Room N–

5647, Washington, DC 20210. 

Telephone: (202) 693–8410; Fax (202) 

693–4745. These are not toll-free 

numbers.

SUPPLEMENTARY INFORMATION: 

I. Background 

Prohibited Transaction 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 in certain 

types of short-term investments. These 

include investments in banker’s 

acceptances, commercial paper, 

repurchase agreements, certificates of 

deposit, and bank securities. Absent the 

exemption, certain aspects of these 

transactions might be prohibited by 

section 406 of the Employee Retirement 

Income Security Act (ERISA). 

Provided that the requirements of the 

exemption are met, the exemption 

allows plans to invest in certain short 

term investments in debt obligations 

issued by certain persons who provide 

services to the plan or who are affiliated 

with such service providers that 

otherwise might be prohibited under 

sections 406 and 407(a) of ERISA. 

Without this exemption, these types of 

short term transactions might not be 

permitted. 

In order to ensure that the exemption 

is not abused, that the rights of 

participants and beneficiaries are 

protected, and that the conditions of the 

exemption have been satisfied, the 

Department has included in the 

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 second 

requirement obliges the seller of such 

repurchase agreements to agree to 

provide financial statements to the plan 

at the time of the sale and as future 

statements are issued. The seller must 

also represent, either in the repurchase 

agreement or prior to the negotiation of