Federal Register / Vol. 69, No. 231 / Thursday, December 2, 2004 / Notices 70157

requirements on respondents can be 

properly assessed. Currently, the 

Employee Benefits Security 

Administration is soliciting comments 

on the proposed extension of the 

collection of information included in 

the alternative method of compliance 

for certain simplified employee 

pensions regulation (29 CFR 2520.104–

49). 

A copy of the information collection 

request (ICR) can be obtained by 

contacting the individual shown in the 

ADDRESSES section of this notice.

DATES: Written comments must be 

submitted to the office shown in the 

ADDRESSES section on or before January 

31, 2005.

ADDRESSES: Gerald B. Lindrew, 

Department of Labor, Employee Benefits 

Security Administration, 200 

Constitution Avenue, NW., Washington, 

DC 20210, (202) 693–8410, FAX (202) 

693–4745 (these are not toll-free 

numbers).

SUPPLEMENTARY INFORMATION: 

I. Background 

Section 110 of the Employment 

Retirement Income Security Act (ERISA) 

authorizes the Secretary to prescribe 

alternative methods of compliance with 

the reporting and disclosure 

requirements of Title I of ERISA for 

pension plans. Simplified employee 

pensions (SEPs) are established in 

section 408(k) of the Internal Revenue 

Code (Code). Although SEPs are 

primarily a development of the Code 

and subject to its requirements, SEPs are 

also pension plans subject to the 

reporting and disclosure requirements 

of Title I of ERISA. 

The Department previously issued a 

regulation under the authority of section 

110 of ERISA (29 CFR 2520.104–49) that 

intended to relieve sponsors of certain 

SEPs from ERISA’s Title I reporting and 

disclosure requirements by prescribing 

an alternative method of compliance. 

These SEPs are, for purposes of this 

Notice, referred to as ‘‘non-model’’ SEPs 

because they exclude (1) those SEPs 

which are created through use of 

Internal Revenue Service (IRS) Form 

5305–SEP, and (2) those SEPs in which 

the employer limits or influences the 

employees’ choice to IRAs into which 

employers’ contributions will be made 

and on which participant withdrawals 

are prohibited. The disclosure 

requirements in this regulation were 

developed in conjunction with the 

Internal Revenue Service (IRS Notice 

81–1). Accordingly, sponsors of ‘‘nonmodel’’ SEPs that satisfy the limited 

disclosure requirements of the 

regulation are relieved from otherwise 

applicable reporting and disclosure 

requirements under Title I of ERISA, 

including the requirements to file 

annual reports (Form 5500 Series) with 

the Department, and to furnish 

summary plan descriptions and 

summary annual reports to participants 

and beneficiaries. 

This ICR includes four separate 

disclosure requirements. First, at the 

time an employee becomes eligible to 

participate in the SEP, the administrator 

of the SEP must furnish the employee in 

writing specific and general information 

concerning the SEP; a statement on 

rates, transfers and withdrawals; and a 

statement on tax treatment. Second, the 

administrator of the SEP must furnish 

participants with information 

concerning any amendments. Third, the 

administrator must notify participants 

of any employer contributions made to 

the IRA. Fourth, in the case of a SEP 

that provides integration with Social 

Security, the administrator shall provide 

participants with statement on Social 

Security taxes and the integration 

formula used by the employer. 

II. Review Focus 

The Department of Labor 

(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 February 28, 2005. The 

ICR should be continued because the 

alternative disclosure arrangement 

provided through this regulation 

relieves sponsors of ‘‘non-model’’ SEPs 

of most of the reporting and disclosure 

requirements under Title I of ERISA. 

Additionally, the disclosure 

requirements set forth in this regulation, 

insure that administrators of ‘‘nonmodel’’ SEPs provide participants with 

specific written information concerning 

SEPs. 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, Department of Labor. 

Title: Alternative Method of 

Compliance for Certain SEPs pursuant 

to 29 CFR 2520.104–49. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0034. 

Affected Public: Individuals or 

households; business or other for-profit; 

not-for-profit institutions. 

Respondents: 460. 

Responses: 20,700. 

Frequency of Response: On occasion. 

Average Response Time: 35 minutes. 

Estimated Total Burden Hours: 2,000. 

Total Burden Cost (operating/

maintenance): $7,900.

Dated: November 24, 2004. 

Gerald B. Lindrew, 

Deputy Director, Office of Policy and 

Research, Employee Benefits Security 

Administration.

[FR Doc. 04–26545 Filed 12–1–04; 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 98–54—

Foreign Exchange Transactions 

Executed Pursuant to Standing 

Instructions

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). This program helps to ensure that 

requested data can be provided in the 

desired format, reporting burden (time 

and financial resources) is minimized, 

70158 Federal Register / Vol. 69, No. 231 / Thursday, December 2, 2004 / Notices 

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 

on the proposed extension of the 

information collection provisions of 

Prohibited Transaction Exemption 98–

54 (PTE 98–54). 

A copy of the information collection 

request (ICR) can be obtained by 

contacting the individual shown in the 

ADDRESSES section of this notice.

DATES: Written comments must be 

submitted to the office shown in the 

ADDRESSES section on or before January 

31, 2005.

ADDRESSES: Gerald B. Lindrew, 

Department of Labor, Employee Benefits 

Security Administration, 200 

Constitution Avenue, NW., Washington, 

DC 20210, (202) 693–8410, FAX (202) 

693–4745 (these are not toll-free 

numbers).

SUPPLEMENTARY INFORMATION: 

I. Background 

PTE 98–54 permits certain foreign 

exchange transactions between 

employee benefit plans and certain 

banks, broker-dealers, and domestic 

affiliates thereof, which are parties in 

interest with respect to such plans, 

pursuant to standing instructions. In the 

absence of an exemption, foreign 

exchange transactions pursuant to 

standing instructions would be 

prohibited under circumstances where 

the bank or broker-dealer is a party in 

interest or disqualified person with 

respect to the plan under the Employee 

Retirement Income Securities Act 

(ERISA) or the Internal Revenue Code 

(Code). 

The class exemption has five basic 

information collection requirements. 

The first requires the bank or brokerdealer to maintain written policies and 

procedures for handling foreign 

exchange transactions for plans for 

which it is a party in interest which 

ensure that the party acting for the bank 

or broker-dealer knows it is dealing with 

a plan. The second requires that the 

transactions are performed in 

accordance with a written authorization 

executed in advance by an independent 

fiduciary of the plan. The third requires 

that the bank or broker-dealer provides 

the authorizing fiduciary with a copy of 

its written policies and procedures for 

foreign exchange transactions involving 

income item conversions and de 

minimis purchase and sale transactions 

prior to the execution of a transaction. 

The fourth requires the bank or brokerdealer to furnish the authorizing 

fiduciary a written confirmation 

statement with respect to each covered 

transaction within five days of 

execution. The fifth requires that the 

bank or broker-dealer maintains records 

necessary for plan fiduciaries, 

participants, and the Department and 

Internal Revenue Service to determine 

whether the conditions of the 

exemption are being met for period of 

six years form the date of execution of 

a transaction. 

By requiring that records pertaining to 

the exempted transaction be maintained 

for six years, this ICR insures that the 

exemption is not abused, the rights of 

the participants and beneficiaries are 

protected, and that compliance with the 

exemption’s conditions can be 

confirmed. The exemption affects 

participants and beneficiaries of the 

plans that are involved in such 

transactions as well as certain banks, 

broker-dealers, and domestic affiliates 

thereof . 

II. Review Focus 

The Department of Labor 

(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 February 28, 2005. 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. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the request for OMB 

approval of the information collection 

request; they will also become a matter 

of public record. 

Agency: Employee Benefits Security 

Administration, Department of Labor. 

Title: Prohibited Transaction Class 

Exemption 98–54 relating to Certain 

Employee Benefit Plan Foreign 

Exchange Transactions Executed 

Pursuant to Standing Instructions. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0111. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Respondents: 35. 

Responses: 8,400. 

Average Response Time: 30 minutes. 

Estimated Total Burden Hours: 4,200. 

Total Annualized Capital/Startup 

Costs: $0. 

Total Annual Costs (operating/

maintaining systems or purchasing 

services): $0.

Dated: November 24, 2004. 

Gerald B. Lindrew, 

Deputy Director, Office of Policy and 

Research, Employee Benefits Security 

Administration.

[FR Doc. 04–26546 Filed 12–1–04; 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; Delinquent Filer 

Voluntary Compliance Program

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/or continuing collections of 

information in accordance with the 

Paperwork Reduction Act of 1995 (PRA 

95) (Public Law 104–13, 44 U.S.C. 

Chapter 35). 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