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[Federal Register Volume 78, Number 109 (Thursday, June 6, 2013)]
[Notices]
[Pages 34133-34134]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-13368]

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DEPARTMENT OF LABOR

Office of the Secretary

Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption 80-83, 
Sale of Securities to Reduce Indebtedness of Party in Interest

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, ``Prohibited Transaction Class 
Exemption 80-83, Sale of Securities to Reduce Indebtedness of Party in 
Interest,'' to the Office of Management and Budget (OMB) for review and 
approval for continued use, without change, in accordance with the 
Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501 et seq.).

DATES: Submit comments on or before July 8, 2013.

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 free of charge 
from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201305-1210-001 (this link will only become active 
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 email to DOL_PRA_PUBLIC@dol.gov.
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of 
Management and Budget, Room 10235, 725 17th Street NW., Washington, DC 
20503, Fax: 202-395-6881 (this is not a toll-free number), email: 
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 email at DOL_PRA_PUBLIC@dol.gov.

    Authority: 44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: Prohibited Transaction Class Exemption 80-
83, Sale of Securities to Reduce Indebtedness of Party in Interest, 
allows an employee benefit plan to purchase securities that may aid the 
issuer of the securities to reduce or retire indebtedness to a party in 
interest. Without the relief provided by the class exemption, Employee 
Retirement Income Security Act prohibited transaction provisions would 
bar a standard type of financial/business transaction between a 
financial service provider and an employee benefit plan. This exemption 
also provides relief from Internal Revenue Code section 4975 prohibited 
transaction provisions.
    In order to take advantage of the relief provided by this class 
exemption, an employee benefit plan must comply with all applicable 
exemption conditions, including keeping records sufficient to establish 
that exemption conditions have been met for exemption-covered 
transactions. The records must be maintained for a period of at least 
six years from a covered transaction and must be made reasonably 
available for inspection upon request by specified interested persons--
including plan fiduciaries, participants and beneficiaries, sponsoring 
employers, DOL and Internal Revenue Service representatives, and 
contributing employers. For additional substantive information about 
this ICR, see the related notice published in the Federal Register on 
November 27, 2013 (77 FR 70828).
    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 that 
does not display a valid Control Number. See 5 CFR 1320.5(a) and 
1320.6. The DOL obtains OMB approval for this information collection 
under Control Number 1210-0064.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on May 31, 2013. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing

[[Page 34134]]

requirements. It should also be noted that existing information 
collection requirements submitted to the OMB receive a month-to-month 
extension while they undergo review.
    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 help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0064. 
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: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption 80-83, 
Sale of Securities to Reduce Indebtedness of Party in Interest.
    OMB Control Number: 1210-0064.
    Affected Public: Private sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 25.
    Total Estimated Number of Responses: 25.
    Total Estimated Annual Burden Hours: 15.
    Total Estimated Annual Other Costs Burden: $0.

    Dated: May 20, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-13368 Filed 6-5-13; 8:45 am]
BILLING CODE 4510-29-P
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