Federal Register / Vol. 63, No. 127 /Thursday, July 2, 1998 / Notices 36267

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 Pension and Welfare

Benefits Administration is soliciting

comments concerning the proposed

extension of a currently approved

collection of information, that is

included in the final regulation relating

to loans to plan participants and

beneficiaries who are parties in interest

with respect to the plan (29 CFR

§ 2550.408b–1). A copy of the proposed

information collection request (ICR) can

be obtained by contacting the employee

listed below in the contact section of

this notice.

DATES: Written comments must be

submitted on or before August 31, 1998.

The Department of Labor is

particularly interested in comments

which:

• 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

clarify 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.

ADDRESSES: Gerald B. Lindrew,

Department of Labor, Pension and

Welfare Benefits Administration, 200

Constitution Avenue, NW, Washington,

DC 20210, (202) 219–4782 (this is not a

toll-free number), FAX (202) 219–4745.

SUPPLEMENTARY INFORMATION:

I. Background

The Employee Retirement Income

Security Act of 1974 (ERISA) prohibits

a fiduciary with respect to a plan from

causing the plan to engage in the direct

or indirect lending of money or other

extension of credit between the plan a

party in interest. ERISA section

408(b)(1) exempts loans made by a plan

to parties in interest who are

participants and beneficiaries of the

plan from this prohibition provided that

certain requirements are satisfied. One

such requirement is that loans to

participants must be made in

accordance with specific provisions

regarding such loans set forth in the

plan. In final regulations published in

the Federal Register on July 20, 1989

(54 FR 30520), the Department of Labor

provided additional guidance on section

408(b)(1)(C), which requires that loans

must be made in accordance with

specific provisions set forth in the plan.

This ICR relates to the specific

provisions which must be included in

plan documents for those plans which

permit loans to participants.

II. Current Actions

This existing collection of information

should be continued because it ensures

that participants and beneficiaries are

provided with adequate information

with respect to matters affecting their

benefits. This ICR also provides

additional guidance concerning the

statutory requirement that loans to

participants be made in accordance with

specific written plan provisions.

Type of Review: Extension.

Agency: Pension and Welfare Benefits

Administration.

Title: Final Regulation Relating to

Loans to Plan Participants and

Beneficiaries who are Parties in Interest

with Respect to the Plan.

OMB Number: 1210–0076.

Affected Public: Business or other forprofit, Not-for-profit institutions,

Individuals.

Total Respondents: 7,000.

Frequency: On occasion.

Total Responses: 7,000.

Average Time Per Response: 3 hours.

Estimated Total Burden Hours: 5,250.

Total Burden Cost (operating/

maintenance): $393,750.00.

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: June 26, 1998.

Gerald B. Lindrew,

Deputy Director, Office of Policy and

Research, Pension and Welfare Benefits

Administration.

[FR Doc. 98–17569 Filed 7–1–98; 8:45 am]

BILLING CODE 4510–29–M

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

Proposed Information Collection

Request Submitted for Public

Comment and Recommendations;

Prohibited Transaction Exemption 91–

55

ACTION: Notice.

SUMMARY: The Department of Labor, as

part of its continuing effort to reduce

paperwork and respondent burden,

provides 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) 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 Pension and Welfare

Benefits, Administration is soliciting

comments concerning the proposed

extension of a currently approved

collection of information, Prohibited

Transaction Exemption 91–55. A copy

of the proposed information collection

request can be obtained by contacting

the employee listed below in the contact

section of this notice.

DATES: Written comments must be

submitted on or before August 31, 1998.

The Department of Labor is

particularly interested in comments

which:

• 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

clarify 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.

ADDRESSES: Gerald B. Lindrew,

Department of Labor, Pension and
36268 Federal Register / Vol. 63, No. 127 /Thursday, July 2, 1998 / Notices

Welfare Benefits Administration, 200

Constitution Avenue, NW, Washington,

DC 20210, (202) 219–4782 (this is not a

toll-free number), FAX (202) 219–4745.

SUPPLEMENTARY INFORMATION:

I. Background

Prohibited Transaction Exemption

91–55 permits purchases and sales by

certain ‘‘individual retirement

accounts,’’ as defined in Internal

Revenue Code section 408 (IRAs) of

American Eagle bullion coins (‘‘Coins’’)

in principal transactions from or to

broker-dealers in Coins which are

‘‘authorized purchasers’’ of Coins in

bulk quantities from the United States

Mint and which are also ‘‘disqualified

persons,’’ within the meaning of Code

section 4975(e)(2), with respect to IRAs.

The exemption also describes the

circumstances under which the interestfree extension of credit in connection

with such sales and purchases is

permitted. In the absence of an

exemption, such purchases and sales

and extensions of credit would be

impermissible under the Employee

Retirement Income Security Act of 1974

(ERISA).

II. Current Actions

This existing collection of information

should be continued because without

the relief provided by this exemption,

purchases and sales of such Coins and

extensions of credit in connection with

such sales and purchases would be

prohibited transactions. The

recordkeeping requirements

incorporated within the exemption are

intended to protect the interest of plan

participants and beneficiaries. The

exemption requires that certain

information be disclosed relating to

covered transactions in Coins.

Type of Review: Extension.

Agency: Pension and Welfare Benefits

Administration.

Title: Prohibited Transaction

Exemption 91–55.

OMB Number: 1210–0079.

Affected Public: Business or other forprofit, Not-for-profit institutions,

Individuals.

Total Respondents: 12.

Frequency: On occasion.

Total Responses: 200,000.

Average Time Per Response: 5

minutes for confirmation statement and

recordkeeping, 1 minute for one-time

disclosure document.

Estimated Total Burden Hours:

36,666.

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: June 26, 1998.

Gerald B. Lindrew,

Deputy Director, Office of Policy and

Research, Pension and Welfare Benefits

Administration.

[FR Doc. 98–17570 Filed 7–1–98; 8:45 am]

BILLING CODE 4510–29–M

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

Proposed Extension of Information

Collection Request Submitted for

Public Comment and

Recommendations; Prohibited

Transaction Exemption 85–68 To

Permit Employee Benefit Plans To

Invest in Customer Notes of Employers

ACTION: Notice.

SUMMARY: The Department of Labor, as

part of its continuing effort to reduce

paperwork and respondent burden,

provides 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) (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 Pension and Welfare

Benefits Administration is soliciting

comments concerning the proposed

extension of a currently approved

collection of information, Prohibited

Transaction Exemption 85–68. A copy

of the proposed information collection

request (ICR) can be obtained by

contacting the individual listed below

in the contact section of this notice.

DATES: Written comments must be

submitted on or before August 31, 1998.

The Department of Labor

(Department) is particularly interested

in comments which:

• 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.

ADDRESSES: Gerald B. Lindrew,

Department of Labor, Pension and

Welfare Benefits Administration, 200

Constitution Avenue, NW, Washington,

DC 20210, (202) 219–4782 (not a tollfree number), FAX (202) 219–4745.

SUPPLEMENTARY INFORMATION:

I. Background

Pursuant to section 408 of ERISA, the

Department has authority to grant an

exemption from the prohibitions of

sections 406 and 407(a) if it can

determine that the exemption is

administratively feasible, in the interest

of participants and beneficiaries, and

protective of the rights of participants

and beneficiaries of the plan. Prohibited

Transaction Class Exemption 85–68

describes the conditions under which a

plan is permitted to acquire customer

notes accepted by an employer of

employees covered by the plan in the

ordinary course of the employer’s

primary business activity. The

exemptions covers sales as well as

contributions of customer notes by an

employer to its plan.

II. Current Actions

The ICR included in this exemption is

intended to ensure that the conditions

of ERISA section 408 have been satisfied

with respect to transactions involving

customer notes. Specifically, the

exemption requires that the employer

provide a written guarantee to

repurchase a note which becomes more

than 60 days delinquent, that such notes

be secured by a perfected security

interest in the property financed by the

note, and that the collateral be insured.

Because this ICR ensures that the

transactions are protective of the rights

of participants and beneficiaries, the

Pension and Welfare Benefits

Administration intends to request an

extension of this ICR beyond its

September 30, 1998 expiration date.

Type of Review: Extension.

Agency: Department of Labor, Pension

and Welfare Benefits Administration.

Title: Prohibited Transaction Class

Exemption 85–68.

OMB Number: 1210–0094.