[Federal Register Volume 66, Number 124 (Wednesday, June 27, 2001)]
[Notices]
[Pages 34271-34272]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16081]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations; Prohibited Transaction 
Exemption T88-1

ACTION: Notice.

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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 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 
(PTE) T88-1. A copy of the proposed information collection request 
(ICR) can be obtained by contacting the office listed in the addresses 
section of this notice.

DATES: Written comments must be submitted on or before August 27, 2001.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare 
Benefits Administration, 200 Constitution Avenue, NW., Washington, DC 
20210, (202) 219-4782, FAX (202) 219-4745. These are not toll-free 
numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    PTE 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. The adoption of these Class 
Exemptions permits fiduciaries with respect to the FERS Thrift Savings 
Fund (the Fund) to engage in certain transactions that would otherwise 
be prohibited under section 8477(c) of FERSA.

II. Desired Focus of Comments

    The Department of Labor is particularly interested in comments 
which:
    <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 clarify the information 
to be collected; and

[[Page 34272]]

    <bullet> Minimize the burden of the collection of information on 
those who are to respond, including through 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 Action

    The adoption of the Class Exemptions under this regulation permits 
fiduciaries with respect to the Fund to engage in certain transactions 
that would otherwise be prohibited under section 8477(c) of FERSA. The 
recordkeeping requirements incorporated within the Class Exemptions are 
intended to insure that a Class Exemption is not abused, that the 
rights of plan participants and beneficiaries are protected, and that 
the affected fiduciaries comply with the Class Exemptions' conditions.
    Type of Review: Extension of currently approved collection of 
information.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Exemption T88-1.
    OMB Number: 1210-0074.
    Affected Public: Business or other for-profit; not-for-profit 
institutions; individuals.
    Total Respondents: 1.
    Frequency: On occasion.
    Total Responses: 1.
    Average Time Per Response: 1 hour.
    Estimated Total Burden Hours: 1 hour.
    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 21, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-16081 Filed 6-26-01; 8:45 am]
BILLING CODE 4510-29-M