[Federal Register Volume 66, Number 124 (Wednesday, June 27, 2001)]
[Notices]
[Pages 34270-34271]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16080]


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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 94-71

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 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 is 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 and Welfare Benefits 
Administration is soliciting comments on the extension of a currently 
approved information collection request (ICR) incorporated in 
Prohibited Transaction Class Exemption (PTCE) 94-71. A copy of the ICR 
may 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, Office of Policy and Research, U.S. 
Department of

[[Page 34271]]

Labor, Pension and Welfare Benefits Administration, 200 Constitution 
Avenue, NW., Room N-5647, Washington, DC 20210, (202) 219-4782, FAX 
(202) 219-4745. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    PTCE 94-71 exempts certain transactions authorized by a settlement 
agreement resulting from an investigation of an employee benefit plan 
pursuant to the authority of section 504(a) of the Employee Retirement 
Income Security Act of 1974 (ERISA) from prohibitions set forth in 
sections 406 and 407(a) of ERISA. The conditions of the exemption 
include certain notice and disclosure requirements which are intended 
to protect the interests of plan participants and beneficiaries. At 
least 30 days prior to engaging in the transaction described in the 
settlement agreement, a party must provide written notice to affected 
participants and beneficiaries in a manner reasonably calculated to 
result in receipt of the notice. The notice and method of distribution 
must be approved by the regional or district office of the Department 
that negotiated the settlement.

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
    <bullet> 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 ICR included in this exemption is intended to facilitate 
voluntary settlements arising from investigations involving Title I of 
ERISA, while ensuring that participants and beneficiaries have adequate 
information concerning matters which may affect their benefits. In the 
absence of PTCE 94-71, parties wishing to enter into certain types of 
transactions pursuant to settlement agreements would be required to 
apply for individual exemptions. The ICR also provides the Department 
with the necessary information to ensure that the plan is in compliance 
with the conditions of the exemption. The Department is not proposing 
changes to the exemption at this time.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Department of Labor, Pension and Welfare Benefits 
Administration.
    Title: Prohibited Transaction Exemption 94-71; An Exemption 
Authorizing Certain Transactions Pursuant to a Settlement Agreement 
Between Plans and the US Department of Labor.
    OMB Number: 1210-0091.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; Individuals.
    Total Respondents: 4.
    Frequency: On occasion.
    Total Responses: 270.
    Estimated Total Burden Hours: 13.
    Total Burden Cost (Operating and Maintenance): $92.00.
    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 21, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-16080 Filed 6-26-01; 8:45 am]
BILLING CODE 4510-29-M