[Federal Register Volume 66, Number 124 (Wednesday, June 27, 2001)]
[Notices]
[Page 34270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16079]



[[Page 34270]]

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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 Class 
Exemption 96-62

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 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 extension of a currently approved 
collection of information, Prohibited Transaction Class Exemption 96-
62, the expedited process for approval of exemptions. A copy of the 
proposed information collection request (ICR) can be obtained by 
contacting the office listed below 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 Labor, Pension and Welfare Benefits Administration, 200 
Constitution Avenue, NW, Room N-5647, Washington, D.C. 20210, (202) 
219-4782, FAX (202) 219-4745. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 408(a) of the Employee Retirement Income Security Act of 
1974 (ERISA) provides that the Secretary of Labor may grant exemptions 
from the prohibited transaction provisions of section 406 and 407(a) of 
ERISA, and directs the Secretary to establish an exemption procedure 
with respect to such provisions. On July 31, 1996, the Department 
published Prohibited Transaction Exemption 96-62, which, pursuant to 
the exemption procedure set forth in 29 CFR 2570, subpart B, permits a 
plan to seek approval on an accelerated basis of otherwise prohibited 
transactions. A class exemption will only be granted on the conditions 
that the plan demonstrate to the Department that the transaction is 
substantially similar to those described in at least two prior 
individual exemptions granted by the Depatment and that it presents 
little, if any, opportunity for abuse or risk of loss to a plan's 
participants and beneficiaries. This ICR is intended to provide the 
Department with sufficient information to support a finding that the 
exemption meets the statutory standards of section 408(a) of ERISA, and 
to provide affected parties with the opportunity to comment on the 
proposed transaction, while at the same time reducing the regulatory 
burden associated with processing individual exemptions for 
transactions prohibited under ERISA.

II. Desired Focus of Comments

    The Department is particularly interested in comments that:
    <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 clarity of 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

    This notice requests comments on the extension of the ICR included 
in the regulation governing accelerating approval of a prohibited 
transaction class exemption. The Department is not proposing or 
implementing changes to the existing ICR at this time.
    Type of Review; Extension of a currently approved colleciton of 
information.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Exemption 96-62; Accelerated Approval 
of an Otherwise Prohibited Transaction.
    OMB Number: 1210-0098.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 42.
    Total Responses: 42.
    Frequency: On occasion.
    Estimated Total Burden Hours: 53.
    Total Annual Costs (Operating and Maintenance): $37,884.
    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, Pension and Welfare Benefits Administration, Office of 
Policy and Research.
[FR Doc. 01-16079 Filed 6-26-01; 8:45 am]
BILLING CODE 4510-29-M