[Federal Register Volume 66, Number 36 (Thursday, February 22, 2001)]
[Notices]
[Pages 11181-11182]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4408]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request: Comment 
Request; Prohibited Transaction Class Exemption 81-6

ACTION: Notice.

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SUMMARY: The Department of Labor (Department), 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 proposed extension of the 
information collection provisions of Prohibited Transaction Exemption 
81-4. A copy of the

[[Page 11182]]

Information Collection Request (ICR) may be obtained by contacting the 
office listed in the addresses section of this notice.

DATES: Written comments must be submitted to the office shown in the 
addresses section below on or before April 23, 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, DC 20210. Telephone: 
(202) 219-4782; Fax: (202) 219-4745. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 81-6 permits an employee 
benefit plan to lend securities to a broker-dealer registered under the 
Securities Exchange Act of 1934 or to a bank, where the borrowing 
broker-dealer or bank is a party in interest, provided certain 
conditions are met. In the absence of an exemption, securities lending 
transactions would be prohibited under circumstances where the 
borrowing broker-dealer or bank is a party in interest or disqualified 
person with respect to the plan under the Employee Retirement Income 
Securities Act (ERISA) or the Internal Revenue Code (Code).

I. 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 a 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 submission of responses.

III. Current Actions

    The class exemption has two basic information collection 
requirements. The first requires the borrower of the plan securities to 
report certain information to the lending plan fiduciary, and the 
second calls for a written agreement between the lending plan and the 
borrower. This notice requests comments on the extension of the ICR 
included in the Prohibited Transaction Class Exemption 81-6. The 
Department is not proposing or implementing changes to the existing ICR 
at this time.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Pension and Welfare Benefits Administration, Department of 
Labor.
    Titles: Prohibited Transaction Class Exemption 81-6.
    OMB Number: 1210-0065.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 42,000.
    Frequency of Response: On occasion.
    Responses: 126,000.
    Estimated Total Burden Hours: 10,500.
    Total Burden Cost (Operating and Maintenance): $47,880.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: February 12, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-4408 Filed 2-21-01; 8:45 am]
BILLING CODE 4510-29-P