[Federal Register Volume 61, Number 232 (Monday, December 2, 1996)]
[Notices]
[Page 63872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-30607]
[[Page 63872]]
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DEPARTMENT OF LABOR
Proposed Information Collection Request Submitted for Public
Comment and Recommendations; Prohibited Transaction Class Exemption 77-
10
ACTION: Notice.
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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 Class
Exemption 77-10. 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 January 31,
1997. 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) 219-7933, FAX (202) 219-4745.
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Class Exemption 77-10 enables a multiple
employer plan to share office space and administrative services and
goods, to lease office space or provide administrative services or to
sell or lease goods to a participating employer, or participating
employer association, or to another multiple employer plan, provided
certain conditions are met. In the absence of this exemption, certain
aspects of these transactions might be prohibited by section 406(b)(2)
of the Employee Retirement Income Security Act of 1974 (the Act).
II. Current Actions
This existing collection of information should be continued because
without the exemption, participating unions or employers would not be
able to share or lease office space or to share or obtain
administrative services or goods from a plan in cases where violations
of section 406(b)(2) of ERISA would otherwise occur. Plans which would
be denied the opportunity to utilize such services might incur
additional administrative costs as well as possibly lose a source of
income. The recordkeeping requirements incorporated within the class
exemption are intended to protect the interests of plan participants
and beneficiaries. The exemption has one basic information collection
condition. A plan which shares office space, administrative services or
goods or which provides administrative services or goods is required to
maintain during the time of the transactions and for six years from the
time of termination such records as are necessary to enable the Labor
Department, plan participants and beneficiaries, participating
employers and others to determine whether the conditions of the
exemption have been met. The records should indicate the potential
conflict of interest present in a transaction, such as where a plan
trustee involved in the decision is also an officer of a contributing
employer who would benefit from the provision of certain services.
Type of Review: Extension
Agency: Pension and Welfare Benefits Administration.
Title: Prohibited Transaction Class Exemption 77-10.
OMB Number: 1210-0081.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Frequency: On occasion.
Estimated Total Burden Hours: 1.
Respondents, proposed frequency of response, and annual hour
burden: The recordkeeping requirements of this exemption are similar to
those included in Part C of Prohibited Transaction Class Exemption 76-1
(PTE 76-1). The Department assumes that anyone utilizing this exemption
would also need to use PTE 76-1. The Department estimates that the
recordkeeping burden of this class exemption, in effect, has been
incorporated in the burden for PTE 76-1. Therefore, the Department
estimates the burden hours for this exemption to be one hour.
Total Burden Cost (capital/start-up): $0.00.
Total Burden Cost (operating/maintenance): $0.00.
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: November 26, 1996.
Gerald B. Lindrew,
Director, Pension and Welfare Benefits Administration, Office of Policy
and Legislative Analysis.
[FR Doc. 96-30607 Filed 11-29-96; 8:45 am]
BILLING CODE 4510-29-M
