[Federal Register Volume 61, Number 45 (Wednesday, March 6, 1996)]
[Notices]
[Pages 8978-8979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5236]
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DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Emergency Review; Comment Request
March 1, 1996.
The Department of Labor has submitted the following (see below)
information collection request (ICR), utilizing emergency review
procedures, to the Office of Management and Budget (OMB) for review and
clearance in accordance with the Paperwork Reduction Act of 1995 (Pub.
L. 104-13, 44 U.S.C. Chapter 35). OMB approval has been requested by
March 7, 1996. A copy of this ICR, with applicable supporting
documentation, may be obtained by calling the Department of Labor
Acting Departmental Clearance Officer, Theresa M. O'Malley ([202] 219-
5095).
Comments and questions about the ICR listed below should be
forwarded to the Office of Information and Regulatory Affairs, Attn:
OMB Desk Officer for the Pension and Welfare Benefits Administration,
Office of Management and Budget, Room 10235, Washington, DC 20503
([202] 395-7316).
The Office of Management and Budget 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 clarity of 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.
Agency: Pension and Welfare Benefits Administration.
Title: Notice of Conditional Compliance Program.
Frequency: On occasion.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Number of Respondents: 1,722.
Estimated Time Per Respondent: 1 hour.
Total Burden Hours: 1,722.
Total Burden Cost (capital/startup): 0.
Total Burden Cost (operating/maintaining): 0.
Description: The Department of Labor (the Department) is proposing
to adopt the Pension Payback Program which is designed to benefit
workers by encouraging employers to restore delinquent participant
contributions plus earnings to pension plans. This program is targeted
at persons who failed to transfer participant contributions to pension
plans defined under section 3(2) of the Employee Retirement Income
Security Act of 1974 (the Act), including section 401(k) plans, within
the timeframes mandated by the Department's regulations, and thus
violated title of the Act.
The conditional compliance program is available to certain persons
who voluntarily restore delinquent participant contributions to pension
plans. Those who comply with the terms of the program will avoid
potential ERISA civil actions initiated by the Department, the
assessment of civil penalties under section 502(l) of the Act and
Federal criminal prosecutions arising from their failure to timely
remit such contributions and non-disclosure of the non-remittance. As
part of this compliance program, notice to the Department is required
as well as the provision of certain information to affected
participants.
On a temporary basis, pending promulgation by the Department of the
final class exemption setting forth the conditions for retroactive
relief, the Department will not pursue enforcement against persons who
comply with the conditions of the Program with respect to any
prohibited transaction liability which may have arisen as a result of a
delay in forwarding participant contributions. The Internal Revenue
Service has advised the Department that it will not seek to impose the
Internal Revenue Code section 4975(a) and (b) sanctions with respect to
any prohibited transaction that is covered by the proposed class
exemption, notwithstanding any subsequent changes to the proposed
exemption when it is finalized, provided that all requirements
specified in the proposed class exemption have been met.
[[Page 8979]]
A notice of proposed exemption which, when finalized, will replace
the non-enforcement policy, will be published in the Federal Register
on the same date as the announcement of the program. It is contemplated
that the proposed exemption will require, in part, compliance with the
notice and informational requirements of the conditional compliance
program. Participation in the program will be available to persons who
rely on the proposed exemption notwithstanding any subsequent
modifications to the final exemption.
Cheryl A. Robinson,
Acting Departmental Clearance Officer.
[FR Doc. 96-5236 Filed 3-5-96; 8:45 am]
BILLING CODE 4510-23-M
