97-8195. Proposed Information Collection Request; Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 78- 6

[Federal Register Volume 62, Number 62 (Tuesday, April 1, 1997)]
[Notices]
[Page 15539]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8195]



[[Page 15539]]

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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Information Collection Request; Submitted for Public 
Comment and Recommendations; Prohibited Transaction Class Exemption 78-
6

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 78-6. 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 June 2, 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, D.C. 
20210, [phone], FAX [phone].

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 78-6 allows (a) purchase of 
personal property by a multiple employer welfare benefit plan 
maintained for the purpose of providing apprenticeship or other 
training programs (hereinafter referred to as an apprenticeship plan) 
from an employer who makes contributions to such plan (hereinafter 
referred to as a contributing employer) or from a wholly-owned 
subsidiary of such an employer, (b) the leasing of personal property by 
an apprenticeship plan from a contributing employer or from a wholly 
owned subsidiary of such an employer, and (c) the leasing of real 
property (other than office space within the contemplation of section 
408(b)(2) of the Employee Retirement Income Security Act of 1974 (the 
Act)) by an apprenticeship plan from a contributing employer, a wholly 
owned subsidiary of such an employer, or from an employee organization 
any of whose members' work results in contributions being made to the 
apprenticeship plan. In the absence of this exemption, certain aspects 
of these transactions might be prohibited by sections 406(a)(1) (A), 
(C) and (D) of the Act.

II. Current Actions

    This existing collection of information should be continued because 
without the relief provided by this exemption, such apprenticeship 
plans would have difficulty operating in accordance with the purposes 
for which they were established. 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. The exemption requires that 
apprenticeship plans which enter into transactions covered by the 
exemption must maintain the records of such transactions for a period 
of six years from the termination of such transactions.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Class Exemption 78-6.
    OMB Number: 1210-0080.
    Recordkeeping: 6 years.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 1,000.
    Frequency: On occasion.
    Total Responses: 5,000
    Average Time Per Response: 5 minutes
    Estimated Total Burden Hours: 417
    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: March 26, 1997.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of 
Policy and Research.
[FR Doc. 97-8195 Filed 3-31-97; 8:45 am]
BILLING CODE 4510-29-P