[Federal Register Volume 63, Number 105 (Tuesday, June 2, 1998)]
[Notices]
[Pages 30023-30024]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-14544]
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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 76-1
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 76-1. 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 August 3, 1998.
The Department of Labor (Department) 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.
ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare
Benefits Administration, 200 Constitution Avenue, NW, Washington, D.C.
20210, (202) 219-4782 (not a toll-free number), FAX (202) 219-4745.
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Class Exemption 76-1 permits parties in
interest, under specified conditions, to (A) make delinquent employer
contributions, (B) receive loans, and (C) obtain office space,
administrative services and goods from plans. In the absence of this
exemption, certain aspects of these transactions might be prohibited by
section 406 of the Employee Retirement Income Security Act (ERISA).
II. Current Actions
This existing collection of information should be continued because
without the relief provided by this exemption, contributing employers
would not be able to make late or partial payments to plans, even in
justifiable circumstances; contributing employers would be unable to
obtain construction financing from plans and the plans would be denied
this investment opportunity; and plans would not be able to receive
income from leasing available office space or provide services to
certain parties in interest. The recordkeeping requirements
incorporated within the class exemption are intended to protect the
interests of plan participants and beneficiaries. Each part of the
exemption differs somewhat in paperwork. Under Part A, the terms of an
arrangement or agreement between a plan and a participating employer
extending time for a contribution or accepting less than the amount
owed must be set forth in writing. Also, a determination by a plan to
consider an unpaid employer contribution as uncollectible must be set
forth in writing. Under Part B, before a construction loan is made by a
plan to a participating employer, the employer and the plan must
receive a written commitment for permanent financing from a person
other than the plan concerning full repayment of the loan upon
completion of construction. In addition, the plan must maintain for six
years such records as are necessary to enable the Department, Internal
Revenue Service (IRS), et al., to determine whether the conditions of
the exemption have been met. Part C permits plans to lease office space
and provide administrative services or sell goods to a participating
employer or union or to another plan. Under Part C, the plan must
maintain for six years following the date of termination of the lease
or of the provision of services such records as are necessary to enable
persons from the DOL, IRS, et al., to determine whether the conditions
of the exemption have been met.
Type of Review: Extension.
Agency: Pension and Welfare Benefits Administration.
Title: Prohibited Transaction Class Exemption 76-1.
OMB Number: 1210-0058.
Recordkeeping: 6 years.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Total Respondents: 3,000.
Frequency: On occasion.
Total Responses: 3,000.
Average Time Per Response: 15 minutes.
Estimated Total Burden Hours: 750.
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.
[[Page 30024]]
Dated: May 28, 1998.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of
Policy and Research.
[FR Doc. 98-14544 Filed 6-1-98; 8:45 am]
BILLING CODE 4510-29-M
