[Federal Register Volume 63, Number 123 (Friday, June 26, 1998)]
[Notices]
[Pages 34935-34936]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17103]
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment and Recommendations
ACTION: Notice.
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SUMMARY: The Department of Labor, as part of its continuing effort to
reduce paperwork and respondent burden conducts a preclearance
consultation program to provide the general public and other 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 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 the collection
of information included in the procedure for applications for exemption
from the prohibited transaction provisions of section 408(a) of the
Employee Retirement Income Security Act of 1974 (ERISA) (29 CFR
Sec. 2570.30, et seq.). The Department is particularly interested in
comments which evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information including the basis
for any suggested alternative burden estimates. A copy of the proposed
information collection request (ICR) can be obtained by contacting the
office listed below in the addressee section of this notice.
DATES: Written comments must be submitted to the office listed in the
addressee section below on or before August 25, 1998.
The Department of Labor is particularly interested in comments
which:
Evalute 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;
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.
ADDRESSES: Interested parties are invited to submit written comments
regarding the collection of information of any or all of the Agencies.
Send comments to Mr. 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, D.C. 20210.
Telephone: (202) 219-4782 (this is not a toll-free number).
SUPPLEMENTARY INFORMATION:
I. Background
Section 408(a) of ERISA provides that the Secretary may grant
exemptions from the prohibited transaction provisions of sections 406
and 407(a) of ERISA and directs the Secretary to establish an exemption
procedure with respect to such provisions. In this regard, the
Department previously issued a regulation which describes the
procedures that must be followed in filing for such exemptions (29 CFR
2570.30. et seq.). Under section 408(a) of ERISA, in order for the
Secretary to grant an exemption, it must be determined that such
exemption is ``(1) administratively feasible; (2) in the interests of
the plan and its participants and beneficiaries; and (3) protective of
the rights of participants and beneficiaries.'' In order to make such
determination, the Department requires full information regarding all
aspects of the transaction, including the specific circumstances
surrounding the transaction, and the parties and assets involved. Thus,
sections 2570.34 and 2570.35 of the exemption procedures regulation
lists the information that must be supplied by the applicant. This
information includes: identifying information (name, type of plan, EIN
number, etc.); an estimate of the number of plan participants; a
detailed description of the transaction and the parties for which an
exemption is
[[Page 34936]]
requested; statements regarding what section ERISA is thought to be in
violation and whether the transaction(s) involved have already been
entered into; a statement of whether the transaction is customary in
the industry; a statement of the hardship or economic loss, if any,
which would result if the exemption were denied; a statement explaining
why the proposed exemption would be administratively feasible, in the
interests of the plan and protective of the rights of plan participants
and beneficiaries; and several other statements. In addition, the
applicant must certify that the information supplied is accurate and
complete.
Section 408(a) of ERISA requires that before granting an exemption
from 406(a) the Secretary ``shall require that adequate notice be given
to interested parties, and shall afford interested persons opportunity
to present views.'' Thus, section 2570.43 of the exemption procedures
regulation requires that the applicant for an exemption provide
interested persons with a copy of the Federal Register notice
containing the proposed exemption and a statement which informs them of
their right to comment on the proposed exemption.
II. Current Actions
The Office of Management and Budget's approval of this ICR will
expire on September 30, 1998. This existing collection of information
should be continued because the requirement that an applicant for an
exemption disclose information regarding their application is necessary
in order for the Department to make an informed decision regarding the
application. Further, the requirement of the notice to interested
parties ensures that participants and beneficiaries are informed of the
application for exemption and have the opportunity to respond.
Agency: Department of Labor, Pension and Welfare Benefits
Administration.
Title: Procedure for Application for Prohibited Transaction
Exemption Regulation pursuant to 29 CFR 2570.30, et seq.
Type of Review: Extension of a currently approved collection.
OMB Numbers: 1210-0060.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Total Respondents: 207.
Total Responses: 207.
Frequency of Response: On occasion.
Total Annual Burden: 5,708 hours.
Comments submitted in response to this comment request 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: June 22, 1998.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of
Policy and Research.
[FR Doc. 98-17103 Filed 6-25-98; 8:45 am]
BILLING CODE 4510-29-M
