98-17346. Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Exemption 96-62

[Federal Register Volume 63, Number 125 (Tuesday, June 30, 1998)]
[Notices]
[Pages 35613-35614]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17346]


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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 
Exemption 96-62

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

[[Page 35614]]

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 Exemption 
96-62, the expedited process for approval of exemptions. A copy of the 
proposed information collection request (ICR) can be obtained by 
contacting the individual listed below in the contract section of this 
notice.

DATES: Written comments must be submitted on or before August 31, 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, DC 
20210, [phone] (not a toll-free number), FAX [phone].

SUPPLEMENTARY INFORMATION: 

Background

    Section 408(a) of the Employee Retirement Income Security Act of 
1974 (ERISA) provides that the Secretary of Labor 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. On July 31, 1996, the Department 
published Prohibited Transaction Exemption 96-62, pursuant to the 
exemption procedure set forth in 29 CFR 2570, subpart B. This class 
exemption permits a plan to engage in a transaction which might 
otherwise be prohibited following a demonstration to the Department 
that the transaction: (1) is substantially similar to those described 
in at least two prior individual exemptions granted by the Department, 
and (2) presents little, if any, opportunity for abuse or risk of loss 
to a plan's participants and beneficiaries. Under the class exemption, 
a party may proceed with a transaction in as little as 78 days from the 
acknowledgement of receipt by the Department of a written submission 
filed in accordance with the terms of the class exemption. This ICR 
includes the information required to be included in this submission, 
and the notice to interested parties which is required under the class 
exemption.

II. Current Action

    Beacause this ICR is intended to provide the Department with 
sufficient information to support a finding that the exemption meets 
the statutory standards of section 408(a) of ERISA, and to provide 
affected parties with the opportunity to comment on the proposed 
transaction, while at the same time reducing the regulatory burden 
associated with processing individual exemptions for transactions 
prohibited under ERISA, the Department intends to request an extension 
of this ICR beyond its September 30, 1998 expiration date.
    Type of Review: Extension.
    Agency: Department of Labor, Pension and Welfare Benefits 
Administration.
    Title: Prohibited Transaction Exemption 96-62.
    OMB Number: 1210-0098.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 45.
    Frequency: On occasion.
    Estimated Total Burden Hours: 1.
    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: June 25, 1998.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of 
Policy and Research.
[FR Doc. 98-17346 Filed 6-9-98; 8:45 am]
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