[Federal Register Volume 63, Number 127 (Thursday, July 2, 1998)]
[Notices]
[Page 36264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17565]
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Information Collection Request Submitted for Public
Comment and Recommendations; Prohibited Transaction Exemption 94-71
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 Exemption
94-71. A copy of the proposed information collection request (ICR) 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 31, 1998.
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, DC
20210, (202) 219-4782 (this is not a toll-free number), FAX (202) 219-
4745.
SUPPLEMENTARY INFORMATION:
I. Background
Class Exemption 94-71 exempts certain transactions authorized by a
settlement agreement resulting from an investigation of an employee
benefit plan pursuant to the authority of section 504(a) of the
Employee Retirement Income Security Act of 1974 (ERISA) from
prohibitions set forth in sections 406 and 407(a) of ERISA. The
conditions of the exemption include certain notice and disclosure
requirements, which are intended to protect the interests of plan
participants and beneficiaries. At least 30 days prior to engaging in
the transaction described in the settlement agreement, a party who will
be engaging in the transaction or activity must provide written notice
to affected participants and beneficiaries in a manner reasonably
calculated to result in receipt of the notice. The notice and method of
distribution must be approved by the Department's office which
negotiated the settlement.
II. Current Actions
The ICR included in this exemption is intended to facilitate
voluntary settlements arising from investigations involving Title I of
ERISA, while ensuring that participants and beneficiaries have adequate
information concerning matters which may affect their benefits. In the
absence of Prohibited Transaction Exemption 94-71, parties wishing to
enter into certain types of transactions pursuant to settlement
agreements would be required to apply for individual exemptions.
Therefore, the Pension and Welfare Benefits Administration intends to
request Office of Management and Budget approval 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 94-71.
OMB Number: 1210-0091.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Total Respondents: 10.
Frequency: On occasion.
Total Responses: 10.
Estimated Total Burden Hours: 1010 hours.
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 26, 1998.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare
Benefits Administration.
[FR Doc. 98-17565 Filed 7-1-98; 8:45 am]
BILLING CODE 4510-29-M
