98-17568. Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Exemption T88-1

[Federal Register Volume 63, Number 127 (Thursday, July 2, 1998)]
[Notices]
[Page 36266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17568]


-----------------------------------------------------------------------

DPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Information Collection Request Submitted for Public 
Comment and Recommendations; Prohibited Transaction Exemption T88-1

ACTION: Notice.

-----------------------------------------------------------------------

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 
T88-1. 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, [phone] (this is not a toll-free number), FAX (202) 219-
4745.

SUPPLEMENTARY INFORMATION: 

I. Background

    Prohibited Transaction Exemption T88-1 adopts, for purposes of the 
prohibited transaction provisions of section 8477(c)(2) of the Federal 
Employees' Retirement System Act of 1986 (FERSA), certain prohibited 
transaction class exemptions (the Class Exemptions) granted pursuant to 
section 408(a) of the Employee Income Security Act of 1974.

II. Current Actions

    This existing collection of information should be continued because 
without the relief provided by this exemption, certain transactions 
described in the Class Exemptions might be prohibited by the prohibited 
transaction provisions of FERSA. The recordkeeping requirements 
incorporated within the class exemption are intended to protect the 
interests of plan participants and beneficiaries.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Exemption T88-1.
    OMB Number: 1210-0074.
    Affected Public: Business or other for-profit institutions, 
Individuals.
    Total Respondents: 1.
    Frequency: On occasion.
    Total Responses: 1.
    Average Time Per Response: 1 hour.
    Estimated Total Burden Hours: 1 hour.
    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. 98-17568 Filed 7-1-98; 8:45 am]
BILLING CODE 4510-29-M