[Federal Register Volume 63, Number 127 (Thursday, July 2, 1998)]
[Notices]
[Pages 36266-36267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17569]
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Information Collection Request Submitted for Public
Comment and Recommendations; Final Regulation Relating to Loans to Plan
Participants and Beneficiaries Who Are Parties in Interest With Respect
to the Plan
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
[[Page 36267]]
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, that is included in
the final regulation relating to loans to plan participants and
beneficiaries who are parties in interest with respect to the plan (29
CFR Sec. 2550.408b-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, (202) 219-4782 (this is not a toll-free number), FAX (202) 219-
4745.
SUPPLEMENTARY INFORMATION:
I. Background
The Employee Retirement Income Security Act of 1974 (ERISA)
prohibits a fiduciary with respect to a plan from causing the plan to
engage in the direct or indirect lending of money or other extension of
credit between the plan a party in interest. ERISA section 408(b)(1)
exempts loans made by a plan to parties in interest who are
participants and beneficiaries of the plan from this prohibition
provided that certain requirements are satisfied. One such requirement
is that loans to participants must be made in accordance with specific
provisions regarding such loans set forth in the plan. In final
regulations published in the Federal Register on July 20, 1989 (54 FR
30520), the Department of Labor provided additional guidance on section
408(b)(1)(C), which requires that loans must be made in accordance with
specific provisions set forth in the plan. This ICR relates to the
specific provisions which must be included in plan documents for those
plans which permit loans to participants.
II. Current Actions
This existing collection of information should be continued because
it ensures that participants and beneficiaries are provided with
adequate information with respect to matters affecting their benefits.
This ICR also provides additional guidance concerning the statutory
requirement that loans to participants be made in accordance with
specific written plan provisions.
Type of Review: Extension.
Agency: Pension and Welfare Benefits Administration.
Title: Final Regulation Relating to Loans to Plan Participants and
Beneficiaries who are Parties in Interest with Respect to the Plan.
OMB Number: 1210-0076.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Total Respondents: 7,000.
Frequency: On occasion.
Total Responses: 7,000.
Average Time Per Response: 3 hours.
Estimated Total Burden Hours: 5,250.
Total Burden Cost (operating/maintenance): $393,750.00.
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. 98-17569 Filed 7-1-98; 8:45 am]
BILLING CODE 4510-29-M
