98-17570. Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Exemption 91-55

[Federal Register Volume 63, Number 127 (Thursday, July 2, 1998)]
[Notices]
[Pages 36267-36268]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17570]


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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 91-55

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 
91-55. A copy of the proposed information collection request 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

[[Page 36268]]

Welfare Benefits Administration, 200 Constitution Avenue, NW, 
Washington, DC 20210, [phone] (this is not a toll-free number), 
FAX [phone].

SUPPLEMENTARY INFORMATION: 

I. Background

    Prohibited Transaction Exemption 91-55 permits purchases and sales 
by certain ``individual retirement accounts,'' as defined in Internal 
Revenue Code section 408 (IRAs) of American Eagle bullion coins 
(``Coins'') in principal transactions from or to broker-dealers in 
Coins which are ``authorized purchasers'' of Coins in bulk quantities 
from the United States Mint and which are also ``disqualified 
persons,'' within the meaning of Code section 4975(e)(2), with respect 
to IRAs. The exemption also describes the circumstances under which the 
interest-free extension of credit in connection with such sales and 
purchases is permitted. In the absence of an exemption, such purchases 
and sales and extensions of credit would be impermissible under the 
Employee Retirement Income Security Act of 1974 (ERISA).

II. Current Actions

    This existing collection of information should be continued because 
without the relief provided by this exemption, purchases and sales of 
such Coins and extensions of credit in connection with such sales and 
purchases would be prohibited transactions. The recordkeeping 
requirements incorporated within the exemption are intended to protect 
the interest of plan participants and beneficiaries. The exemption 
requires that certain information be disclosed relating to covered 
transactions in Coins.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Exemption 91-55.
    OMB Number: 1210-0079.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 12.
    Frequency: On occasion.
    Total Responses: 200,000.
    Average Time Per Response: 5 minutes for confirmation statement and 
recordkeeping, 1 minute for one-time disclosure document.
    Estimated Total Burden Hours: 36,666.
    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. 98-17570 Filed 7-1-98; 8:45 am]
BILLING CODE 4510-29-M