97-20104. Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 88- 59

[Federal Register Volume 62, Number 147 (Thursday, July 31, 1997)]
[Notices]
[Page 41088]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20104]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Information Collection Request Submitted for Public 
Comment and Recommendations; Prohibited Transaction Class Exemption 88-
59

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 Class 
Exemption 88-59. 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 September 29, 
1997.
    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 number 
of respondents and 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, Room N-5647, 
Washington, DC 20210. Telephone: [phone] (this is not a toll-free 
number). Fax: [phone].

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 88-59 exempts from certain 
prohibited transaction provisions of ERISA, certain transactions 
involving residential financing arrangements. In the absence of this 
exemption, these transactions might be prohibited by section 406 of the 
Employee Retirement Income Security Act of 1974 (the Act).

II. Current Actions

    The Pension and Welfare Benefits Administration proposes to extend 
the currently approved information collection requirements of 
Prohibited Transaction Class Exemption 88-59. The recordkeeping 
requirements of the class exemption are intended to protect the 
interests of plan participants and beneficiaries. The exemption has one 
basic information collection condition. The plan is to maintain for a 
period of six years from the date of a covered transaction such records 
as are necessary to enable the Department of Labor, the Internal 
Revenue Service, plan participants and beneficiaries, any employer of 
plan participants and beneficiaries, and any employee organization any 
of whose members are covered by such plan to determine whether the 
conditions of the exemption have been met.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Class Exemption 88-59.
    OMB Number: 1210-0095.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Frequency: On occasion.
    Estimated Total Burden Hours: 1.
    Respondents, proposed frequency of response, and annual hour 
burden: The number of respondents is estimated to be 185. The exemption 
contains a six year recordkeeping requirement for information related 
to the affected securities transactions. Most of the records required 
to be maintained by the exemption are normally maintained for purposes 
of completing the annual report required by ERISA (Form 5500 Series). 
Those records not maintained for purposes related to the annual report 
are maintained as a standard business practice or for purposes of 
complying with the Internal Revenue Code. We estimate one additional 
hour of burden for this exemption.
    Total Burden Cost (capital/start-up): $0.00.
    Total Burden Cost (operating/maintenance): $0.00.
    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: July 25, 1997.
Gerald B. Lindrew,
Director, Pension and Welfare Benefits Administration, Office of Policy 
and Legislative Analysis.
[FR Doc. 97-20104 Filed 7-30-97; 8:45 am]
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