[Federal Register: June 30, 1998 (Volume 63, Number 125)] [Notices] [Page 35613-35614] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr30jn98-98] ----------------------------------------------------------------------- DEPARTMENT OF LABOR Pension and Welfare Benefits Administration Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Exemption 96-62 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 [[Page 35614]] 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 96-62, the expedited process for approval of exemptions. A copy of the proposed information collection request (ICR) can be obtained by contacting the individual listed below in the contract section of this notice. DATES: Written comments must be submitted on or before August 31, 1998. The Department of Labor (Department) 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 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, Washington, DC 20210, (202) 219-4782 (not a toll-free number), FAX (202) 219-4745. SUPPLEMENTARY INFORMATION: Background Section 408(a) of the Employee Retirement Income Security Act of 1974 (ERISA) provides that the Secretary of Labor may grant exemptions from the prohibited transaction provisions of sections 406 and 407(a) of ERISA, and directs the Secretary to establish an exemption procedure with respect to such provisions. On July 31, 1996, the Department published Prohibited Transaction Exemption 96-62, pursuant to the exemption procedure set forth in 29 CFR 2570, subpart B. This class exemption permits a plan to engage in a transaction which might otherwise be prohibited following a demonstration to the Department that the transaction: (1) is substantially similar to those described in at least two prior individual exemptions granted by the Department, and (2) presents little, if any, opportunity for abuse or risk of loss to a plan's participants and beneficiaries. Under the class exemption, a party may proceed with a transaction in as little as 78 days from the acknowledgement of receipt by the Department of a written submission filed in accordance with the terms of the class exemption. This ICR includes the information required to be included in this submission, and the notice to interested parties which is required under the class exemption. II. Current Action Beacause this ICR is intended to provide the Department with sufficient information to support a finding that the exemption meets the statutory standards of section 408(a) of ERISA, and to provide affected parties with the opportunity to comment on the proposed transaction, while at the same time reducing the regulatory burden associated with processing individual exemptions for transactions prohibited under ERISA, the Department intends to request an extension 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 96-62. OMB Number: 1210-0098. Affected Public: Business or other for-profit, Not-for-profit institutions, Individuals. Total Respondents: 45. Frequency: On occasion. Estimated Total Burden Hours: 1. 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 25, 1998. Gerald B. Lindrew, Deputy Director, Pension and Welfare Benefits Administration, Office of Policy and Research. [FR Doc. 98-17346 Filed 6-9-98; 8:45 am] BILLING CODE 4510-29-M