[Federal Register: January 30, 2004 (Volume 69, Number 20)]
[Notices]
[Page 4540-4541]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30ja04-89]
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DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review; Comment Request
January 21, 2004
The Department of Labor (DOL) has submitted the following public
information collection requests (ICRs) to the Office of Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. chapter 35). A copy of
each ICR, with applicable supporting documentation, may be obtained by
contacting the Department of Labor. To obtain documentation, contact
Ira Mills on 202-693-4122 (this is not a toll-free number) or e-mail:
mills.ira@dol.gov.
Comments should be sent to Office of Information and Regulatory
Affairs, Attn: OMB Desk Officer for the Employee Benefits Security
Administration, Office of Management and Budget, Room 10235,
Washington, DC 20503, 202-395-7316 (this is not a toll-free number),
within 30 days from the date of this publication in the Federal
Register.
The OMB 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 submission of responses.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of a currently approved collection.
Title: Employee Benefit Plan Claims Procedures under the Employee
Retirement Income Security Act of 1974 (ERISA).
OMB Number: 1210-0053.
Affected Public: Individuals or household; Business or other for-
profit; Not-for-profit institutions.
Type of Response: Recordkeeping; Third party disclosure.
Frequency: On Occasion.
Number of Respondents: 6,700,000.
Annual Responses: 18,000,000.
Total Burden: 336,200.
Total Annualized Capital/Startup Costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $90,582,000.
Description: This collection requirements are intended to insure
that participants' claims for benefits are given a full and fair
review, and that claimants are provided with enough information to
understand and request a review of claims decisions. The regulation (29
CFR 2560.503-1), which clarifies the statutory provisions, requires
that every claimant who is denied a claim shall be provided with
written or electronic notice which contains the specific reasons for
denial, a reference to the relevant plan provisions on which the denial
is based, a description of steps to be taken if the participant or
beneficiary wishes to appeal the denial. The regulation also requires
that any adverse decision upon review shall be in writing or by
electronic notice and shall include specific reasons for the decision
as well as references to relevant plan provisions.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of a currently approved collection.
Title: Prohibited Transaction Exemption 80-83--Securities Purchases
for Debt Reduction of Retirement.
OMB Number: 1210-0064.
Affected Public: Business or other for-profit; Individuals or
household; Not-for-profit institutions.
Type of Response: Recordkeeping; Third party disclosure.
Frequency: On occasion.
Number of Respondents: 25.
Annual Responses: 25.
Total Burden: 2.
Total Annualized Capital/Startup Costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services); $0.
Description: This class exemption allows employee benefit plans to
purchase securities to reduce or retire indebtedness to a party in
interest. These transactions would otherwise be prohibited under
ERISA's prohibited transaction provision. Thus, without the relief
provided by the class exemption, a standard type of financial/business
transaction between financial service providers and employee benefit
plans would be barred. Such a result would not be in the best interest
of the plan, its participants and beneficiaries, or the financial
services industry.
Agency: Employee Benefits Security Administration.
Type: Extension of a currently approved collection.
Title: Prohibited Transaction Exemption 75-1--Broker-Dealers,
Reporting Dealers, Banks Engaging in Securities Transactions.
OMB Number: 1210-0092.
Affected Public: Business or other for-profit; Individuals or
household; Not-for-profit institutions.
Type of Response: Recordkeeping; Third party disclosure.
Frequency: On Occasion.
Number of Respondents: 10,600.
Annual Responses: 10,600.
Total Burden: 883.
Total Annualized Capital/Startup Costs: $0.
Total Annual Costs: (operating/maintaining systems or purchasing
services): $0.
Description: The class exemption allows broker-dealers, reporting
dealers and banks to engage in securities transactions with employee
benefit plans. These transactions would otherwise be prohibited under
ERISA's prohibited transaction provisions. Thus, without the relief
provided by the class exemption, standard financial/business
transactions between financial service providers and employee benefit
plans would be barred. Such a result would not be in the best interest
of plans, their participants and beneficiaries, or the financial
services industry.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of a currently approved collection.
Title: Prohibited Transactions Exemption 88-59--Residential
Mortgage Financing Arrangements Involving Employee Benefit Plans.
OMB Number: 1210-0095.
Affected Public: Business or other for-profit; Individuals or
household; Not-for-profit institutions.
Type of Response: Recordkeeping; Third party disclosure.
Frequency: On Occasion.
Number of Respondents: 420.
Annual Responses: 2,100
Total Burden: 175.
Total Annualized Capital/Startup Costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $0.
[[Page 4541]]
Description: Prohibited Transaction Class Exemption 88-59 provides
an exemption from prohibited transaction provisions of the Employment
Retirement Income Security Act of 1974 (ERISA) and from certain taxes
imposed by the Internal Revenue Code of 1986.
The exemption permits, under certain conditions, an employee
benefit plan to provide mortgage financing to purchasers of residential
dwelling units. The mortgage financing may be either by making or
participating in loans directly to purchasers or by purchasing mortgage
land or participation interests in mortgage loans originated by a third
party. Plan investments in real estate mortgage loans typically
involved a continuing relationship between the seller of the mortgage
loan and the plan for purposes of servicing the mortgage loan
investment. This provision of services by the seller creates a party in
interest relationship between such servicer and the investing plan.
Accordingly, any subsequent purchase of mortgage loans from such
existing party in interest service provider results in a prohibited
transaction.
By requiring that records pertaining to the exempted transaction be
maintained for the duration of any loan made pursuant to Prohibited
Transaction Class Exemption 88-59, this ICR insures that the exemption
is not abused, the rights of the participants and beneficiaries are
protected, and that compliance with the exemption's conditions can be
confirmed. The exemption affects participants and beneficiaries of the
plans that are involved in such transactions as well as the seller of
the mortgage loans.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 04-1952 Filed 1-29-04; 8:45 am]
BILLING CODE 4512-29-M