[Federal Register: December 5, 2006 (Volume 71, Number 233)]
[Notices]
[Page 70546-70547]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05de06-77]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection; Comment Request;
Prohibited Transaction Class Exemption 88-59, Residential Mortgage
Financing Arrangements
AGENCY: Employee Benefits Security Administration, Department of Labor.
ACTION: Notice.
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SUMMARY: The Department of Labor (the Department), in accordance with
the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)),
provides the general public and Federal agencies with an opportunity to
comment on proposed and continuing collections of information. This
helps the Department assess the impact of its information collection
requirements and minimize the reporting burden on the public and helps
the public understand the Department's information collection
requirements and provide the requested data in the desired format.
Currently, the Employee Benefits Security Administration is soliciting
comments on the proposed extension of the information collection
provisions of Prohibited Transaction Class Exemption (PTE) 88-59. A
copy of the information collection request (ICR) may be obtained by
contacting the office listed in the ADDRESSES section of this notice.
DATES: Written comments must be submitted on or before February 5,
2007.
ADDRESSES: Direct all written comments to Susan G. Lahne, Office of
Policy and Research, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue, NW., Room N-5647,
Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745.
These are not toll-free numbers. Comments may also be submitted
electronically to the following Internet e-mail address:
ebsa.opr@dol.gov.
SUPPLEMENTARY INFORMATION:
I. Background
PTE 88-59 provides an exemption from certain 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 (Code) for transactions in which an employee benefit plan provides
mortgage financing to purchasers of residential dwelling units,
provided specified conditions are met. Among other conditions, PTE 88-
59 requires that adequate records pertaining to exempted transactions
be maintained for the duration of the pertinent loan. This
recordkeeping requirement constitutes an information collection within
the meaning of the PRA, for which the Department has obtained approval
from the Office of Management and Budget (OMB) under OMB Control No.
1210-0095. The OMB approval is currently scheduled to expire on March
30, 2007.
II. Current Actions
This notice requests public comment pertaining to the Department's
request for extension of OMB approval of the information collection
contained in PTE 88-59. After considering comments received in response
to this notice, the Department intends to submit an ICR to OMB for
continuing approval of the information collection contained in PTE 88-
59. No change to the existing ICR is proposed or made at this time. An
agency may not conduct or sponsor, and a person is not required to
respond to, an information collection unless it displays a valid OMB
control number. A summary of the ICR and the current burden estimates
follows:
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: Prohibited Transaction Class Exemption 88-59; Residential
Mortgage Financing Arrangements.
Type of Review: Extension of a currently approved collection of
information.
OMB Number: 1210-0095.
Affected Public: Business or other for-profit; not-for-profit
institutions.
[[Page 70547]]
Respondents: 1,785.
Responses: 1,785.
Estimated Total Burden Hours: 1.
III. Focus of Comments
The Department of Labor (Department) is particularly interested in
comments that:
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., by
permitting electronic submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Joseph A. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security
Administration.
[FR Doc. E6-20522 Filed 12-4-06; 8:45 am]
BILLING CODE 4510-29-P