EBSA Federal Register Notice (Formerly known as PWBA)

Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Exemption 94-71 [07/02/1998]

Volume 63, Number 127, Page 36264

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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 94-71

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 
94-71. A copy of the proposed information collection request (ICR) 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:
    <bullet> 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;
    <bullet> 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;
    <bullet> Enhance the quality, utility, and clarify the information 
to be collected; and
    <bullet> 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 (this is not a toll-free number), FAX (202) 219-
4745.

SUPPLEMENTARY INFORMATION: 

I. Background

    Class Exemption 94-71 exempts certain transactions authorized by a 
settlement agreement resulting from an investigation of an employee 
benefit plan pursuant to the authority of section 504(a) of the 
Employee Retirement Income Security Act of 1974 (ERISA) from 
prohibitions set forth in sections 406 and 407(a) of ERISA. The 
conditions of the exemption include certain notice and disclosure 
requirements, which are intended to protect the interests of plan 
participants and beneficiaries. At least 30 days prior to engaging in 
the transaction described in the settlement agreement, a party who will 
be engaging in the transaction or activity must provide written notice 
to affected participants and beneficiaries in a manner reasonably 
calculated to result in receipt of the notice. The notice and method of 
distribution must be approved by the Department's office which 
negotiated the settlement.

II. Current Actions

    The ICR included in this exemption is intended to facilitate 
voluntary settlements arising from investigations involving Title I of 
ERISA, while ensuring that participants and beneficiaries have adequate 
information concerning matters which may affect their benefits. In the 
absence of Prohibited Transaction Exemption 94-71, parties wishing to 
enter into certain types of transactions pursuant to settlement 
agreements would be required to apply for individual exemptions. 
Therefore, the Pension and Welfare Benefits Administration intends to 
request Office of Management and Budget approval 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 94-71.
    OMB Number: 1210-0091.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 10.
    Frequency: On occasion.
    Total Responses: 10.
    Estimated Total Burden Hours: 1010 hours.
    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. 98-17565 Filed 7-1-98; 8:45 am]
BILLING CODE 4510-29-M