Proposed Extension of Information Collection Request Submitted
for Public Comment and Recommendations: Prohibited Transaction Class
Exemption 96-62
[10/06/2004]
Volume 69, Number 193, Page 59962-59963
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment and Recommendations: Prohibited Transaction Class
Exemption 96-62
AGENCY: Employee Benefits Security Administration, Department of Labor.
ACTION: Notice.
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SUMMARY: The Department of Labor, as part of its continuing effort to
reduce paperwork and respondent burden, conducts a preclearance
consultation program to provide the general public and Federal agencies
with an opportunity to comment on proposed and continuing collections
of information in accordance with the Paperwork Reduction Act of 1995
(PRA 95) (44 U.S.C. 3506(c)(2)(A)). This 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 Employee Benefits Security
Administration is soliciting comments concerning the extension of a
currently approved collection of information, Prohibited Transaction
Class Exemption 96-62.
A copy of the proposed information collection request (ICR) can be
obtained by contacting the office listed below in the addresses section
of this notice.
DATES: Written comments must be submitted on or before December 6,
2004.
ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S.
Department of Labor, Employee Benefits Security Administration, 200
Constitution Avenue, NW., Room N-5647, Washington, DC 20210, (202) 693-
8410, FAX (202) 693-4745. These are not toll-free numbers.
SUPPLEMENTARY INFORMATION:
I. Background
Section 408(a) of the Employee Retirement Income Security Act of
1974 (ERISA) provides that the Secretary of
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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, which, pursuant to the exemption procedure set forth
in 29 CFR 2570, subpart B, permits a plan to seek approval on an
accelerated basis of otherwise prohibited transactions. A class
exemption will only be granted on the conditions that the plan
demonstrate to the Department that the transaction is substantially
similar to those described in at least two prior individual exemptions
granted by the Department and that it presents little, if any,
opportunity for abuse or risk of loss to a plan's participants and
beneficiaries. 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.
II. Review Focus
The 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., permitting
electronic submissions of responses.
III. Current Actions
The Office of Management and Budget's (OMB) approval of this ICR
will expire on November 30, 2004. After considering comments received
in response to this notice, the Department intends to submit the ICR to
OMB for continuing approval. No change to the existing ICR is proposed
or made at this time.
Agency: Employee Benefits Security Administration.
Title: Prohibited Transaction Exemption 96-62; Accelerated Approval
of an Otherwise Prohibited Transaction.
Type of Review: Extension of a currently approved collection of
information.
OMB Number: 1210-0098.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Total Respondents: 42.
Total Responses: 42.
Frequency: On occasion.
Estimated Total Burden Hours: 53.
Total Annual Costs (Operating and Maintenance): $43,491.
Dated: September 30, 2004.
Gerald B. Lindrew,
Deputy Director, Employee Benefits Security Administration, Office of
Policy and Research.
[FR Doc. 04-22431 Filed 10-5-04; 8:45 am]
BILLING CODE 4510-29-P
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