[Federal Register: April 20, 2009 (Volume 74, Number 74)]
[Notices]               
[Page 17986-17987]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20ap09-71]                         

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DEPARTMENT OF LABOR

Employee Benefits Security Administration

 
Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Exemption 97-41, Collective Investment Funds 
Conversion Transactions

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). This program helps to ensure that the Department can properly 
assess the impact of its information collection requirements on 
respondents and minimize the reporting burden (in both time and 
financial resources) on the public and that the public can clearly 
understand the Department's information collection instruments and 
provide the requested data in the desired format. Currently, the 
Employee Benefits Security Administration (EBSA) is soliciting comments 
on a proposed extension of the information collection provisions of 
Prohibited Transaction Class Exemption 97-41, Collective Investment 
Funds Conversion Transactions. 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 to the office shown in the 
ADDRESSES section below on or before June 19, 2009.

ADDRESSES: Direct all written comments to G. Christopher Cosby Lahne, 
Office of Policy and Research, Employee Benefits Security 
Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., 
Room N-5718, Washington, DC 20210, (202) 693-8410, FAX (202) 219-4745 
(the foregoing 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

    Prohibited Transaction Exemption (PTE) 97-41 provides an exemption 
from the prohibited transaction provisions of the Employment

[[Page 17987]]

Retirement Income Security Act of 1974 (ERISA) and from certain taxes 
imposed by the Internal Revenue Code of 1986. The exemption permits 
employee benefit plans to purchase shares of one or more open-end 
investment companies (funds) registered under the Investment Advisers 
Act of 1940 by transferring in-kind, to the investment company, assets 
of the plan that are part of a collective investment fund (CIF) 
maintained by a bank or plan advisor that is both a fiduciary of the 
plan and an investment advisor to the investment company offering the 
fund.
    The exemption requires that an independent fiduciary receive 
advance written notice of any covered transaction, as well as specific 
written information concerning the mutual funds to be purchased. The 
independent fiduciary must also provide written advance approval of 
conversion transactions and receive written confirmation of each 
transaction, as well as additional on-going disclosures as defined in 
PTE 97-41. These disclosures are the basis for this ICR.
    EBSA previously submitted the information collection provisions of 
PTE 2002-12 to the Office of Management and Budget (OMB) for review in 
connection with promulgation of the prohibited transaction exemption. 
OMB approved the information collection request (ICR) under OMB Control 
No. 1210-0115. The ICR approval is currently scheduled to expire on 
June 30, 2009.

II. Desired Focus of Comments

    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 submission of responses.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in PTE 97-41. The Department is not proposing or implementing changes 
to the existing ICR at this time. The following summarizes the ICR and 
the current burden estimates:
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Titles: Prohibited Transaction Class Exemption 97-41, Collective 
Investment Funds Conversion Transactions.
    OMB Number: 1210-0104.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Estimated Total Burden Hours: 1,756.
    Respondents: 105.
    Frequency of Response: On occasion.
    Responses: 105.
    Total Burden Cost (Operating and Maintenance): $282,000.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the ICR; they will 
also become a matter of public record.

    Dated: April 13, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. E9-8908 Filed 4-17-09; 8:45 am]

BILLING CODE 4510-20-P