[Federal Register Volume 62, Number 147 (Thursday, July 31, 1997)]
[Notices]
[Pages 41086-41087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20102]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Information Collection Request Submitted for Public 
Comment and Recommendations; Prohibited Transaction Class Exemption 80-
83

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 Class 
Exemption 80-83. A copy of the proposed information collection request 
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 September 29, 
1997. The Department of Labor 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 number 
of respondents and 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.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare 
Benefits Administration, 200 Constitution Avenue, NW, Room N-5647, 
Washington, DC 20210. Telephone: 202-219-4782 (this is not a toll-free 
number). Fax: 202-219-4745.

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 80-83 permits, under certain 
conditions, purchases of securities by employee benefit plans when the 
proceeds from the sale of such securities may be used by the issuer to 
reduce or retire indebtedness to persons who are parties in interest 
with respect to such plans.

II. Current Actions

    The Pension and Welfare Benefits Administration proposes to extend 
the currently approved information collection requirements of 
Prohibited Transaction Class Exemption 80-83. The recordkeeping 
requirements of the exemption are intended to protect the interests of 
plan participants and beneficiaries. This class exemption requires the 
plan to maintain for six years from the date of the transaction the 
records necessary to enable interested parties including the Department 
of Labor to determine whether the conditions of the exemption have been 
met. The exemption also requires that those records be make available 
to certain

[[Page 41087]]

persons on request. Without the recordkeeping requirement, the 
Department, which may only grant an exemption if it can find that 
participants and beneficiaries are protected, would be unable to 
effectively enforce the terms of the exemption and insure user 
compliance.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Class Exemption 80-83.
    OMB Number: 1210-0064.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Frequency: On occasion.
    Estimated Total Burden Hours: 1.
    Respondents, proposed frequency of response, and annual hour 
burden: The number of respondents is estimated to be 25. The exemption 
contains a six year recordkeeping requirement for information related 
to the affected securities transactions. Most of the records required 
to be maintained by the exemption are normally maintained for purposes 
of completing the annual report required by ERISA (Form 5500 Series). 
Those records not maintained for purposes related to the annual report 
are maintained as a standard business practice or for purposes of 
complying with the Internal Revenue Code. The Department estimates one 
additional hour of burden for this exemption.
    Total Burden Cost (capital/start-up): $0.00.
    Total Burden Cost (operating/maintenance): $0.00.
    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: July 25, 1997.
Gerald B. Lindrew,
Director, Pension and Welfare Benefits Administration, Office of Policy 
and Legislative Analysis.
[FR Doc. 97-20102 Filed 7-30-97; 8:45 am]
BILLING CODE 4510-29-P