[Federal Register Volume 65, Number 18 (Thursday, January 27, 2000)]
[Notices]
[Page 4442]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-1973]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Class Exemption 91-38

ACTION:  Notice.

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SUMMARY:  The Department of Labor (Department), 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 Pension and Welfare Benefits Administration is 
soliciting comments concerning the proposed extension of the 
information collection provisions of the Prohibited Transaction Class 
Exemption 91-38. 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 March 27, 2000.

ADDRESSES:  Gerald B. Lindrew, Office or Policy and Research, U.S. 
Department of Labor, Pension and Welfare Benefits Administration, 200 
Constitution Avenue, NW, Room N-5647, Washington, D.C. 20210. 
Telephone: (202) 219-4782; Fax: (202) 219-4745. These are not toll-free 
numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 91-38 provides an exemption 
from the prohibited transaction provisions of ERISA for certain 
transactions between a bank collective investment fund and persons who 
are parties in interest with respect to a plan as long as the plan's 
participation in the collective investment fund does not exceed a 
specified percentage of the total assets in the collective investment 
fund. In order to ensure that the exemption is not abused, that the 
rights of participants and beneficiaries are protected, and that 
compliance with the exemption's conditions are taking place, the 
Department has required that records regarding the exempted transaction 
be maintained six years.

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 existing collection of information should be continued because 
without the exemption, individuals or entities which are parties in 
interest of a plan that invests in a bank collective investment fund 
would not be able to engage in transactions with the collective 
investment fund, thus creating potential financial hardships for those 
affected. For the Department to grant an exemption, however, it must 
ensure that the beneficiaries are protected. It, therefore, included 
certain conditions in the exemption, and required that records be kept 
for six years from the date of the transaction so that it can be 
determined whether these conditions have been met. Without such 
records, the Department and other interested parties, such as 
participants, would be unable to effectively enforce the terms of the 
exemption and ensure user compliance.
    Type of Review: Extension of a currently approved collections of 
information.
    Agency: Pension and Welfare Benefits Administration, Department of 
Labor.
    Titles: Prohibited Transaction Class Exemption 91-38.
    OMB Number: 1210-0082.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Estimated total burden hours: 90.
    Respondents: 1,074.
    Frequency of Response: On occasion.
    Responses: 1,074.
    Estimated Total Burden Hours: 5 minutes.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: January 21, 2000.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 00-1973 Filed 1-26-00; 8:45 am]
BILLING CODE 4510-29