[Federal Register Volume 65, Number 109 (Tuesday, June 6, 2000)]
[Notices]
[Page 35963]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14149]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

May 31, 2000.
    The Department of Labor (DOL) has submitted the following public 
information requests (ICRs) to the office of Management and Budget 
(OMB) for review and approval in accordance with the Paperwork 
Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of 
each individual ICR, with applicable supporting documentation, may be 
obtained by calling the Department of Labor. To obtain documentation 
for BLS, ETA, PWBA, and OASAM contact Karin Kurz (202-219-5096 ext. 159 
or by E-mail to [email protected]). To obtain documentation for ESA, 
MSHA, OSHA, and VETS contact Darrin King ((202) 219-5096 ext. 151 or by 
E-mail to [email protected]).
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: Desk Officer for BLS, DM, ESA, ETA, MSHA, OSHA, PWBA, or 
VETS, Office of Management and Budget, Room 10235, Washington, DC 20503 
((202) 395-7316), within 30 days from the date of this publication in 
the Federal Register.
    OMB 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 
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.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Exemption 97-41 Collective Investment 
Fund Conversion Transactions.
    Type of Review: Extension of a currently approved collection.
    OMB Number: 1210-0104.
    Affected Public: Business or other for-profit; not-for-profit 
institutions; individuals or households.
    Frequency of Response: On occasion.
    Respondents: 75.
    Responses: 75.
    Total Estimated Burden Hours: 2,265.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Cost (Operating and Maintenance): $162,000.
    Description: Section 408(a) of the ERISA gives the Secretary of 
Labor the right to grant a conditional or unconditional exemption of 
any fiduciary or class of fiduciaries or transactions, from all or part 
of the restrictions imposed by section 406 of ERISA. Prohibited 
Transaction Class Exemption 97-41 permits an employee benefit plan to 
purchase shares of one or more open-end management investment companies 
(Mutual Fund) registered under the Investment Advisers Act of 1940 and 
which also serves as a fiduciary of the plan, in exchange for plan 
assets transferred in-kind to the Mutual Fund from a collective 
investment fund (CIF) maintained by the bank or plan adviser, where the 
bank or plan adviser is both the adviser to the Mutual Fund and a 
fiduciary of the plan. The transfer must be in connection with a 
complete withdrawal of a plan's assets from the CIF. By requiring that 
the bank give to an independent fiduciary notice of the in-kind 
transfer, full written disclosure of the information concerning the 
Mutual Fund company, and any ongoing disclosures, this ICR insures that 
the exemption is not abused, the rights of the participants and 
beneficiaries are protected, and that compliance with the exemption's 
conditions is taking place.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 00-14149 Filed 6-5-00; 8:45 am]
BILLING CODE 4510-29-M