[Federal Register Volume 65, Number 251 (Friday, December 29, 2000)]
[Notices]
[Pages 83098-83099]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-33345]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

December 20, 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) 693-4127 or by 
E-mail to [email protected]). To obtain documentation for ESA, MSHA, 
OSHA, and VETS contact Darrin King ((202) 693-4129 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 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.

    Agency: Department of Labor, Pension and Welfare Benefits 
Administration.
    Title: Prohibited Transaction Exemption 80-83; Purchase of 
securities where issuer may use proceeds to reduce indebtedness to 
parties in interest.
    Type of Review: Extension of a currently approved collection.
    OMB Number:1210-0064.
    Affected Public: Business or other for-profit, not-for-profit 
institutions, individuals or households.
    Frequency of Response: On occasion.
    Respondents: 25.
    Responses: 25.
    Total Estimated Burden Hours: 2.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Cost (Operating and Maintenance): $0.
    Description: Section 408(a) of the ERISA authorizes the Secretary 
of Labor 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 exemption 80-83, which was granted on November 4, 1980, 
allows employee benefit plans to purchase securities which may aid the 
issuer of the securities to reduce or retire indebtedness to a party in 
interest. By requiring that records pertaining to the exempted 
transaction are maintained for six years, 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.

    Agency: Department of Labor, Pension and Welfare Benefits 
Administration.
    Title: Prohibited Transaction Exemption 75-1; Broker-dealers, 
Reporting Dealers, Banks Engaging in Securities Transactions.
    Type of Review: Extension of a currently approved collection.
    OMB Number: 1210-0092.
    Affected Public: Business or other for-profit, not-for-profit 
institutions, individuals or households.
    Frequency of Response: On occasion.
    Respondents: 42,000.

[[Page 83099]]

    Responses: 42,000.
    Total Estimated Burden Hours: 3,500.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Cost (Operating and Maintenance): $0.
    Description: Section 408(a) of the ERISA authorizes the Secretary 
of Labor 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 Exemption (PTE) 75-1, granted on October 24, 1975, allows 
several types of security transactions between plans and broker-
dealers, reporting dealers and banks. Transactions, which would 
otherwise be prohibited, include broker-dealers filing a plan's order 
from its personal inventory of stocks, plans purchasing securities from 
underwriting syndicates in which the plan fiduciary is a member, plans 
purchasing or selling securities to a market maker even if the market 
maker is a fiduciary, and broker-dealers extending credit to a plan in 
settling a security transaction. By requiring that records pertaining 
to the exempted transactions are maintained for six years, 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.

    Agency: Department of Labor, Pension and Welfare Benefits 
Administration.
    Title: Prohibited Transaction Exemption 88-59; Residential Mortgage 
Financing Arrangements Involving Employee Benefit Plans.
    Type of Review: Extension of a currently approved collection.
    OMB Number: 1210-0095.
    Affected Public: Business or other for-profit, not-for-profit 
institutions, individuals or households.
    Frequency of Response: On occasion.
    Respondents: 500.
    Responses: 2,500.
    Total Estimated Burden Hours: 208.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Cost (Operating and Maintenance): $0.
    Description: Section 408(a) of the ERISA authorizes the Secretary 
of Labor 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 exemption 88-59, which was granted on June 30, 1988, allows 
employee benefit plans to participate in several different types of 
residential mortgage financing transactions. By requiring that records 
pertaining to the exempted transaction are maintained for the duration 
of a mortgage loan, 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. 00-33345 Filed 12-28-00; 8:45 am]
BILLING CODE 4510-29-M