[Federal Register Volume 66, Number 32 (Thursday, February 15, 2001)]
[Notices]
[Pages 10513-10514]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-3833]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request; Comment 
Request; 29 CFR 2550.408b-1

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 the 
information collection provisions of the regulation relating to loans 
to plan participants and beneficiaries who are parties in interest with 
respect to the plan (29 CFR 2550.408b-1). A copy of the proposed 
information collection request (ICR) can be obtained by contacting the 
person listed below in the ADDRESSES section.

DATES: Written comments must be submitted on or before April 16, 2001.

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

SUPPLEMENTARY INFORMATION:

I. Background

    The Employee Retirement Income Security Act of 1974 (ERISA) 
prohibits a fiduciary with respect to a plan from causing the plan to 
engage in the direct or indirect lending of money or other extension of 
credit between the plan a party in interest. ERISA section 408(b)(1) 
exempts loans made by a plan to parties in interest who are 
participants and beneficiaries of the plan from this prohibition 
provided that certain requirements are satisfied. One such requirement 
is that loans to participants must be made in accordance with specific 
provisions regarding such loans set forth in the plan. In final 
regulations published in the Federal Register on July 20, 1989 (54 FR 
30520), the Department of Labor provided additional guidance on section 
408(b)(1)(C), which requires that loans must be made in accordance with 
specific provisions set forth in the plan. This ICR relates to the 
specific provisions which must be included in plan documents for those 
plans which permit loans to participants.

II. Desired Focus of Comments

    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 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarify 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.

III. Current Actions

    This notice requests comments on the extension of the ICR included 
in 29 CFR 2550.408b-1. The ICR ensures that participants and 
beneficiaries are provided with adequate information with respect to 
matters affecting their benefits. The Department is not proposing or 
implementing changes to the existing ICR at this time. This existing 
collection of information should be continued because it ensures that 
participants and beneficiaries are provided with adequate information 
with respect to matters affecting their benefits. This ICR also 
provides additional guidance concerning the statutory requirement that 
loans to participants be made in accordance with specific written plan 
provisions.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration, Department of 
Labor.
    Title: Regulation Relating to Loans to Plan Participants and 
Beneficiaries who are Parties in Interest with Respect to the Plan.
    OMB Number: 1210-0076.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 1,300.
    Frequency: On occasion.
    Total Responses: 1,300.
    Average Time Per Response: 3 hours.
    Estimated Total Burden Hours: 0.
    Total Burden Cost (operating/maintenance): $281,000.
    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.


[[Page 10514]]


    Dated: February 6, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-3833 Filed 2-14-01; 8:45 am]
BILLING CODE 4510-29-M