[Federal Register Volume 66, Number 99 (Tuesday, May 22, 2001)]
[Notices]
[Pages 28201-28202]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-12843]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

May 11, 2001.
    The Department of Labor (DOL) has submitted the following public 
information collection 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 
contact Darrin King at (202) 693-4129 or E-Mail [email protected].
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: OMB Desk Officer for PWBA, 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.
    The 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 submission of responses.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 81-6.
    OMB Number: 1210-0065.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; and Individuals or households.
    Frequency: On occasion.
    Number of Respondents: 42,000.
    Number of Annual Responses: 126,000.
    Estimated Time Per Response: 5 minutes.
    Total Burden Hours: 10,500.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $48,000.
    Description: Prohibited Transaction Class Exemption 81-6 exempts 
from the prohibited transaction restrictions of ERISA the lending of 
securities by plans to banks, registered broker-dealers, and dealers in 
Government Securities who are parties in interest, except if the 
borrower or an affiliate has discretionary authority or renders 
investment advice with respect to the involved plan assets.
    The class exemption contains two information collection 
requirements. First, the borrower must furnish the lending plan 
fiduciary with the most recent available audited statement of the 
borrower's financial condition and make a representation at the time of 
the loan is negotiated that there has been no material adverse change 
in its financial condition since the audited statement. Second, the 
loan of the securities is made pursuant to a written agreement,

[[Page 28202]]

is intended to ensure that the terms of the transaction are made public 
and are at least as favorable to the plan as an arms-length transaction 
with an unrelated party. Individual agreements are not required for 
each transaction; the agreement may be made in the form of a master 
agreement covering a series of transactions.
    Without the audited statement of the borrower's financial condition 
and a written agreement, 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 
class exemption and ensure user compliance.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    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; and Individuals or households.
    Frequency: On occasion.
    Number of Respondents: 1,310.
    Number of Annual Responses: 1,310.
    Estimated Time Per Response: 0.
    Total Burden Hours: 0.
    Total Annualized Capital/Startup Costs: 0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $283,000.
    Description: In this regulation (29 CFR 2550.408b-1) the Department 
sets out the terms of ERISA section 408(b)(1) under which loans from a 
plan to participants and beneficiaries who are parties in interest are 
permitted. ERISA section 408(b)(1)(C) requires that loans from a plan 
to participants and beneficiaries be made in accordance with ``specific 
provisions'' set forth in the plan. This regulation proscribes eight 
specific provisions that must be included in the plan documents. 
Because 402(a)(1) of ERISA requires that every employee benefit be in 
writing, these eight specific provisions must also be in writing. The 
plan document is the legal statement of the plan provisions and governs 
all plan operations.
    The disclosure requirement incorporated within this regulation is 
intended to ensure that loan programs are operated impartially.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 85-68 to Permit 
Employee Benefit Plans to Invest in Customer Notes of Employers.
    OMB Number: 1210-0094.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; and Individuals or households.
    Frequency: On occasion.
    Number of Respondents: 120.
    Number of Annual Responses: 960.
    Estimated Time Per Response: 1 hour.
    Total Burden Hours: 960.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $0.
    Description: Prohibited Transaction Class Exemption 85-68 exempts 
from the prohibited transaction restrictions of ERISA the investment by 
employee benefits plan in customer notes accepted by an employer of 
employees covered by the plan in the ordinary course of the employer's 
primary business activity.
    The class exemption contains a recordkeeping requirement. Plans are 
required to maintain for six years from the date of the transaction the 
records necessary to enable interested parties, including the 
Department, to determine whether the conditions of the exemption are 
being met.
    Without the records, 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 
class exemption and ensure user compliance.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 01-12843 Filed 5-21-01; 8:45 am]
BILLING CODE 4510-29-M