[Federal Register Volume 66, Number 157 (Tuesday, August 14, 2001)]
[Notices]
[Pages 42682-42683]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-20375]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations; Procedure for Application for 
Exemption From the Prohibited Transaction Provisions of Section 408(a) 
of the Employee Retirement Income Security Act (ERISA)

ACTION: Notice.

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SUMMARY: The Department of Labor (the Department), as part of its 
continuing effort to reduce paperwork and respondent burden conducts a 
preclearance consultation program to provide the general public and 
other 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 program 
helps to ensure that requested data is 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 on the extension of the information collection 
request (ICR) included in the procedure for applications for exemption 
from the prohibited transaction provisions of section 408(a) of the 
Employee Retirement Income Security Act of 1974 (ERISA). A copy of the 
proposed information collection request (ICR) can be obtained by 
contacting the office listed below in the addresses section of this 
notice.

DATES: Written comments must be submitted to the office listed in the

[[Page 42683]]

addresses section on or before October 15, 2001.

ADDRESSES: Interested parties are invited to submit written comments 
regarding the ICR to Mr. Gerald B. Lindrew, Office of Policy and 
Research, U.S. Department of Labor, Pension and Welfare Benefits 
Administration, 200 Constitution Avenue, NW., Room N-5647, Washington, 
DC 20210. Telephone: (202) 219-4782; Fax: (202) 219-4745. These are not 
toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 408(a) of ERISA provides that the Secretary may grant 
exemptions from the prohibited transaction provisions of sections 406 
and 407(a) of ERISA and directs the Secretary to establish an exemption 
procedure with respect to such provisions. The regulation at 29 CFR 
2570.30, et seq. establishes such a procedure for an Application for 
Exemption from the Prohibited Transaction Provisions of Section 408(a). 
In order for the Secretary to grant an exemption under section 408(a) 
of ERISA, it must be determined that such exemption is: (1) 
Administratively feasible; (2) in the interests of the plan and its 
participants and beneficiaries, and; (3) protective of the rights of 
participants and beneficiaries. To make such a determination, the 
Department requires full information regarding the specific 
circumstances surrounding the transaction and the parties and assets 
involved, including identifying information (name, type of plan, EIN 
number, etc.), the number of participants and beneficiaries in the 
plan, whether the applicant or others involved in the transaction are 
parties in interest, specialized information relating to the prohibited 
transaction, and filing requirements. In addition, the applicant must 
certify to the Department that the information supplied is accurate and 
complete.
    If the Department tentatively decides that the exemption should be 
granted, it will publish a notice of the proposed exemption in the 
Federal Register. An applicant for an exemption must provide interested 
persons with a copy of the Federal Register notice and a supplemental 
statement that informs them of their right to comment to the Department 
on the proposed exemption.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: U.S. Department of Labor, Pension and Welfare Benefits 
Administration (PWBA).
    Title: Procedure for Application for Exemption from the Prohibited 
Transaction Provisions of Section 408(a) of the Employee Retirement 
Income Security Act (ERISA).
    OMB Number: 1210-0060.
    Frequency: On occasion.
    Affected Public: Business or other for-profit; not-for-profit 
institutions; individuals or households.
    Number of Respondents: 116.
    Number of Responses: 116.
    Total Estimated Burden Hours: 4.
    Total Estimated Burden Costs (O&M): $160,200.

II. Desired Focus of Comments

    The Department of Labor 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;
     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 Actions

    The Department intends to request an extension of the approval for 
this ICR by the Office of Management and Budget under control number 
1210-0060. No change has been made to the existing regulation or the 
ICR. The information to be provided to the Department under this ICR is 
necessary for the Department to make an informed decision regarding the 
application for exemption. Further, the required notice to interested 
parties ensures that participants and beneficiaries are informed about 
the application for exemption and have an opportunity to comment.
    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 ICR; they will also become a matter of public record.

    Dated: August 8, 2001.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of 
Policy and Research.
[FR Doc. 01-20375 Filed 8-13-01; 8:45 am]
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