[Federal Register Volume 66, Number 182 (Wednesday, September 19, 2001)]
[Notices]
[Pages 48277-48278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-23313]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

September 6, 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 Marlene Howze at ((202) 219-8904 or email [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: Class Exemption 81-8 for Investment of Plan Assets in 
Certain Types of Short-Term Investments.
    OMB Number: 1210-0061.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency: On occasion.
    Number of Respondents: 38,200.
    Number of Annual Responses: 191,185.
    Estimated Time Per Response: 10 minutes.
    Total Burden Hours: 31,900.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining system or purchasing 
services): $71,000.
    Description: Class Exemption 81-8 permits the investment of plan 
assets that involve the purchase or other acquisition, holding, sale, 
exchange or redemption by or on behalf of an employee benefit plan of 
certain types of short-term investments. Without the exemption, certain 
aspects of these transactions might be prohibited by section 406 of the 
Employee Retirement Income Security Act (ERISA).
    The Department has included in the class exemption two basic 
disclosure requirements. The first requirement calls for the repurchase 
agreements between the seller and the plan to be in writing.
    The second requirement obliges the seller of such repurchase 
agreements to provide financial statements to the plan at the time of 
the sale and as the statements are issued.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption T88-1.
    OMB Number: 1210-0074.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency: On occasion.
    Number of Respondents: 1.
    Number of Annual Responses: 1.
    Estimated Time Per Response: 1 hour.
    Total Burden Hours: 1.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $0.
    Description: Prohibited Transaction Class Exemption T88-1 adopts, 
for purposes of the prohibited transaction provisions of section 
8477(c)(2) of the Federal Employees' Retirement System Act of 1986 
(FERSA), certain prohibited transaction class exemptions granted 
pursuant to section 408(a) of ERISA. The information collection 
requirements incorporated within the Class Exemptions are intended to 
ensure that a Class Exemption is not abused, the rights of participants 
and beneficiaries are protected, and the affected fiduciaries comply 
with the Class Exemption's conditions.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 94-71.
    OMB Number: 1210-0091.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency: On occasion.
    Number of Respondnets: 4.
    Number of Annual Responses: 1,080.
    Estimated Time Per Response: 1 hour.
    Total Burden Hours: 40.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $400.
    Description: Prohibited Transaction Class Exemption 94-71 exempts 
certain transactions authorized by a settlement agreement resulting 
from an investigation of an employee benefit plan pursuant to the 
authority of section 504(a) of the Employee Retirement Income Security 
Act of 1974 (ERISA). The conditions of the exemption include certain 
notice and disclosure requirements that are intended to protect the 
interests of plan participants and beneficiaries. The ICR also provides 
the Department of Labor (DOL) with the necessary information to ensure 
that the plan is in compliance with the conditions of the exemption. 
Without the disclosure requirement, the DOL, 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.

[[Page 48278]]

    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 96-62; Accelerated 
Approval of an Otherwise Prohibited Transaction.
    OMB Number: 1210-0098.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency; On occasion.
    Number of Respondents: 42.
    Number of Annual Responses: 42.
    Estimated Time Per Response: 1.5 minutes.
    Total Burden Hours: 53.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $37,884.
    Description: Section 408(a) of the Employee Retirement Income 
Security Act of 1974 (ERISA) provides that the Secretary of Labor 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. On July 31, 1996, 
the Department published Prohibited Transaction Exemption 96-62 which, 
pursuant to the exemption procedure set forth in 29 CFR part 2570, 
subpart B, permits a plan to seek approval on an accelerated basis of 
otherwise prohibited transactions. This ICR is intended to provide the 
Department with sufficient information to support a finding that the 
exemption meets the statutory standards of section 408(a) of ERISA, and 
to provide affected parties with the opportunity to comment on the 
proposed transaction, while at the same time reducing the regulatory 
burden associated with processing individual exemptions for 
transactions prohibited under ERISA.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 01-23313 Filed 9-18-01; 8:45 am]
BILLING CODE 4510-29-M