[Federal Register Volume 66, Number 205 (Tuesday, October 23, 2001)]
[Notices]
[Page 53633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-26636]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

October 15, 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: Alternative Method of Compliance for Certain Simplified 
Employee Pensions.
    OMB Number: 1210-0034.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency: On occasion.
    Number of Respondents: 460.
    Number of Annual Responses: 20,693.
    Estimated Time Per Response: 30 minutes.
    Total Burden Hours: 1,954.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $7,863.
    Description: Section 110 of the Employee Retirement Income Security 
Act (ERISA) authorizes the Secretary of Labor to prescribe alternative 
methods of compliance with the reporting and disclosure requirements of 
Title I of ERISA for pension plans, even though simplified employee 
pensions (SEPs) are established in section 401(k) of the Internal 
Revenue Code. This regulation provides an alternative method of 
disclosure for sponsors of certain types of SEPs that is easier to 
comply with than otherwise required under ERISA. The disclosure 
requirement is the only method of insuring that administrators of non-
model SEPs provide participating employees with specific written 
information concerning SEPs.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 77-44 for Certain 
Transactions between Investment Companies and Employee Benefit Plans.
    OMB Number: 1210-0049.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency: On occasion.
    Number of Respondents: 431.
    Number of Annual Responses: 82,240.
    Estimated Time Per Response: 30 minutes.
    Total Burden Hours: 7,069.
    Total Annualized Capital/Startup Costs: $0
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $31,251.
    Description: Prohibited Transaction Class Exemption 77-44 permits 
an employee benefit plan to purchase and sell shares of an open-ended 
investment company (mutual fund) when a fiduciary with respect to the 
plan is also the investment adviser for the mutual fund. In order to 
ensure that the class exemption is not abused, that the rights of the 
participants and beneficiaries are protected, and that the exemption's 
conditions are being complied with, the Department often requires 
minimal information collection pertaining to the affected transactions.
    Type of Review: Revision of currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Prohibited Transaction Class Exemption 98-54 relating to 
Certain Employee Benefit Plan Foreign Exchange Transactions Executed 
Pursuant to Standing Instructions.
    OMB Number: 1210-0111.
    Affected Public: Business or other for-profit; Individuals or 
households; and Not-for-profit institutions.
    Frequency: On Occasion.
    Number of Respondents: 35.
    Numbers of Annual Responses: 8,400.
    Estimated Time Per Response: 30 minutes.
    Total Burden Hours: 4,200.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $0.
    Description: Prohibited Transaction Class Exemption 98-54 permits 
certain foreign exchange transactions between employee benefit plans 
and certain banks or broker dealers that are parties in interest with 
respect to such plans. Without this exemption, plans would lose 
investment income and incur higher exchange rates on small 
transactions. The information collection requirements of the exemption 
are intended to protect the interests of plan participants and 
beneficiaries by ensuring that the independent plan fiduciaries have 
sufficient information to fulfill their fiduciary duties with respect 
to the plan. It also ensures that the federal government agencies 
responsible for administration and enforcement of ERISA have sufficient 
information to determine that the condition of the exemption have been 
met.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 01-26636 Filed 10-22-01;845am]
BILLING CODE 4510-29-M