[Federal Register Volume 68, Number 47 (Tuesday, March 11, 2003)]
[Notices]
[Pages 11587-11588]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-5731]


-----------------------------------------------------------------------

DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Exemption 97-41

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Department of Labor (Department), as part of its 
continuing effort to reduce paperwork and respondent burden, conducts a 
preclearance consultation program to provide the general public and 
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 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 Employee Benefits Security Administration is 
soliciting comments concerning the proposed extension of the 
information collection provisions of Prohibited Transaction Class 
Exemption 97-41. A copy of the Information Collection Request (ICR) may 
be obtained by contacting the office listed in the addresses section of 
this notice.

DATES: Written comments must be submitted to the office shown in the 
addresses section below on or before May 12, 2003.

ADDRESSES: Joseph S. Piacentini, Office of Policy and Research, U.S. 
Department of Labor, Employee Benefits Security Administration, 200 
Constitution Avenue, NW., Room N-5718, Washington, DC 20210. Telephone: 
(202) 219-4782; Fax: (202) 219-5333. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION: 

I. Background

    Prohibited Transaction Class Exemption 97-41 provides an exemption 
from the prohibited transaction provisions of the Employment Retirement 
Income Security Act of 1974 (ERISA) and from certain taxes imposed by 
the by the Internal Revenue Code of 1986 (Code). The exemption permits 
an employee benefit plan to purchase shares of one or more open-end 
investment companies (Mutual Funds) registered under the Investment 
Advisers Act of 1940 in exchange for plan assets transferred in-kind to 
the Mutual Fund from a collective investment fund (CIF) maintained by a 
bank or plan adviser, where the bank or plan adviser is both the 
investment adviser to the Mutual Fund and a fiduciary of the plan. The 
transfer and purchase must be in connection with a complete withdrawal 
of a plan's assets from the CIF. The exemption affects participants and 
beneficiaries of the plans that are involved in such transactions as 
well as the bank or plan adviser and the Mutual Fund.
    In order to ensure that the exemption is not abused and that the 
rights of participants and beneficiaries are protected, the Department 
requires the bank to give the independent fiduciary notice of the in-
kind transfer and full written disclosure of information concerning the 
registered investment company. Further, the bank or plan adviser must 
provide the independent fiduciary with certain ongoing disclosures.

II. Desired Focus of Comments

    The Department 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;

[[Page 11588]]

    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.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in prohibited transaction exemption 97-41. The Department is not 
proposing or implementing changes to the existing ICR at this time.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Titles: Prohibited Transaction Class Exemption 97-41.
    OMB Number: 1210-0104.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Estimated Total Burden Hours: 1,767.
    Respondents: 75.
    Frequency of Response: On occasion.
    Responses: 75.
    Total Burden Cost (Operating and Maintenance): $186,750.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: March 3, 2003.
Joseph S. Piacentini,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 03-5731 Filed 3-10-03; 8:45 am]
BILLING CODE 4510-29-P