[Federal Register Volume 68, Number 87 (Tuesday, May 6, 2003)]
[Notices]
[Pages 24015-24016]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-11132]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

April 29, 2003.
    The Department of Labor (DOL) has submitted the following public 
information collection request (ICR) 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 
this

[[Page 24016]]

ICR, with applicable supporting documentation, may be obtained by 
calling the Department of Labor. To obtain documentation contact Darrin 
King at (202) 693-4129 (this is not a toll-free number) or E-Mail 
[email protected].
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: OMB Desk Office for the Employee Benefits Security 
Administration, 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:
    [sbull] 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;
    [sbull] 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;
    [sbull] 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.
    Agency: Employee Benefits Security Administration (EBSA).
    Type of Review: Extension of a currently approved collection.
    Title: Prohibited Transaction Class Exemption for Cross-Trades of 
Securities by Index and Model-Driven Funds (PTCE 2002-12).
    OMB Number: 1210-0115.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; and Individuals or households.
    Frequency: On occasion and Annually.
    Type of Response: Recordkeeping and Third party disclosure.
    Number of Respondents: 60.
    Number of Annual Responses: 840.
    Estimated Time Per Response: 30 minutes for record keeping and 40 
minutes for disclosure (30 minutes to prepare disclosure and 10 minutes 
for assembly and distribution).
    Total Burden Hours: 4,328.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $95,659.
    Description: Prohibited Transaction Exemption 2002-12 (Federal 
Register/Vol. 67, No. 29/Tuesday, February 12, 2002) exempts certain 
transactions that would be prohibited under the Employee Retirement 
Income Security Act of 1974 (ERISA) and the Federal Employee's 
Retirement System Act.
    In order for the Department to grant an exemption for a transaction 
or class of transactions that would otherwise be impermissible under 
ERISA, the statue requires the Department to make a finding that the 
exemption is administratively feasible, in the interest of the plan and 
its participants and beneficiaries, and protective of the rights of the 
participants and beneficiaries. To insure that investment managers have 
complied with the requirements of the exemption, the Department has 
included in the exemption certain recordkeeping and disclosure 
obligations that are designed to safeguard plan assets by periodically 
providing information to independent plan fiduciaries about changes in 
the cross-trading program. Initially, where plans are not invested in 
Funds, investment managers must have authorization from a plan 
fiduciary to invest plan assets in Funds. For plans that are currently 
invested in Funds, certain notices must be provided that describe the 
cross-trading program, update changes in Funds, and provide the plan 
with an opportunity to withdraw from the program. For Large Accounts, 
information must be provided by the investment manager about the 
results of transactions involved in a portfolio-restructuring program.
    Finally, the exemption requires that Funds and Large Accounts 
maintain for a period of 6 years the records necessary to enable 
certain persons authorized by the exemption (e.g., Department 
representatives or contributing employers, to determine whether the 
conditions of the exemption have been met.)
    The exemption affects participants and beneficiaries of employee 
benefit plans whose assets are invested in Index or Model-Driven funds, 
large pension plans and other large accounts involved in portfolio 
restructuring programs, as well as the Funds and their investment 
managers.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 03-11132 Filed 5-5-03; 8:45 am]
BILLING CODE 4510-29-M