[Federal Register Volume 68, Number 111 (Tuesday, June 10, 2003)]
[Notices]
[Pages 34645-34646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-14528]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

June 2, 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 ICR, with applicable supporting documentation, may be obtained by 
calling the Department of Labor. To obtain documentation, contact 
Darrin King on 202-693-4129 (this is not a toll-free number) or e-mail: 
king. [email protected].
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: OMB Desk Officer for the Employee Benefits Security 
Agency, Office of Management and Budget, Room 10235, Washington, DC 
20503 (202-395-7316/this is not a toll-free number), 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

[[Page 34646]]

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 97-41; Collective 
Investment Funds Conversion Transactions.
    OMB Number: 1210-0104.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; and Individuals or households.
    Frequency: On occasion.
    Type of Response: Recordkeeping and Third party disclosure.
    Number of Respondents: 75.
    Number of Annual Responses: 75.
    Estimated Time Per Response: 35 hours.
    Total Burden Hours: 2,625.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $186,750.
    Description: 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 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 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.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 03-14528 Filed 6-9-03; 8:45 am]
BILLING CODE 4510-29-M