[Federal Register Volume 68, Number 208 (Tuesday, October 28, 2003)]
[Notices]
[Pages 61468-61469]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-27109]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Prohibited Transaction Exemption 80-83--Securities 
Purchases for Debt Reduction or Retirement

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor, 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). This program 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 on the proposed extension of the 
information collection provisions of Prohibited Transaction Class 
Exemption 80-83.
    A copy of the information collection request (ICR) can be obtained 
by contacting the individual shown in the Addresses section of this 
notice.

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before December 29, 2003.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue, NW., Washington, DC 
20210, (202) 693-8410, FAX (202) 693-4745 (these are not toll-free 
numbers).

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 80-83 provides an exemption 
from 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. The exemption permits, under certain 
conditions, an employee benefit plan to purchase securities when 
proceeds from the sale of the securities may be used to

[[Page 61469]]

reduce or retire indebtedness to a party in interest with respect to 
such plans.
    By requiring that records pertaining to the exempted transaction be 
maintained for six years, this ICR insures that the exemption is not 
abused, the rights of the participants and beneficiaries are protected, 
and that compliance with the exemption's conditions can be confirmed. 
The exemption affects participants and beneficiaries of plans that are 
involved in such transactions as well as the party in interest.

II. Review Focus

    The Department of Labor (Department) is particularly interested in 
comments that:
    [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
    [sbull] 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 submissions of responses.

III. Current Actions

    The Office of Management and Budget's (OMB) approval of this ICR 
will expire on January 31, 2004. After considering comments received in 
response to this notice, the Department intends to submit the ICR to 
OMB for continuing approval. No change to the existing ICR is proposed 
or made at this time.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 80-83; Securities 
Purchases for Debt Reduction or Retirement.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0064.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 25.
    Responses: 25.
    Average Response Time: 5 minutes.
    Estimated Total Burden Hours: 2 hours.
    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: October 21, 2003.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 03-27109 Filed 10-27-03; 8:45 am]
BILLING CODE 4510-29-P