[Federal Register Volume 68, Number 222 (Tuesday, November 18, 2003)]
[Notices]
[Pages 65086-65087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-28766]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

November 4, 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 
contacting the Department of Labor. To obtain documentation, contact 
Darrin King on (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 Officer for the Employee Benefits Security 
Agency (EBSA), 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:
    [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.
    Type of Review: Extension of a currently approved collection.
    Title: The Voluntary Fiduciary Correction Program and Prohibited 
Transaction Class Exemption.
    OMB Number: 1210-0118.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; and Individuals or households.
    Frequency: On occasion.
    Type of Response: Reporting and Third party disclosure.
    Number of Respondents: 150.
    Number of Annual Responses: 880.
    Total Burden Hours: 1,200.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $66,970.
    Description: The Voluntary Fiduciary Correction (VFC) Program is an 
enforcement program intended to encourage the full correction of 
certain breaches of fiduciary responsibility and the restoration of 
losses resulting from those breaches to participants and

[[Page 65087]]

beneficiaries in employee benefit plans. For certain eligible breaches 
that have been corrected according to the terms and conditions of the 
VFC Program, the Department will issue a ``no action'' letter, thereby 
releasing the applicant from possible civil penalties under section 
502(l) of ERISA. The VFC Program provides applicants with information 
both on identifying eligible transactions for correction and on the 
means for achieving fully acceptable corrections. The information 
collection consists of an application, description of the transaction 
and correction, and other appropriate supporting documentation.
    The Exemption, used only in conjunction with the VFC Program, 
permits applicants to the VFC Program to make full correction of 
certain eligible transactions without incurring sanctions in the form 
of excise taxes imposed under sections 4975(a) and (b) of the Internal 
Revenue Code (the Code) by reason of sections 4975(c)(1)(A) through (E) 
of the Code. For those fiduciaries wishing to take advantage of the 
Exemption, the information collection for the VFC Program also includes 
notification to interested persons, generally participants and 
beneficiaries, that an application has been submitted under the VFC 
Program. A copy of the notice must also be furnished to a Regional 
Office of the Employee Benefits Security Administration.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 03-28766 Filed 11-17-03; 8:45 am]
BILLING CODE 4510-23-M