[Federal Register Volume 69, Number 101 (Tuesday, May 25, 2004)]
[Notices]
[Pages 29756-29757]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-11795]


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DEPARTMENT OF LABOR

Employee Benefits and Security Administration


Proposed Extension of Information Collection Request; Comment 
Request; 29 CFR 2550.408b-1

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, provides the general public and 
Federal agencies with an opportunity to comment on proposed and/or 
continuing collections of information in accordance with the Paperwork 
Reduction Act of 1995 (PRA 95) 44 U.S.C. 3506(c)(2)(A). 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 concerning the proposed extension of the information 
collection provisions of the regulation relating to loans to plan 
participants and beneficiaries that are parties in interest with 
respect to the plan (29 CFR 2550.408b-1).
    A copy of the proposed information collection request (ICR) can be 
obtained by contacting the individual listed in the Addresses section 
of this notice.

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before July 26, 2004.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue, NW., Washington, DC 
20210, (202) 693-8410, FAX (202) 219-5333. (These are not toll-free 
numbers.)

SUPPLEMENTARY INFORMATION:

I. Background

    The Employee Retirement Income Security Act of 1974 (ERISA) 
prohibits a fiduciary with respect to a plan from causing the plan to 
engage in the direct or indirect lending of money or other extension of 
credit between the plan and a party in interest. ERISA section 
408(b)(1) exempts loans made by a plan to parties in interest who are 
participants and beneficiaries of the plan from this prohibition 
provided that certain requirements are satisfied. In final regulations 
published in the Federal Register on July 20, 1989 (54 FR 30520), the 
Department of Labor provided additional guidance on section 
408(b)(1)(C), which requires that loans must be made in accordance with 
specific provisions set forth in the plan. This ICR relates to the 
specific provisions that must be included in plan documents for those 
plans that permit loans to participants.

II. Review Focus

    The Department of Labor 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;
     Enhance the quality, utility, and clarify 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 submissions of responses.

III. Current Actions

    This notice requests comments on the extension of the ICR included 
in 29 CFR 2550.408b-1. The ICR ensures that participants and 
beneficiaries are provided with adequate information with respect to 
matters affecting their benefits. The Department is not proposing or 
implementing changes to the existing ICR at this time.
    Type of Review: Extension.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Regulation Relating to Loans to Plan Participants and 
Beneficiaries who are Parties in Interest with Respect to the Plan.
    OMB Number: 1210-0076.

[[Page 29757]]

    Affected Public: Business or other for-profit, not-for-profit 
institutions, individuals.
    Total Respondents: 1,400.
    Frequency: On occasion.
    Total Responses: 1,400.
    Average Time Per Response: 3 hours.
    Estimated Total Burden Hours: 0.
    Total Burden Cost (operating/maintenance): $348,600.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval of the information collection request; they will also become a 
matter of public record.

    Dated: May 19, 2004.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 04-11795 Filed 5-24-04; 8:45 am]
BILLING CODE 4910-29-P