[Federal Register Volume 69, Number 162 (Monday, August 23, 2004)]
[Notices]
[Pages 51861-51862]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-19196]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review: Comment Request

August 13, 2004.
    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 (DOL). 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 
Administration (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:
     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 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 currently approved collection.
    Title: Regulation Relating to Loans to Plan Participants and 
Beneficiaries Who are Parties in Interest with Respect to the Plan.
    OMB Number: 1210-0076.
    Frequency: On occasion.
    Type of Response: Third party disclosure.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions; and Individuals or households.
    Number of Respondents: 1,700.
    Number of Annual Responses: 1,700.
    Estimated Time Per Response: 3 hours.
    Total Burden Hours: 1.\1\
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    \1\ Generally, because of the specialized knowledge required, 
attorneys and professional administrators acting as service 
providers to plans are most likely to draft amendments that would 
describe or modify a loan program. Therefore, the burden for the 
information collected is accounted for as a cost burden.

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[[Page 51862]]

    Total Annualized capital/startup costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $428,400.
    Description: 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. The 
regulation at 29 CFR 2550.408b-1 provides 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.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 04-19196 Filed 8-20-04; 8:45 am]
BILLING CODE 4510-29-P