[Federal Register Volume 71, Number 51 (Thursday, March 16, 2006)]
[Notices]
[Pages 13629-13630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-3842]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review: Comment Request

March 9, 2006.
    The Department of Labor (DOL) has submitted the following public 
information collection requests (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 
each ICR, with applicable supporting documentation, may be obtained by 
contacting 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: Settlement Agreements Between a Plan and Party in Interest.
    OMB Number: 1210-0091.
    Frequency: On occasion.
    Type of Response: Recordkeeping and third party disclosure.
    Affected Public: Business or other for-profit; individuals or 
households; and not-for-profit institutions.
    Number of Respondents: 4.
    Number of Annual Responses: 1,080.
    Estimated Time Per Response: 1 hour and 32 minutes.
    Total Burden Hours: 28.
    Total Annualized capital/startup costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $281.
    Description: Section 408(a) of the Employee Retirement Income 
Security Act of 1974 (ERISA) and section 4975(c)(2) of the Internal 
Revenue Code of 1986 (the Code) give the Secretary of Labor the 
authority to grant an exemption to a class or order of fiduciaries, 
disqualified persons, or transactions from all or part of the 
restrictions imposed by sections 406 and 407(a) of ERISA and from the 
taxes imposed by sections 4975(a) and (b) of the Code, by reason of 
section 4975(c)(1) of the Code.
    This information collection request (ICR) relates to two prohibited 
transaction class exemptions (PTEs) that the Department of Labor (the 
Department) has granted, both of which involve settlement agreements. 
PTE 94-71 exempts from certain restrictions of the Employee Retirement 
Income Security Act and certain taxes of the Code, settlement 
agreements entered into between a plan and a party in interest 
resulting from an investigation of an employee benefit plan by the 
Department. PTE 03-39 similarly exempts from certain restrictions of 
ERISA and certain taxes of the Code, settlement agreements entered into 
between a plan and a party in interest in avoidance of litigation.
    The information collections are intended to protect participants 
and beneficiaries under the plans that engage in settlement agreements. 
Without the required disclosures, the Department would be unable to 
enforce effectively the terms of the exemptions and ensure 
transactional compliance. The information collections allow the 
Department to monitor the settlement activities (under PTE 94-71) 
undertaken in connection with its own investigations and to review 
other settlement agreements within the scope of its investigations. The 
information collection under PTE 94-71 also provides participants and 
beneficiaries with important information about transactions affecting 
their plan.
    Agency: Employee Benefits Security Administration.
    Type of Review: Extension of currently approved collection.
    Title: Notice of Blackout Period under ERISA.
    OMB Number: 1210-0122.

[[Page 13630]]

    Frequency: On occasion.
    Type of Response: Third party disclosure.
    Affected Public: Business or other for-profit; individuals or 
households; and not-for-profit institutions.
    Number of Respondents: 50,680.
    Number of Annual Responses: 5,400,000.
    Estimated Time Per Response: 1 hour and 32 minutes.
    Total Burden Hours: 187,686.
    Total Annualized capital/startup costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $1,407,000.
    Description: Public Law 107-204 amended section 101 of the Employee 
Retirement Income Security Act to require plan administrators to 
furnish affected participants and beneficiaries of individual account 
pension plans with advance written notice of a ``blackout period'' 
during which their right to direct or diversify investments, or obtain 
a loan or distributions, may be temporarily suspended.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6-3842 Filed 3-15-06; 8:45 am]
BILLING CODE 4510-29-P