[Federal Register Volume 74, Number 250 (Thursday, December 31, 2009)]
[Notices]
[Pages 69363-69364]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-30997]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Class Exemption 88-59, Residential Mortgage 
Financing Arrangements

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor (the Department), in accordance with 
the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), 
provides the general public and Federal agencies with an opportunity to 
comment on proposed and continuing collections of information. This 
helps the Department assess the impact of its information collection 
requirements and minimize the reporting burden on the public and helps 
the public understand the Department's information collection 
requirements and provide the requested data in the desired format. 
Currently, the Employee Benefits Security Administration is soliciting 
comments on the proposed extension of the information collection 
provisions of Prohibited Transaction Class Exemption (PTE) 88-59. A 
copy of the information collection request (ICR) may be obtained by 
contacting the office listed in the ADDRESSES section of this notice or 
at http://www.RegInfo.gov.

DATES: Written comments must be submitted on or before March 1, 2010.

ADDRESSES: Direct all written comments to G. Christopher Cosby, Office 
of Policy and Research, Employee Benefits Security Administration, U.S. 
Department of Labor, 200 Constitution Avenue, NW., Room N-5647, 
Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745. 
These are not toll-free numbers. Comments may also be submitted 
electronically to the following Internet e-mail address: 
[email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    PTE 88-59 provides an exemption from certain 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 (Code) for transactions in which an employee benefit plan provides 
mortgage financing to purchasers of residential dwelling units, 
provided specified conditions are met. Among other conditions, PTE 88-
59 requires

[[Page 69364]]

that adequate records pertaining to exempted transactions be maintained 
for the duration of the pertinent loan. This recordkeeping requirement 
constitutes an information collection within the meaning of the PRA, 
for which the Department has obtained approval from the Office of 
Management and Budget (OMB) under OMB Control No. 1210-0095. The OMB 
approval is currently scheduled to expire on April 30, 2010.

II. Current Actions

    This notice requests public comment pertaining to the Department's 
request for extension of OMB approval of the information collection 
contained in PTE 88-59. After considering comments received in response 
to this notice, the Department intends to submit an ICR to OMB for 
continuing approval of the information collection contained in PTE 88-
59. No change to the existing ICR is proposed or made at this time. An 
agency may not conduct or sponsor, and a person is not required to 
respond to, an information collection unless it displays a valid OMB 
control number. A summary of the ICR and the current burden estimates 
follows:
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 88-59; Residential 
Mortgage Financing Arrangements.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0095.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions.
    Respondents: 1,785.
    Responses: 1,785.
    Estimated Total Burden Hours: 744.

III. Focus of Comments

    The Department of Labor (Department) 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 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., by 
permitting electronic submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Dated: December 24, 2009.
Joseph A. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. E9-30997 Filed 12-30-09; 8:45 am]
BILLING CODE 4510-29-P