[Federal Register Volume 78, Number 98 (Tuesday, May 21, 2013)]
[Notices]
[Page 29778]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-12022]



[[Page 29778]]

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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption 88-59, 
Residential Mortgage Financing Arrangements Involving Employee Benefit 
Plans

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Prohibited Transaction Class 
Exemption 88-59, Residential Mortgage Financing Arrangements Involving 
Employee Benefit Plans,'' to the Office of Management and Budget (OMB) 
for review and approval for continued use without change, in accordance 
with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501 et 
seq.).

DATES: Submit comments on or before June 20, 2013.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov Web site, http://www.reginfo.gov/public/do/PRAMain, on the day following publication of this notice or by 
contacting Michel Smyth by telephone at 202-693-4129 (this is not a 
toll-free number) or sending an email to [email protected].
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of 
Management and Budget, Room 10235, 725 17th Street NW., Washington, DC 
20503, Fax: 202-395-6881 (this is not a toll-free number), email: 
[email protected].

FOR FURTHER INFORMATION:  Contact Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by email at [email protected].

    Authority:  44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: The Prohibited Transaction Class Exemption 
applicable to residential mortgage financing arrangements involving 
employee benefit plans (PTE 88-59) permits an employee benefit plan to 
enter into specified transactions involving residential mortgage loans 
with parties in interest without violating the prohibited transaction 
provisions of the Employee Retirement Income Security Act of 1974, 
provided that plan meets specified conditions. Among other conditions, 
the plan must maintain records pertaining to covered transactions for 
the duration of the loan and must make the records available upon 
request to plan trustees, investment managers, participants and 
beneficiaries, and DOL and Internal Revenue Service agents.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is approved by the OMB under the PRA and displays 
a currently valid OMB Control Number. In addition, notwithstanding any 
other provisions of law, no person shall generally be subject to 
penalty for failing to comply with a collection of information that 
does not display a valid Control Number. See 5 CFR 1320.5(a) and 
1320.6. The DOL obtains OMB approval for this information collection 
under Control Number 1210-0095. OMB authorization for an ICR cannot be 
for more than three (3) years without renewal, and the current approval 
for this collection is scheduled to expire on May 31, 2013. The DOL 
seeks OMB to extend PRA authorization for this information collection 
for three (3) more years without any change to existing requirements. 
It should be noted that existing information collection requirements 
submitted to the OMB receive a month-to-month extension while they 
undergo review. For additional information, see the related notice 
published in the Federal Register on November 27, 2012 (77 FR 70828).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0095. 
The OMB 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., permitting 
electronic submission of responses.
    Agency: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption 88-59, 
Residential Mortgage Financing Arrangements Involving Employee Benefit 
Plans.
    OMB Control Number: 1210-0095.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 2,187.
    Total Estimated Number of Responses: 10,936.
    Total Estimated Annual Burden Hours: 911.
    Total Estimated Annual Other Costs Burden: $0.

    Dated: May 13, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-12022 Filed 5-20-13; 8:45 am]
BILLING CODE 4510-29-P