[Federal Register Volume 78, Number 240 (Friday, December 13, 2013)]
[Notices]
[Pages 75946-75947]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29728]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Loans to Plan Participants and Beneficiaries 
Who Are Parties in Interest With Respect to the Plan Regulation

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Loans to Plan Participants and 
Beneficiaries Who Are Parties In Interest With Respect to the Plan 
Regulation,'' to the Office of Management and Budget (OMB) for review 
and approval for continued use, without change, in accordance with the 
Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq.

DATES: Submit comments on or before January 13, 2014.

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 at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201311-1210-001 (this link will only become active 
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 by mail or courier 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; by Fax: 202-395-6881 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue NW., 
Washington, DC 20210; or by 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 ICR seeks to maintain PRA authority to 
conduct information collections contained in the regulation related to 
plan participants and beneficiaries who are parties in interest with 
respect to the plan, 29 CFR 2550.408b-1. The Employee Retirement Income 
Security Act (ERISA) prohibits a plan fiduciary from causing the plan 
to engage in a transaction, if the fiduciary knows or should know the 
transaction constitutes a direct or indirect loan or extension of 
credit between the plan and a party in interest. ERISA section 
408(b)(1) exempts from this prohibition a loan from a plan to a party 
in interest who is also a plan participant or beneficiary, provided 
satisfaction of certain requirements. DOL regulations implementing the 
statutory provision provide additional guidance. Specifically, 
regulations 29 CFR 2550.408b-1(d) prescribes eight specific provisions 
that must be included in the plan documents, including: (1) An explicit 
authorization for the plan fiduciary responsible for investing plan 
assets to establish such a loan program, (2) the identity of the person 
or position authorized to administer the program, (3) a procedure for 
applying for loans, (4) the basis on which loans will be approved or 
denied, (5) limitations, if any, on the types and amounts of loans 
offered, (6) the procedure for determining a reasonable interest rate, 
(7) types of collateral that may secure a participant loan, and (8) the 
events constituting default and the steps that will be taken to 
preserve plan assets in the event of such default.
    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 1210-0076.
    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 December 31, 2013. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL notes that

[[Page 75947]]

existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on May 22, 2013.
    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 1210-0076. 
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: Loans to Plan Participants and Beneficiaries 
Who Are Parties In Interest With Respect to the Plan Regulation.
    OMB Control Number: 1210-0076.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 2,500.
    Total Estimated Number of Responses: 2,500.
    Total Estimated Annual Burden Hours: 0.
    Total Estimated Annual Other Costs Burden: $946,000.

    Dated: December 6, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-29728 Filed 12-12-13; 8:45 am]
BILLING CODE 4510-29-P