[Federal Register Volume 81, Number 148 (Tuesday, August 2, 2016)]
[Notices]
[Pages 50727-50728]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-18189]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Sale of Securities To Reduce Indebtedness of 
Party in Interest, Prohibited Transaction Class Exemption 1980-83

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) will submit the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Sale of Securities to Reduce 
Indebtedness of Party in Interest, Prohibited Transaction Class 
Exemption 1980-83,'' to the Office of Management and Budget (OMB) on 
July 29, 2016, 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. Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before September 1, 2016.

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=201607-1210-001 (this link will only become active 
on July 30, 2016) or by contacting Michel Smyth by telephone at 202-
693-4129, TTY 202-693-8064, (these are not toll-free numbers) or by 
email at [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: 202-395-5806 (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:  Contact Michel Smyth by telephone at 
202-693-4129, TTY 202-693-8064, (these are not toll-free numbers) or by 
email at [email protected].

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

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Sale of Securities to Reduce Indebtedness of Party in Interest, 
Prohibited Transaction Class Exemption 1980-83 (PTE 80-83) information 
collection. This PTE allows an employee benefit plan to purchase 
securities that may aid the issuer of the securities to reduce or 
retire indebtedness to a party in interest. Without the relief provided 
by the class exemption, Employee Retirement Income Security Act of 1974 
(ERISA) prohibited transaction provisions would bar a standard type of 
financial/business transaction between a financial service provider and 
an employee benefit plan. This exemption also provides relief from 
Internal Revenue Code section 4975 prohibited transaction provisions.
    In order to take advantage of the relief provided by this PTE, an 
employee benefit plan must comply with all applicable exemption 
conditions, including keeping records sufficient to establish that 
exemption conditions have been met for exemption-covered transactions. 
The records must be maintained for a period of at least six years from 
a covered transaction and must be made reasonably available for 
inspection upon request by specified interested persons--including plan 
fiduciaries, participants and beneficiaries, sponsoring employers, DOL 
and Internal Revenue Service representatives, and contributing 
employers. ERISA, section 408(a) authorizes this information 
collection. See 29 U.S.C. 1108(a).
    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 1210-0064.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and 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 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 November 23, 2015 (80 FR 72990).
    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 thirty (30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0064. 
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: Sale of Securities to Reduce Indebtedness of 
Party in Interest, Prohibited Transaction Class Exemption 1980-83.
    OMB Control Number: 1210-0064.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 25.
    Total Estimated Number of Responses: 25.
    Total Estimated Annual Time Burden: 15 hours.

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    Total Estimated Annual Other Costs Burden: $0.

    Dated: July 27, 2016.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2016-18189 Filed 8-1-16; 8:45 am]
 BILLING CODE 4510-29-P