[Federal Register Volume 85, Number 98 (Wednesday, May 20, 2020)]
[Notices]
[Pages 30737-30738]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10827]


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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 1985-68 
To Permit Employee Benefit Plans To Invest in Customer Notes of 
Employers

ACTION: Notice of availability; request for comments.

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SUMMARY: The Department of Labor (DOL) is submitting this Employee 
Benefits Security Administration (EBSA)-sponsored information 
collection request (ICR) to the Office of Management and Budget (OMB) 
for review and approval in accordance with the Paperwork Reduction Act 
of 1995 (PRA). Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before June 19, 2020.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    Comments are invited on: (1) Whether the collection of information 
is necessary for the proper performance of the functions of the 
Department, including whether the information will have practical 
utility; (2) if the information will be processed and used in a timely 
manner; (3) the accuracy of the agency's estimates of the burden and 
cost of the collection of information, including the validity of the 
methodology and assumptions used; (4) ways to enhance the quality, 
utility, and clarity of the information collection; and (5) ways to 
minimize the burden of the collection of information on those who are 
to respond, including the use of automated collection techniques or 
other forms of information technology.

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

SUPPLEMENTARY INFORMATION: This class exemption exempts from the 
prohibited transaction provisions of ERISA, certain transactions 
involving the purchase of customer notes of an employee by an employee 
benefit plan. The class exemption requires plans to maintain for a 
period of six years all necessary records pertaining to the affected 
transactions and to make those records available to certain designed 
persons upon request. For additional substantive information about this 
ICR, see the related notice published in the Federal Register on 
October 10, 2019 (84 FR 54642).
    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 the OMB approves it 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 
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
    DOL seeks PRA authorization for this information collection for 
three (3) years. OMB authorization for an ICR cannot be for more than 
three (3) years without renewal. The DOL notes that information 
collection requirements submitted to the OMB for existing ICRs receive 
a month-to-month extension while they undergo review.
    Agency: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption 1985-68 
to Permit Employee Benefit Plans to Invest in Customer Notes of 
Employers.
    OMB Control Number: 1210-0094.
    Affected Public: Private Sector: Businesses or other for-profits, 
not-for-profit institutions.

[[Page 30738]]

    Total Estimated Number of Respondents: 69.
    Total Estimated Number of Responses: 325.
    Total Estimated Annual Time Burden: 1 hour.
    Total Estimated Annual Other Costs Burden: $0.

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

    Dated: May 14, 2020.
Anthony May,
Acting Departmental Clearance Officer.
[FR Doc. 2020-10827 Filed 5-19-20; 8:45 am]
 BILLING CODE 4510-29-P