[Federal Register Volume 85, Number 204 (Wednesday, October 21, 2020)]
[Notices]
[Page 67013]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23267]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Process for Expedited Approval of an Exemption 
for Prohibited Transaction, Prohibited Transaction Class Exemption 
1996-62

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 November 20, 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: On April 28, 1975, the Department published 
ERISA Procedure 75-1 in the Federal Register, which provided the public 
with information regarding the procedure to follow when requesting an 
exemption. On August 10, 1990, the Department issued a regulation which 
replaced ERISA Procedure 75-1 for applications for prohibited 
transaction exemptions filed on or after September 10, 1990 (29 CFR 
2570.30 et seq.).
    On July 31, 1996, the Department published in the Federal Register, 
Prohibited Transaction Class Exemption 96-62 that provides for 
accelerated approval of an exemption permitting a plan to engage in a 
transaction which might otherwise be prohibited following a 
demonstration to the Department that the transaction: (1) Is 
substantially similar in all material respects to at least two other 
transactions for which the Department recently granted administrative 
relief from the same restriction; and (2) presents little, if any, 
opportunity for abuse or risk of loss to a plan's participants and 
beneficiaries. Under the class exemption, a party may proceed with a 
transaction in as little as 78 days from the acknowledgment of receipt 
by the Department of a written submission filed in accordance with the 
terms of the class exemption.
    In 2002, the DOL amended the exemption to clarify that it covers 
``plans'' as described in Code Section 4975(e)(1), such as IRAs and 
Keogh Plans, and that the scope of the exemption is not limited to 
Title I ERISA covered plans. Additionally, in 2003 the DOL amended the 
exemption to permit parties to base their submissions on substantially 
similar transactions described either in two individual exemptions 
granted within the past 60 months, or in one individual exemption 
granted within the last 120 months and one transaction that received 
final authorization under the exemption within the past 60 months. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on April 29, 2020 (85 FR 
23856).
    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: Process for Expedited Approval of an Exemption 
for Prohibited Transaction, Prohibited Transaction Class Exemption 
1996-62.
    OMB Control Number: 1210-0098.
    Affected Public: Private Sector-- Businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 7.
    Total Estimated Number of Responses: 3,507.
    Total Estimated Annual Time Burden: 88 hours.
    Total Estimated Annual Other Costs Burden: $30,156.

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

    Dated: October 15, 2020.
Anthony May,
Management and Program Analyst.
[FR Doc. 2020-23267 Filed 10-20-20; 8:45 am]
BILLING CODE 4510-29-P