[Federal Register: March 19, 2003 (Volume 68, Number 53)]
[Notices]               
[Page 13326-13327]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19mr03-109]                         

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DEPARTMENT OF LABOR

Employee Benefits Security Administration

 
Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Class Exemption 91-38, Bank Collective 
Investment Funds

ACTION: Notice.

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SUMMARY: The Department of Labor (Department), as part of its 
continuing effort to reduce paperwork and respondent burden, conducts a 
preclearance consultation program to provide the general public and 
Federal agencies with an opportunity to comment on proposed and 
continuing collections of information in accordance with the Paperwork 
Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)). This helps to 
ensure that requested data can be provided in the desired format, 
reporting burden (time and financial resources) is minimized, 
collection instruments are clearly understood, and the impact of 
collection requirements on respondents can be properly assessed.
    Currently, the Employee Benefits Security Administration is 
soliciting comments concerning the proposed extension of the 
information collection provisions of the Prohibited Transaction Class 
Exemption 91-38. A copy of the Information Collection Request (ICR) may 
be obtained by contacting the office listed in the addresses section of 
this notice.

DATES: Written comments must be submitted to the office shown in the 
addresses section below on or before May 19, 2003.

ADDRESSES: Joseph S. Piacentini, Office of Policy and Research, U.S. 
Department of Labor, Employee Benefits Security Administration, 200 
Constitution Avenue, NW., Room N-5718, Washington, DC 20210. Telephone: 
(202) 693-8410; Fax: (202) 219-5333. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION: 

I. Background

    Prohibited Transaction Class Exemption 91-38 provides an exemption 
from the prohibited transaction provisions of ERISA for certain 
transactions between a bank collective investment fund and persons who 
are parties in interest with respect to an employee benefit plan 
provided that the plan's participation in the collective investment 
fund does not exceed a specified percentage of the total assets in the 
fund. Without this exemption, such transactions might be prohibited by 
sections 406 and 407(a) of ERISA and section 4975(c)(1) of the Internal 
Revenue Code. In order to ensure that the rights of participants and 
beneficiaries are protected, and that bank collective funds can 
demonstrate compliance with the terms of the exemption, the Department 
requires a bank to maintain records regarding the exempted transaction 
for six years.

II. Desired Focus of Comments

    The Department is particularly interested in comments that:
    [sbull] 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;
    [sbull] 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;
    [sbull] Enhance the quality, utility, and clarity of the 
information to be collected; and
    [sbull] 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.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in the Exemption for Certain Transactions Involving Bank Collective 
Investment Funds. The Department is not proposing or implementing 
changes to the existing ICR at this time.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency:Employee Benefits Security Administration, Department of 
Labor.
    Titles: Exemption for Certain Transactions Involving Bank 
Collective Investment Funds; Prohibited Transaction Class Exemption 91-
38.

[[Page 13327]]

    OMB Number: 1210-0082.
    Affected Public: Individuals or households; business or other for-
profit; not-for-profit institutions.
    Estimated total burden hours: 90.
    Respondents: 1,036.
    Frequency of Response: On occasion.
    Responses: 1,036.
    Estimated Total Burden Hours: 86.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: March 13, 2003.
Joseph S. Piacentini,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 03-6556 Filed 3-18-03; 8:45 am]

BILLING CODE 4510-29-P