[Federal Register: October 6, 2004 (Volume 69, Number 193)]
[Notices]               
[Page 59962-59963]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06oc04-130]                         

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DEPARTMENT OF LABOR

Employee Benefits Security Administration

 
Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations: Prohibited Transaction Class 
Exemption 96-62

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor, 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 extension of a 
currently approved collection of information, Prohibited Transaction 
Class Exemption 96-62.
    A copy of the proposed information collection request (ICR) can be 
obtained by contacting the office listed below in the addresses section 
of this notice.

DATES: Written comments must be submitted on or before December 6, 
2004.

ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S. 
Department of Labor, Employee Benefits Security Administration, 200 
Constitution Avenue, NW., Room N-5647, Washington, DC 20210, (202) 693-
8410, FAX (202) 693-4745. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 408(a) of the Employee Retirement Income Security Act of 
1974 (ERISA) provides that the Secretary of

[[Page 59963]]

Labor may grant exemptions from the prohibited transaction provisions 
of sections 406 and 407(a) of ERISA, and directs the Secretary to 
establish an exemption procedure with respect to such provisions. On 
July 31, 1996, the Department published Prohibited Transaction 
Exemption 96-62, which, pursuant to the exemption procedure set forth 
in 29 CFR 2570, subpart B, permits a plan to seek approval on an 
accelerated basis of otherwise prohibited transactions. A class 
exemption will only be granted on the conditions that the plan 
demonstrate to the Department that the transaction is substantially 
similar to those described in at least two prior individual exemptions 
granted by the Department and that it presents little, if any, 
opportunity for abuse or risk of loss to a plan's participants and 
beneficiaries. This ICR is intended to provide the Department with 
sufficient information to support a finding that the exemption meets 
the statutory standards of section 408(a) of ERISA, and to provide 
affected parties with the opportunity to comment on the proposed 
transaction, while at the same time reducing the regulatory burden 
associated with processing individual exemptions for transactions 
prohibited under ERISA.

II. Review Focus

    The Department 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 submissions of responses.

III. Current Actions

    The Office of Management and Budget's (OMB) approval of this ICR 
will expire on November 30, 2004. After considering comments received 
in response to this notice, the Department intends to submit the ICR to 
OMB for continuing approval. No change to the existing ICR is proposed 
or made at this time.
    Agency: Employee Benefits Security Administration.
    Title: Prohibited Transaction Exemption 96-62; Accelerated Approval 
of an Otherwise Prohibited Transaction.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0098.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 42.
    Total Responses: 42.
    Frequency: On occasion.
    Estimated Total Burden Hours: 53.
    Total Annual Costs (Operating and Maintenance): $43,491.

    Dated: September 30, 2004.
Gerald B. Lindrew,
Deputy Director, Employee Benefits Security Administration, Office of 
Policy and Research.
[FR Doc. 04-22431 Filed 10-5-04; 8:45 am]

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