[Federal Register: February 25, 2005 (Volume 70, Number 37)]
[Notices]
[Page 9385-9386]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25fe05-109]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment; Procedure for Application for Exemption From the
Prohibited Transaction Provisions of Section 408(a) of the Employee
Retirement Security Act (ERISA)
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). This program 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 on the proposed extension of the
information collection provisions included in the procedure for
applications for exemption from the prohibited transaction provisions
of section 408(a) of the Employee Retirement Income Security Act of
1974 (ERISA) (29 CFR 2570.30, et seq.). A copy of the information
collection request (ICR) can be obtained by contacting the individual
shown in the ADDRESSES section of this notice.
DATES: Written comments must be submitted to the office shown in the
Addresses section on or before April 26, 2005.
ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits
Security Administration, 200 Constitution Avenue NW., Washington, DC
20210, (202) 693-8410, FAX (202) 693-4745 (these are not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
I. Background
Section 408(a) of ERISA provides that the Secretary 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. In this regard, the
Department previously issued a regulation which describes the
procedures that must be followed in filing for such exemptions (29 CFR
2570.30. et seq.). Under section 408(a) of ERISA, in order for the
Secretary to grant an exemption, it must be determined that such
exemption is ``(1) administratively feasible; (2) in the interests of
the plan and its participants and beneficiaries; and (3) protective of
the rights of participants and beneficiaries.'' In order to make such
determination, the Department requires full information regarding all
aspects of the transaction, including the specific circumstances
surrounding the transaction, and the parties and assets involved. Thus,
sections 2570.34 and 2570.35 of the exemption procedures regulation
lists the information that must be supplied by the applicant. This
information includes: Identifying information (name, type of plan, EIN
number, etc.); an estimate of the number of plan participants; a
detailed description of the transaction and the parties for which an
exemption is requested; statements regarding what section of ERISA is
thought to be in violation and whether the transaction(s) involved have
already been entered into; a statement of whether the transaction is
customary in the industry; a statement of the hardship or economic
loss, if any, which would result if the exemption were denied; a
statement explaining why the proposed exemption would be
administratively feasible, in the interests of the plan and protective
of the rights of plan participants and beneficiaries; and several other
statements. In addition, the applicant must certify that the
information supplied is accurate and complete.
Section 408(a) of ERISA requires that before granting an exemption
from
[[Page 9386]]
406(a) the Secretary ``shall require that adequate notice be given to
interested parties, and shall afford interested persons opportunity to
present views.'' Thus, Sec. 2570.43 of the exemption procedures
regulation requires that the applicant for an exemption provide
interested persons with a copy of the Federal Register notice
containing the proposed exemption and a statement which informs them of
their right to comment on the proposed exemption.
II. Review Focus
The Department of Labor (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 February 28, 2005. 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.
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.
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: Procedure for Application for Prohibited Transaction
Exemption Regulation pursuant to 29 CFR 2570.30, et seq.
Type of Review: Extension of a currently approved collection of
information.
OMB Number: 1210-0060.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 84.
Responses: 84.
Average Response Time: 25 hours.
Estimated Total Burden Hours: 0.
Estimated Total Burden Dollars: $111,579.
Dated: February 18, 2005.
Joseph S. Piacentini,
Director, Office of Policy and Research , Employee Benefits Security
Administration.
[FR Doc. 05-3635 Filed 2-24-05; 8:45 am]
BILLING CODE 4510-29-P