Proposed Extension of Information Collection; Request for Public Comment; Prohibited Transaction Class Exemption 80-83; Employee Benefit Plan Purchase of Securities Benefiting Party in Interest Issuer, 70544-70545 [E6-20520]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 71, Number 233 (Tuesday, December 5, 2006)]
[Notices]
[Pages 70544-70545]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20520]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Request for Public 
Comment; Prohibited Transaction Class Exemption 80-83; Employee Benefit 
Plan Purchase of Securities Benefiting Party in Interest Issuer

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor (the Department), in accordance with 
the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), 
provides the

[[Page 70545]]

general public and Federal agencies with an opportunity to comment on 
proposed and continuing collections of information. This helps the 
Department assess the impact of its information collection requirements 
and minimize the reporting burden on the public and helps the public 
understand the Department's information collection requirements and 
provide the requested data in the desired format. Currently, the 
Employee Benefits Security Administration (EBSA) is soliciting comments 
on the proposed extension of the information collection provisions of 
Prohibited Transaction Class Exemption (PTE) 80-83. 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 on or before February 5, 
2007.

ADDRESSES: Direct all written comments to Susan G. Lahne, Office of 
Policy and Research, Employee Benefits Security Administration, U.S. 
Department of Labor, 200 Constitution Avenue, NW., Room N-5647, 
Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745. 
These are not toll-free numbers. Comments may also be submitted 
electronically to the following Internet e-mail address: 
ebsa.opr@dol.gov.

SUPPLEMENTARY INFORMATION:

I. Background

    PTE 80-83 provides an exemption from certain prohibited transaction 
provisions of the Employment Retirement Income Security Act of 1974 
(ERISA) and from certain taxes imposed by the Internal Revenue Code of 
1986 (Code) for transactions in which an employee benefit plan 
purchases securities when the proceeds from such purchase may be used 
to reduce or retire a debt owed by a party in interest with respect to 
such plan, provided that specified conditions are met. Among other 
conditions, PTE 80-83 requires that adequate records pertaining to an 
exempted transaction be maintained for six years. The Department has 
approval from the Office of Management and Budget (OMB) for this 
information collection requirement under OMB Control No. 1210-0064. 
This approval is currently scheduled to expire on March 30, 2007.

II. Current Actions

    This notice requests public comment pertaining to the Department's 
request for extension of OMB approval of the information collection 
contained in PTE 80-83. After considering comments received in response 
to this notice, the Department intends to submit an ICR to OMB for 
continuing approval of the information collection contained in PTE 80-
83. No change to the existing ICR is proposed or made at this time. An 
agency may not conduct or sponsor, and a person is not required to 
respond to, an information collection unless it displays a valid OMB 
control number. A summary of the ICR and the current burden estimates 
follows:
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 80-83; Employee 
Benefit Plan Purchase of Securities Benefiting Party in Interest 
Issuer.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0064.
    Affected Public: Business or other for-profit; not-for-profit 
institutions.
    Respondents: 25.
    Responses: 25.
    Estimated Total Burden Hours: 2 hours.

III. Desired Focus of Comments

    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., by 
permitting electronic submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR submitted to OMB; they will also become a 
matter of public record.

Joseph A. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
 [FR Doc. E6-20520 Filed 12-4-06; 8:45 am]
BILLING CODE 4510-29-P