Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations: Prohibited Transaction Class Exemption 96-62, 72764-72765 [E7-24806]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 72, Number 245 (Friday, December 21, 2007)]
[Notices]
[Pages 72764-72765]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24806]


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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 February 19, 
2008.

ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S. 
Department of Labor, Employee Benefits Security Administration, 200 
Constitution Avenue, NW., Room N-5718, 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 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

[[Page 72765]]

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 March 31, 2008. 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.
    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: December 10, 2007.
Joseph S. Piacentini,
Director, Employee Benefits Security Administration, Office of Policy 
and Research.
[FR Doc. E7-24806 Filed 12-20-07; 8:45 am]
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