Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations: Prohibited Transaction Class Exemption T88-1, 72766-72767 [E7-24808]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 72, Number 245 (Friday, December 21, 2007)]
[Notices]
[Pages 72766-72767]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24808]


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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 T88-1

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 T88-
1.
    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

    Prohibited Transaction Exemption T88-1 adopts, for purposes of the 
prohibited transaction provisions of section 8477(c)(2) of the Federal 
Employees' Retirement System Act of 1986 (FERSA), certain prohibited 
transaction class exemptions (the Class Exemptions) granted pursuant to 
section 408(a) of the Employee Income Security Act of 1974.
    This existing collection of information should be continued 
because, without the relief provided by this exemption, certain 
transactions described in the Class Exemptions might be prohibited 
under FERSA. The recordkeeping requirements incorporated within the 
class exemption are intended to protect the interests of plan 
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. The exemption affects participants 
and beneficiaries of the plans that are involved in such transactions 
as well as the party entering into the transaction with the plan.

II. Desired Focus of Comments

    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 April 30, 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.
    Agency: Employee Benefits Security Administration.
    Title: Prohibited Transaction Exemption T88-1.
    Type of Review: Extension of a currently approved collection of 
information.

[[Page 72767]]

    OMB Number: 1210-0074.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 1.
    Total Responses: 1.
    Frequency: On occasion.
    Estimated Total Burden Hours: 1.
    Total Annual Costs (Operating and Maintenance): $0.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval of the information collection request; they will also become a 
matter of public record.

    Dated: December 10, 2007.
Joseph S. Piacentini,
Director, Employee Benefits Security Administration, office of Policy 
and Research.
[FR Doc. E7-24808 Filed 12-20-07; 8:45 am]
BILLING CODE 4510-29-P