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

Download as PDF 72766 Federal Register / Vol. 72, No. 245 / Friday, December 21, 2007 / Notices 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 mstockstill on PROD1PC66 with NOTICES 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. 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: Prohibited Transaction Class Exemption 98–54 relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions. Type of Review: Extension of a currently approved collection of information. OMB Number: 1210–0111. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Respondents: 35. Responses: 8,400. Average Response Time: 30 minutes. Estimated Total Burden Hours: 4,200. Total Annualized Capital/Startup Costs: $0. Total Annual Costs (operating/ maintaining systems or purchasing services): $0. Dated: December 10, 2007. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E7–24807 Filed 12–20–07; 8:45 am] BILLING CODE 4510–29–P VerDate Aug<31>2005 18:37 Dec 20, 2007 Jkt 214001 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 Employee Benefits Security Administration, Department of Labor. ACTION: Notice. AGENCY: 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 tollfree 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 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 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. E:\FR\FM\21DEN1.SGM 21DEN1 Federal Register / Vol. 72, No. 245 / Friday, December 21, 2007 / Notices OMB Number: 1210–0074. Affected Public: Business or other forprofit, 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 work, or of participants who continue to work beyond normal retirement age (29 CFR 2530.203–3). 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 to the office listed in the addresses section below on or before February 19, 2008. ADDRESSES: Interested parties are invited to submit written comments regarding the collection of information. Send comments to Mr. 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, D.C. 20210. Telephone: (202) 693–8410 Fax: (202) 693–4745 (These are not toll-free numbers). SUPPLEMENTARY INFORMATION: DEPARTMENT OF LABOR Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations; Suspension of Benefits mstockstill on PROD1PC66 with NOTICES ACTION: Notice. 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 (EBSA) is soliciting comments concerning the extension without change of the information collection request (ICR) included in the suspension of pension benefits regulation issued pursuant to the authority of section 203(a)(3)(B) of the Employee Retirement Income Security Act of 1974 (ERISA), which governs the circumstances under which pension plans may suspend pension benefit payments to retirees who return to VerDate Aug<31>2005 18:37 Dec 20, 2007 Jkt 214001 Section 203(a)(3)(B) of ERISA governs the circumstances under which pension plans may suspend pension benefit payments to retirees that return to work or to participants that continue to work beyond normal retirement age. Furthermore, section 203(a)(3)(B) of ERISA authorizes the Secretary to prescribe regulations necessary to carry out the provisions of this section. In this regard, the Department issued a regulation which describes the circumstances and conditions under which plans may suspend the pension benefits of retirees that return to work, or of participants that continue to work beyond normal retirement age (29 CFR 2530.203–3). In order for a plan to suspend benefits pursuant to the regulation, it must notify affected retirees or participants (by first class mail or personal delivery) during the first calendar month or payroll period in which the plan withholds payment, that benefits are suspended. This notice must include the specific reasons for such suspension, a general description of the plan provisions authorizing the suspension, a copy of the relevant plan provisions, and a statement indicating where the applicable regulations may be found, (i.e., 29 CFR 2530.203–3). In addition, the suspension notification must inform the retiree or participant of the plan’s procedure for affording a review of the suspension of benefits. II. Review Focus The Department of Labor (Department) is particularly interested in comments that: PO 00000 Frm 00103 Fmt 4703 • 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 I. Background Employee Benefits Security Administration 72767 Sfmt 4703 The Office of Management and Budget’s approval of this ICR will expire on April 30, 2008. This notice requests comments on the extension of the ICR. The Department is not proposing or implementing changes to the existing ICR at this time in connection with this extension. 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: Department of Labor, Employee Benefits Security Administration. Title: Suspension of Benefits Regulation pursuant to 29 CFR 2530.203–3. Type of Review: Extension of a currently approved collection. OMB Number: 1210–0048. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Total Respondents: 74,872. Total Responses: 74,872. Frequency of Response: On occasion. Total Annual Burden: 18,718. Total Burden Cost (Operating and Maintenance): $63,000. Dated: December 10, 2007. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E7–24809 Filed 12–20–07; 8:45 am] BILLING CODE 4510–29–P E:\FR\FM\21DEN1.SGM 21DEN1

Agencies

[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