Proposed Extension of Information Collection; Comment Request; Voluntary Fiduciary Compliance Program, 4979-4980 [E9-1786]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 74, Number 17 (Wednesday, January 28, 2009)]
[Notices]
[Pages 4979-4980]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1786]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Voluntary Fiduciary Compliance Program

ACTION: Notice.

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SUMMARY: The Department of Labor (the Department), 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 information collection request (ICR) 
incorporated in the Voluntary Fiduciary Correction Program (the VFC 
Program) and the Prohibited Transaction Class Exemption (the Exemption) 
that is used in connection with the VFC Program. The ICR is currently 
approved under OMB Number 1210-0118 and is scheduled to expire on May 
31, 2009. A copy of the ICR may be obtained by contacting the office 
listed in the ADDRESSES section of this notice.

DATES: Written comments must be submitted to the office shown in the 
ADDRESSES section below on or before March 30, 2009.

ADDRESSES: G. Christopher Cosby, Office of Policy and Research, U.S. 
Department of Labor, Employee Benefits Security Administration, 200 
Constitution Avenue, NW., Room N-5647, Washington, DC 20210. Telephone: 
(202) 693-8410; Fax: (202) 219-5333. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    The VFC Program is an enforcement program intended to encourage the 
full correction of certain breaches of fiduciary responsibility and the 
restoration of losses resulting from those breaches to participants and 
beneficiaries in employee benefit plans. For certain eligible breaches 
that have

[[Page 4980]]

been corrected according to the terms and conditions of the VFC 
Program, the Department will issue a ``no action'' letter, thereby 
releasing the applicant from possible civil penalties under section 
502(l) of ERISA. The VFC Program provides applicants with information 
both on identifying eligible transactions for correction and on the 
means for achieving fully acceptable corrections. The information 
collection consists of an application, description of the transaction 
and correction, and other appropriate supporting documentation.
    The Exemption, used only in conjunction with the VFC Program, 
permits applicants to the VFC Program to make full correction of 
certain eligible transactions without incurring sanctions in the form 
of excise taxes imposed under sections 4975(a) and (b) of the Internal 
Revenue Code (the Code) by reason of sections 4975(c)(1)(A) through (E) 
of the Code. For those fiduciaries wishing to take advantage of the 
Exemption, the information collection for the VFC Program also includes 
notification to interested persons, generally participants and 
beneficiaries, that an application has been submitted under the VFC 
Program. A copy of the notice must also be furnished to a Regional 
Office of the Employee Benefits Security Administration.

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 submission of responses.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in the VFC Program and the Exemption. The Department is not proposing 
or implementing changes to the existing ICR at this time.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Voluntary Fiduciary Correction Program and Prohibited 
Transaction Class Exemption.
    OMB Number: 1210-0118.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 1,250.
    Frequency of Response: Annually.
    Responses: 11,790.
    Estimated Total Burden Hours: 5,625.
    Total Burden Cost (Operating and Maintenance): $109,000.
    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.

    Dated: January 22, 2009.
Joseph S. Piacentini,
 Director, Office of Policy and Research, Employee Benefits Security 
Administration.
 [FR Doc. E9-1786 Filed 1-27-09; 8:45 am]
BILLING CODE 4510-29-P