The Department of Labor (DOL) has submitted the following public information collection requests (ICRs) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of each individual ICR, with applicable supporting documentation, may be obtained by calling the Department of Labor. To obtain documentation contact Marlene Howze at (202) 219-8904 or e-mail Howze-Marlene@dol.gov).
Comments should be sent to Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for PWBA, Office of Management and Budget, Room 10235, Washington, DC 20503 (202) 395-7316, within 30 days from the date of this publication in the Federal Register.
The OMB is particularly interested in comments which:
- 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, Start Printed Page 55005e.g., permitting electronic submission of responses.
Type of Review: Extension of a currently approved collection.
Agency: Pension and Welfare Benefits Administration (PWBA).
Title: Procedure for Application for Exemption from the Prohibited Transaction Provisions of Section 408(a) of the Employee Retirement Income Security Act of 1974 (ERISA).
OMB Number: 1210-0060.
Affected Public: Business or other for-profit; Individuals or households; and Not-for-profit institutions.
Frequency: On occasion.
Number of Respondents: 116.
Number of Annual Responses: 116.
Total Burden Hours: 0.
Total Annualized Capital/Startup Costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing services): $162,648.
Description: Section 408(a) of ERISA authorizes the Secretary of Labor to grant exemptions from the prohibited transaction sections of 406 and 407(a) of ERISA and directs the Secretary to establish a procedure with respect to such provisions. This regulation provides a procedure that requires applications for exemption to make certain disclosures to the Department of Labor and to participants and beneficiaries.
There are two information disclosure requirements incorporated within the exemption procedure regulation. The first requirement, that an applicant for an exemption disclose information regarding the application and certify to that information, is necessary in order for the Department to make an informed determination regarding the application. The second requirement, notice to interested persons, ensures that participants and beneficiaries are informed of the application for exemption and have an opportunity to respond.Start Signature
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 01-27354 Filed 10-30-01; 8:45 am]
BILLING CODE 4510-29-M