Employee Benefits Security Administration, Department of Labor.
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 is soliciting comments on the proposed extension of the information collection provisions of Prohibited Transaction Class Exemption 80-83.
A copy of the information collection request (ICR) can be obtained by contacting the individual shown in the Addresses section of this notice.
Written comments must be submitted to the office shown in the Addresses section on or before December 29, 2003.
Gerald B. Lindrew, Department of Labor, Employee Benefits Security Administration, 200 Constitution Avenue, NW., Washington, DC 20210, (202) 693-8410, FAX (202) 693-4745 (these are not toll-free numbers).End Preamble Start Supplemental Information
Prohibited Transaction Class Exemption 80-83 provides an exemption from prohibited transaction provisions of the Employment Retirement Income Security Act of 1974 (ERISA) and from certain taxes imposed by the Internal Revenue Code of 1986. The exemption permits, under certain conditions, an employee benefit plan to purchase securities when proceeds from the sale of the securities may be used to Start Printed Page 61469reduce or retire indebtedness to a party in interest with respect to such plans.
By requiring that records pertaining to the exempted transaction be maintained for six years, this ICR insures that the exemption is not abused, the rights of the participants and beneficiaries are protected, and that compliance with the exemption's conditions can be confirmed. The exemption affects participants and beneficiaries of plans that are involved in such transactions as well as the party in interest.
II. Review Focus
The Department of Labor (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 January 31, 2004. 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, Department of Labor.
Title: Prohibited Transaction Class Exemption 80-83; Securities Purchases for Debt Reduction or Retirement.
Type of Review: Extension of a currently approved collection of information.
OMB Number: 1210-0064.
Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions.
Average Response Time: 5 minutes.
Estimated Total Burden Hours: 2 hours.
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.Start Signature
Dated: October 21, 2003.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Employee Benefits Security Administration.
[FR Doc. 03-27109 Filed 10-27-03; 8:45 am]
BILLING CODE 4510-29-P