EBSA Federal Register Notice
Proposed Extension of Information Collection Request Submitted for Public Comment; Prohibited Transaction Exemption 80-83--Securities Purchases for Debt Reduction or Retirement [10/28/2003]
[PDF Version]
Volume 68, Number 208, Page 61468-61469
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment; Prohibited Transaction Exemption 80-83--Securities
Purchases for Debt Reduction or Retirement
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). 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.
DATES: Written comments must be submitted to the office shown in the
Addresses section on or before December 29, 2003.
ADDRESSES: 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).
SUPPLEMENTARY INFORMATION:
I. Background
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
[[Page 61469]]
reduce 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:
[sbull] 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;
[sbull] 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;
[sbull] Enhance the quality, utility, and clarity of the
information to be collected; and
[sbull] 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.
Respondents: 25.
Responses: 25.
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.
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
