82 FR 35552 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Process for Expedited Approval of an Exemption for Prohibited Transaction, Prohibited Transaction Class Exemption 1996-62

DEPARTMENT OF LABOR
Office of the Secretary

Federal Register Volume 82, Issue 145 (July 31, 2017)

On July 31, 2017, the Department of Labor (DOL) will submit the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Process for Expedited Approval of an Exemption for Prohibited Transaction, Prohibited Transaction Class Exemption 1996-62,'' to the Office of Management and Budget (OMB) for review and approval for continued use, without change, in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.

[Federal Register Volume 82, Number 145 (Monday, July 31, 2017)]
[Notices]
[Pages 35552-35553]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-16027]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Process for Expedited Approval of an Exemption 
for Prohibited Transaction, Prohibited Transaction Class Exemption 
1996-62

ACTION: Notice of availability; request for comments.

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SUMMARY: On July 31, 2017, the Department of Labor (DOL) will submit 
the Employee Benefits Security Administration (EBSA) sponsored 
information collection request (ICR) titled, ``Process for Expedited 
Approval of an Exemption for Prohibited Transaction, Prohibited 
Transaction Class Exemption 1996-62,'' to the Office of Management and 
Budget (OMB) for review and approval for continued use, without change, 
in accordance with the Paperwork Reduction Act of 1995 (PRA). Public 
comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before August 30, 2017.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201706-1210-002 or by contacting Michel Smyth by 
telephone at 202-693-4129, TTY 202-693-8064, (these are not toll-free 
numbers) or by email at [email protected].
    Submit comments about this request by mail or courier to the Office 
of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL-
EBSA, Office of Management and Budget, Room 10235, 725 17th Street NW., 
Washington, DC 20503; by Fax: 202-395-5806 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue NW., 
Washington, DC 20210; or by email: [email protected].

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129, TTY 202-693-8064, (these are not toll-free numbers) or by email 
at [email protected].

    Authority:  44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the information collection requirements contained in Prohibited 
Transaction Class Exemption (PTE) 1996-62, which provides for 
accelerated approval of an exemption permitting a plan to engage in a 
transaction that the Employee Retirement Income Security Act (ERISA) 
might otherwise prohibit. The PTE may be granted following a 
demonstration to the DOL that the transaction: (1) Is substantially 
similar in all material respects to at least two other transactions for 
which the DOL recently granted administrative relief from the same 
restriction; and (2) presents little, if any, opportunity for abuse or 
risk of loss to a plan's participants and beneficiaries. Under the PTE, 
a party may proceed with a transaction in as little as seventy-eight 
(78) days from the acknowledgment of receipt by the DOL of a written 
submission filed in accordance with the terms of the PTE. Internal 
Revenue Code section 4975 and ERISA section 408 authorize this 
information collection. See 26 U.S.C. 4975 and 29 U.S.C. 1108.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is

[[Page 35553]]

approved by the OMB under the PRA and displays a currently valid OMB 
Control Number. In addition, notwithstanding any other provisions of 
law, no person shall generally be subject to penalty for failing to 
comply with a collection of information that does not display a valid 
Control Number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB 
approval for this information collection under Control Number 1210-
0098.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on July 31, 2017. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL notes that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on October 28, 2016 (81 FR 
75157).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0098. 
The OMB 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.
    Agency: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption 1996-
62, Process for Expedited Approval of an Exemption for Prohibited 
Transaction.
    OMB Control Number: 1210-0098.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 5.
    Total Estimated Number of Responses: 3,515.
    Total Estimated Annual Time Burden: 88 hours.
    Total Estimated Annual Other Costs Burden: $20,457.

    Dated: July 25, 2017.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2017-16027 Filed 7-28-17; 8:45 am]
 BILLING CODE 4510-29-P