# Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 75- 1 > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/fr%3A97-20103 ## Record - **Collection:** Federal Register - **Document type:** Notice - **Published:** July 31, 1997 - **Citation:** 62 FR 41087 ## Text DEPARTMENT OF LABOR Pension and Welfare Benefits Administration Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 75- 1 ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Department of Labor, as part of its continuing effort to reduce paperwork and respondent burden, provides the general public and Federal agencies with an opportunity to comment on proposed and/or continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA 95) [44 U.S.C. 3506(c)(2)(A)]. 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 Pension and Welfare Benefits Administration is soliciting comments concerning the proposed extension of a currently approved collection of information, Prohibited Transaction Class Exemption 75-1. A copy of the proposed information collection request can be obtained by contacting the employee listed below in the contact section of this notice. DATES: Written comments must be submitted on or before September 29, 1997. The Department of Labor 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 number of respondents and 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. ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare Benefits Administration, 200 Constitution Avenue, NW, Room N-5647, Washington, DC 20210. Telephone: 202-219-4782 (this is not a toll-free number). Fax: 202-219-4745. SUPPLEMENTARY INFORMATION: I. Background Prohibited Transaction Class Exemption 75-1 permits banks, registered broker-dealers and reporting dealers in Government securities who are parties in interest to engage in certain kinds of securities transactions with plans. In the absence of this exemption, these transactions might be prohibited by section 406 of the Employee Retirement Income Security Act of 1974 (the Act). II. Current Actions The Pension and Welfare Benefits Administration proposes to extend the currently approved information collection requirements of Prohibited Transaction Class Exemption 75-1. The recordkeeping requirements of the class exemption are intended to protect the interests of plan participants and beneficiaries. The exemption has one basic information collection condition. The plan is to maintain for a period of six years from the date of a covered transaction such records as are necessary to enable the Department of Labor, the Internal Revenue Service, plan participants and beneficiaries, any employer of plan participants and beneficiaries, and any employee organization any of whose members are covered by such plan to determine whether the conditions of the exemption have been met. Type of Review: Extension. Agency: Pension and Welfare Benefits Administration. Title: Prohibited Transaction Class Exemption 75-1. OMB Number: 1210-0092. Affected Public: Business or other for-profit, Not-for-profit institutions, Individuals. Frequency: On occasion. Estimated Total Burden Hours: 1. Respondents, proposed frequency of response, and annual hour burden: The number of respondents is estimated to be 750. The exemption contains a six year recordkeeping requirement for information related to the affected securities transactions. This information would normally be maintained in connection with required reporting for the annual financial report (Form 5500 and 5500-C). The Department estimates that the recordkeeping burden of this class exemption, in effect, has been incorporated in the burden for Form 5500 (and 5500-C). Since this information has been approved for the Form 5500 (and 5500- C), we estimate one additional hour of burden for this exemption. Total Burden Cost (capital/start-up): $0.00. Total Burden Cost (operating/maintenance): $0.00. Comments submitted in response to this notice will be summarized and/or [[Page 41088]] included in the request for Office of Management and Budget approval of the information collection request; they will also become a matter of public record. Dated: July 25, 1997. Gerald B. Lindrew, Director, Pension and Welfare Benefits Administration, Office of Policy and Legislative Analysis. [FR Doc. 97-20103 Filed 7-30-97; 8:45 am] BILLING CODE 4510-29-P --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A97-20103. Public record. Not legal advice.