Proposed Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 88- 59

DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration

Proposed Information Collection Request Submitted for Public

Comment and Recommendations; Prohibited Transaction Class Exemption 88-

59

ACTION: Notice.

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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 88-59. 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 88-59 exempts from certain

prohibited transaction provisions of ERISA, certain transactions

involving residential financing arrangements. 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 88-59. 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 88-59.

OMB Number: 1210-0095.

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 185. The exemption

contains a six year recordkeeping requirement for information related

to the affected securities transactions. Most of the records required

to be maintained by the exemption are normally maintained for purposes

of completing the annual report required by ERISA (Form 5500 Series).

Those records not maintained for purposes related to the annual report

are maintained as a standard business practice or for purposes of

complying with the Internal Revenue Code. 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 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. 97-20104 Filed 7-30-97; 8:45 am]

BILLING CODE 4510-29-P