Pension and Welfare Benefits Administration Proposed Information Collection Request; Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 94-20

DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration Proposed Information

Collection Request; Submitted for Public Comment and Recommendations;

Prohibited Transaction Class Exemption 94-20

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 94-20. 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 June 2, 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

[[Page 15540]]

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 clarify 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, Washington, D.C.

20210, (202) 219-7933, FAX (202) 219-4745.

SUPPLEMENTARY INFORMATION:

I. Background

Prohibited Transaction Class Exemption 94-20 permits the purchase

and sale of foreign currencies between an employee benefit plan and a

bank or a broker-dealer or an affiliate thereof which is a party in

interest with respect to such plan. In the absence of this exemption,

certain aspects of these transactions might be prohibited by section

406(a) of the Employee Retirement Income Security Act of 1974 (the

Act).

II. Current Actions

This existing collection of information should be continued because

without the relief provided by this exemption, individuals or entities

which are parties in interest of an employee benefit plan would not be

able to engage in the purchase or sale of foreign currencies between

the plan and a bank or a broker-dealer or an affiliate thereof which is

a party in interest with respect to such plan and thus, create a

potential hardship to those affected. The exemption has one basic

information collection condition. To protect the interests of

participants and beneficiaries, the bank or broker-dealer or affiliates

thereof using the class exemption are required to maintain within

territories under the jurisdiction of the United States Government, for

a period of six years from the date of the transaction, the records

necessary to enable the Department of Labor or the Internal Revenue

Service and certain other interested persons to ensure that the

conditions of the exemption have been satisfied.

Type of Review: Extension.

Agency: Pension and Welfare Benefits Administration.

Title: Prohibited Transaction Class Exemption 94-20.

OMB Number: 1210-0085.

Recordkeeping: 6 years.

Affected Public: Business or other for-profit, Not-for-profit

institutions, Individuals.

Total Respondents: 1.

Frequency: On occasion.

Total Responses: 1.

Average Time Per Response: 1 hour.

Estimated Total Burden Hours: 1 hour.

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: March 26, 1997.

Gerald B. Lindrew,

Deputy Director, Pension and Welfare Benefits Administration, Office of

Policy and Research.

[FR Doc. 97-8196 Filed 3-31-97; 8:45 am]

BILLING CODE 4510-29-P