Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1985-68 To Permit Employee Benefit Plans To Invest in Customer Notes of Employers

Published date20 May 2020
Record Number2020-10827
SectionNotices
CourtLabor Department
Federal Register, Volume 85 Issue 98 (Wednesday, May 20, 2020)
[Federal Register Volume 85, Number 98 (Wednesday, May 20, 2020)]
                [Notices]
                [Pages 30737-30738]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2020-10827]
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                DEPARTMENT OF LABOR
                Office of the Secretary
                Agency Information Collection Activities; Submission for OMB
                Review; Comment Request; Prohibited Transaction Class Exemption 1985-68
                To Permit Employee Benefit Plans To Invest in Customer Notes of
                Employers
                ACTION: Notice of availability; request for comments.
                -----------------------------------------------------------------------
                SUMMARY: The Department of Labor (DOL) is submitting this Employee
                Benefits Security Administration (EBSA)-sponsored information
                collection request (ICR) to the Office of Management and Budget (OMB)
                for review and approval 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 June 19, 2020.
                ADDRESSES: Written comments and recommendations for the proposed
                information collection should be sent within 30 days of publication of
                this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
                information collection by selecting ``Currently under 30-day Review--
                Open for Public Comments'' or by using the search function.
                 Comments are invited on: (1) Whether the collection of information
                is necessary for the proper performance of the functions of the
                Department, including whether the information will have practical
                utility; (2) if the information will be processed and used in a timely
                manner; (3) the accuracy of the agency's estimates of the burden and
                cost of the collection of information, including the validity of the
                methodology and assumptions used; (4) ways to enhance the quality,
                utility, and clarity of the information collection; and (5) ways to
                minimize the burden of the collection of information on those who are
                to respond, including the use of automated collection techniques or
                other forms of information technology.
                FOR FURTHER INFORMATION CONTACT: Anthony May by telephone at 202-693-
                4129 (this is not a toll-free number) or by email at
                [email protected].
                SUPPLEMENTARY INFORMATION: This class exemption exempts from the
                prohibited transaction provisions of ERISA, certain transactions
                involving the purchase of customer notes of an employee by an employee
                benefit plan. The class exemption requires plans to maintain for a
                period of six years all necessary records pertaining to the affected
                transactions and to make those records available to certain designed
                persons upon request. For additional substantive information about this
                ICR, see the related notice published in the Federal Register on
                October 10, 2019 (84 FR 54642).
                 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 the OMB approves it 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
                OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
                 DOL seeks PRA authorization for this information collection for
                three (3) years. OMB authorization for an ICR cannot be for more than
                three (3) years without renewal. The DOL notes that information
                collection requirements submitted to the OMB for existing ICRs receive
                a month-to-month extension while they undergo review.
                 Agency: DOL-EBSA.
                 Title of Collection: Prohibited Transaction Class Exemption 1985-68
                to Permit Employee Benefit Plans to Invest in Customer Notes of
                Employers.
                 OMB Control Number: 1210-0094.
                 Affected Public: Private Sector: Businesses or other for-profits,
                not-for-profit institutions.
                [[Page 30738]]
                 Total Estimated Number of Respondents: 69.
                 Total Estimated Number of Responses: 325.
                 Total Estimated Annual Time Burden: 1 hour.
                 Total Estimated Annual Other Costs Burden: $0.
                 Authority: 44 U.S.C. 3507(a)(1)(D).
                 Dated: May 14, 2020.
                Anthony May,
                Acting Departmental Clearance Officer.
                [FR Doc. 2020-10827 Filed 5-19-20; 8:45 am]
                 BILLING CODE 4510-29-P
                

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