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•–Enhance the quality, utility, and collection instruments are clearly II. Desired Focus of Comments
clarity of the information to be understood, and the impact of collection The Department of Labor
collected; and requirements on respondents can be (Department) is particularly interested
•–Minimize the burden of the properly assessed. Currently, the in comments which:
collection of information on those who Pension and Welfare Benefits • Evaluate whether the proposed
are to respond, including through the Administration is soliciting comments collection of information is necessary
use of appropriate automated, concerning the proposed extension of a for the proper performance of the
electronic, mechanical, or other currently approved collection of functions of the agency, including
technological collection techniques or information, Definition of Plan Assets— whether the information will have
other forms of information technology, Participant Contributions, CFR practical utility;
e.g., permitting electronic submission of § 2510.3–102. A copy of the proposed • Evaluate the accuracy of the
responses. agency’s estimate of the burden of the
information collection request can be
Agency: Employment Standards proposed collection of information,
Administration. obtained by contacting the individual
listed below in the address section of including the validity of the
Title: Executive Order 12933, 29 CFR
this notice. methodology and assumptions used;
Part 9, Nondisplacement of Qualified
• Enhance the quality, utility, and
Workers Under Certain Contracts. DATES:Written comments must be clarity of the information to be
OMB Number: 1215–0190. submitted on or before March 20; 2000.
Frequency: On occasion. collected; and
Affected Public: Business and other ADDRESSES: Gerald B. Lindrew, • Minimize the burden of the
for-profit, Individuals or households, Department of Labor, Pension and collection of information on those who
Federal government. Welfare Benefits Administration, 200 are to respond, including through the
Number of Respondents: 88. Constitution Avenue, NW, Washington, use of appropriate automated,
Estimated Time Per respondent: 15 electronic, mechanical, or other
D.C. 20210, (202) 219–4782 (not a toll-
minutes. technological collection techniques or
free number), FAX (202) 219–4745.
Total Burden Hours: 22 hours. other forms of information technology,
Total Annualized capital/startup SUPPLEMENTARY INFORMATION: e.g., permitting electronic submissions
costs: $0. of responses.
I. Background
Total annual costs (operating/ III. Current Actions
maintaining systems or purchasing This regulation describes when
services): $0. The regulation provides guidance for
certain monies, which a participant
Description: These rules provide fiduciaries, participants, and
pays to or has withheld by an employer
recordkeeping requirements in certain beneficiaries of employee benefit plans
for contribution to an employee benefit
building service contracts documenting on the requirements for transmission of
plan, are ‘‘plan assets’’ for purposes of employee contributions withheld from
offers of employment of a successor Title I of the Employee Retirement
contractor. wages. Extension of the information
Security Act of 1974 (ERISA) and the collection provision of the regulation is
Ira L. Mills, related prohibited transaction important because delays in the
Departmental Clearance Officer. provisions of the Internal Revenue Code transmittal of funds may result in lost
[FR Doc. 00–1092 Filed 1–14–00; 8:45 am] (IRC). The regulation establishes that earnings to pension plan participants
BILLING CODE 4510–27–M participant contributions to an and beneficiaries. In addition, for those
employee pension benefit plan become employers who may have difficulty
plan assets on the earliest date that they meeting regulation deadlines for
DEPARTMENT OF LABOR can reasonably be segregated from an participant contribution transmissions,
employer’s general assets, but in no the extension provision of the regulation
Pension and Welfare Benefits event later than 15 business days for provides an alternate means of employer
Administration pension plans, 90 days for welfare compliance with the regulation, while
plans, and, in the case of SIMPLE providing participants, beneficiaries,
Proposed Extension of Information
Retirement Accounts, 30 days following and the Department with sufficient
Collection Request Submitted for
the month in which the contribution information to protect their rights under
Public Comment and
amounts would otherwise have been ERISA.
Recommendation; Definition of ‘‘Plan
payable to the participant in cash. This notice requests comments on the
Assets’’—Participant Contributions
extension of the ICR included in the
The regulation also establishes a
ACTION: Notice. regulation governing the definition of
procedure (for pension plans only) ‘‘plan assets.’’ The Department is not
SUMMARY: The Department of Labor (the
whereby an employer may obtain an proposing or implementing changes to
Department), as part of its continuing additional 10 business days to comply the existing ICR at this time. Comments
effort to reduce paperwork and with the contribution time limits. In received in response to this notice will
respondent burden, provides the general order to take advantage of this be incorporated in the submission to
public and Federal agencies with an opportunity, an employer is required to OMB for continued clearance of the ICR.
opportunity to comment on proposed satisfy certain exemption conditions, Type of Review: Extension.
and/or continuing collections of including notification to participants, Agency: Pension and Welfare Benefits
information in accordance with the bonding, and certification to the Administration.
Paperwork Reduction Act of 1995 (PRA Secretary of the Department of Labor Title: Definition of Plan Assets—
95) (44 U.S.C. 3506(c)(2)(A)). This when the funds are transmitted. These Participant Contributions.
program helps to ensure that requested conditions are intended to protect OMB Number: 1210–0100.
data can be provided in the desired participant contributions and provide Affected Public: Business or other for-
format, reporting burden (time and the Department with adequate notice of profit, Not-for-profit institutions,
financial resources) is minimized, an employer’s compliance. Individuals.
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2648 Federal Register / Vol. 5, No. 11 / Tuesday, January 18, 2000 / Notices
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