View Information Collection Request (ICR) Package

Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.

View ICR - OIRA Conclusion

OMB Control No: 1210-0060	ICR Reference No: 202203-1210-002
Status: Historical Inactive	Previous ICR Reference No: 202012-1210-005
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Employee Retirement Income Security Act of 1974 Section 408(a) Prohibited Transaction Provisions Exemption Application Procedure
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 04/12/2022
	Date Received in OIRA: 03/15/2022
Terms of Clearance: In accordance with 5 CFR 1320, the information collection is not approved at this time. Prior to publication of the final rule, the agency should provide to OMB a summary of all comments received on the proposed information collection and identify any changes made in response to these comments.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2024	36 Months From Approved	04/30/2024
Responses	4,899	0	4,899
Time Burden (Hours)	632	0	632
Cost Burden (Dollars)	551,422	0	551,422

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Department has increased the total burden estimates due to both an update in the number of reponses and the additional burden brought forth by the proposed changes to the exemption procedure regulation. The Department has updated the burden estimates to reflect a increase in the number of exemption applications and the number of exemptions granted and proposed, relative to the last submission. This new estimated burden totals approximately 1,984 hours, and was accompanied by an increase in the cost of labor and postage. Due to the proposed revisions to the requirements set forth in subsections (c) through (f), the Department takes into account the additional burden on qualified independent appraisers and qualified independent fiduciaries that will be involved in exemption transactions. The Department also estimates additional burden due to the amendments to section 2730.31(k) and section 2570.34(d) will be placed on those entities that do not submit a pre-submission application. In total, the Department estimates that the proposed amendments will add 1,061 hours to the total burden.

Annual Cost to Federal Government: $10,486

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: James Butikofer 202 693-8434 Butikofer.James@dol.gov

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