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OMB Control No: 1210-0158	ICR Reference No: 202308-1210-004
Status: Historical Inactive	Previous ICR Reference No: 202206-1210-005
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Insurance and Annuity Contracts and Mutual Fund Principal Underwriters (PTE 1984-24)
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: 01/02/2024
	Date Received in OIRA: 11/03/2023
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	08/31/2025	36 Months From Approved	08/31/2025
Responses	258,041	0	258,041
Time Burden (Hours)	45,277	0	45,277
Cost Burden (Dollars)	11,743	0	11,743

Abstract: PTE 84-24 provides an exemption for these transactions for the following parties: insurance agents, insurance brokers, pension consultants, insurance companies and mutual fund principal underwriters in connection with transactions involving both employee benefit plans, as defined in ERISA section 3(3), as well as IRAs and other plans described in Code section 4975, such as Archer MSAs described in Code section 220(d), health savings accounts described in Code section 223(d) and Coverdell education savings accounts described in Code section 530. The exemption permits insurance agents, insurance brokers and pension consultants that are parties in interest or fiduciaries with respect to plans and IRAs to effect the purchase of the insurance or annuity contracts for the plans or IRAs and receive a commission on the sale. The exemption is also available for the prohibited transaction that occurs when the insurance company selling the insurance or annuity contract is a party in interest or disqualified person with respect to the plan or IRA.

Authorizing Statute(s): US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-ZA33	Proposed rulemaking	88 FR 76004	11/03/2023

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
PTE 84-24

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The Department is proposing an amendment to PTE 84-24 that would exclude investment advice fiduciaries from the existing relief. The proposed amendment would also provide exemptive relief to fiduciaries who are Independent Insurance Producers that recommend annuities from an unaffiliated Financial Institution to retirement investors if certain protective conditions are met. The Department expects that excluding investment advice fiduciaries would affect the number of affected entities under the current provisions. Additionally, the conditions proposed for independent insurance producers to qualify for relief would add additional information collections for these entities. The analysis uses updated labor cost estimates. Costs of postage have been updated. Additionally, the number of plans and IRA have been updated to reflect updated Form 5500 data. The estimated number of new plans has also been updated to reflect Form 5500 data. The estimated number of insurance agents has been updated to reflect the most current data. As a result, the number of responses has decreased by 138,665 responses, the hour burden has increased by 78,449 hours, and the cost burden has decreased by $3,286.

Annual Cost to Federal Government: $0

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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