View Information Collection Request (ICR) Package

OMB Control No: 1210-0059	ICR Reference No: 202308-1210-006
Status: Historical Inactive	Previous ICR Reference No: 202204-1210-004
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Employee Retirement Income Security Act Prohibited Transaction Exemption 1986-128 For Securities Transactions Involving Employee Benefit Plans and Broker-Dealers
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	275,745	0	275,745
Time Burden (Hours)	2,193	0	2,193
Cost Burden (Dollars)	296,108	0	296,108

Abstract: Prohibited Transaction Exemption 86-128 (as amended) permits persons who serve as fiduciaries for employee benefit plans to effect or execute securities transactions on behalf of employee benefit plans.

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-ZA34	Proposed rulemaking	88 FR 76032	11/03/2023

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

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 number of plans affected has been updated to reflect updated Form 5500 data, and thus, the number of responses has decreased. The estimated number of affected broker-dealer fiduciaries has also been updated to reflect current Securities and Exchange Commission data. In addition, the Department has also revised its estimate of the wage and postage costs due to increased labor costs and inflation. The Department is proposing to amend PTE 86-128 by adding a recordkeeping requirement for financial institutions. In addition, the amendment would cover IRAs in Section III of the class exemption. Section III imposes information collection requirements on fiduciaries of employee benefit plans and IRAs that affect or execute securities transactions and the independent plan fiduciary authorizing the plan to engage in the transactions with the broker-dealer. Thus, IRAs have been included in this analysis, and thus, the hour burden has increased. As a result, the number of responses has decreased by 242,175 responses, the hour burden increased by 736 hours, and the cost burden decreased by $259,074. Finally, the Department is amending PTE 86-128 by removing fiduciary investment advice from the covered transactions. While the Department is proposing to amend PTE 86-128 by removing fiduciary investment advice from the covered transactions, the Department believes that this would result in a marginal change. Thus, this change would not affect the hour and cost burden.

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? Yes

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

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