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OMB Control No: 1210-0060	ICR Reference No: 202310-1210-002
Status: Active	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: Approved without change	Conclusion Date: 02/12/2024
	Date Received in OIRA: 01/24/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2027	36 Months From Approved	04/30/2024
Responses	3,592	0	4,899
Time Burden (Hours)	2,718	0	632
Cost Burden (Dollars)	144	0	551,422

Abstract: Section 408(a) of the Employee Retirement Income Security Act of 1974 (ERISA) and section 4975(c)(2) of the Internal Revenue Code of 1986 (the Code) authorizes the Secretary of Labor and the Secretary of the Treasury to establish an exemption procedure in order to grant a conditional or unconditional exemption of any fiduciary, disqualified person or class of fiduciaries, or orders of disqualified persons or transactions, from all or part of the restrictions imposed by sections 406 and 407(a) of ERISA and from the taxes imposed by section 4975(a) and (b) of the Code, by reason of section 4975(c)(1) of the Code. This collection provides the Secretary with information needed to grant exemptions from the prohibited transaction sections of 406 and 407(a) of ERISA.

Authorizing Statute(s): US Code: 26 USC 4975(c)(2) Name of Law: Internal Revenue Code
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-AC05	Final or interim final rulemaking	89 FR 4662	01/24/2024

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

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	3,592	4,899	-1,307
Annual Time Burden (Hours)	2,718	632	2,086
Annual Cost Burden (Dollars)	144	551,422	-551,278

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 has adjusted the total burden estimates due to both an update in the number of responses, and the additional burden brought forth by the changes to the exemption procedure regulation. The Department has updated the burden estimates to reflect changes 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 3,592 hours and was accompanied by an increase in the cost of labor and postage. Due to the revisions to the requirements set forth in subsections (c) through (f), the Department takes into account the additional burden originated by qualified independent appraisers and qualified independent fiduciaries that will be involved in exemption transactions. The Department also estimates the additional burden that the amendments to section 2570.31(k) and section 2570.34(d) will originate for those entities that conduct a pre-submission conference but do not apply for an exemption application. In total, the Department estimates that the amendments will add 47 hours to the total burden ((1 hour for each the appraiser and fiduciary x 21 applications) + (1 hour of preparation x 5 pre-submission consultations not resulting in an application)). Due to these updates the annual number of responses decrease by 1,307, the hours burden increased by 2,086 and the cost burden decreased by $551,278.

Annual Cost to Federal Government: $10,866

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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