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OMB Control No: 1210-0163	ICR Reference No: 202312-1210-003
Status: Historical Active	Previous ICR Reference No: 202012-1210-004
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 04/26/2024
	Date Received in OIRA: 01/29/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2027	36 Months From Approved	04/30/2024
Responses	3,259,765	0	1,755,959
Time Burden (Hours)	994,301	0	401,251
Cost Burden (Dollars)	104,639	0	92,063

Abstract: The proposed exemption would allow investment advice fiduciaries under both ERISA and the Code to receive compensation, including as a result of advice to roll over assets from a Plan to an IRA, and engage in principal transactions, that would otherwise violate the prohibited transaction provisions of ERISA and the Code. The exemption would apply to registered investment advisers, broker-dealers, banks, insurance companies, and their employees, agents, and representatives that are investment advice fiduciaries. The exemption would include protective conditions designed to safeguard the interests of Plans, participants and beneficiaries, and IRA owners. The new class exemption would affect participants and beneficiaries of Plans, IRA owners, and fiduciaries with respect to such Plans and IRAs.

Authorizing Statute(s): US Code: 26 USC 4975(c)(2) Name of Law: Internal Revenue Code
US Code: 29 USC 1108(a) Name of Law: Employee Retirement Income Security Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 58312	08/25/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 5578	01/29/2024
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
Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	3,259,765	1,755,959	1,503,806
Annual Time Burden (Hours)	994,301	401,251	593,050
Annual Cost Burden (Dollars)	104,639	92,063	12,576

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 revised the number of affected entities (i.e. broker-dealers, investment advisers, and insurers), labor costs, and postage costs to reflect updated data. There were two substantial changes to the estimation that affected the hour and cost burden estimates. First, the Department has revised its estimate of the number of rollovers requiring documentation. In the 2020 analysis, the Department only included an hour burden pertaining to rollovers from a Plan to an IRA. However, the PTE required the disclosure to be sent for all rollovers. The hour burden, as revised, includes the number of Plan to Plan rollovers, the number of Plan to IRA rollovers, and the number of IRA to IRA rollovers. The number of rollovers was also updated using more recent data, The hour burden associated with the rollover disclosure increased by 548,623 hours in the first year. The estimate of the number of responses also increased from 1,755,959 to 3,259,765. Second, upon further consideration, the Department has increased its estimate of the time required to conduct and review the annual retrospective review. The hour burden associated with the retrospective review increased by 37,731 hours in the first year. As a result, considering the three-year average, the number of responses has increased by 1,503,806 responses, the hour burden has increased by 593,095 hours, and the cost burden increased by $12,576.

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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