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OMB Control No: 1210-0158	ICR Reference No: 202403-1210-004
Status: Active	Previous ICR Reference No: 202308-1210-004
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: Approved without change	Conclusion Date: 05/16/2024
	Date Received in OIRA: 04/25/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2027	36 Months From Approved	08/31/2025
Responses	1,498,615	0	258,041
Time Burden (Hours)	1,093,403	0	45,277
Cost Burden (Dollars)	191,759	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	Final or interim final rulemaking	89 FR 32302	04/25/2024

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 76004	11/03/2023
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
PTE 84-24

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	1,498,615	258,041	1,240,574
Annual Time Burden (Hours)	1,093,403	45,277	1,048,126
Annual Cost Burden (Dollars)	191,759	11,743	180,016

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 finalizing an amendment to PTE 84-24 that excludes investment advice fiduciaries from the existing relief. The final amendment also provides exemptive relief to fiduciaries who are Independent Producers that recommend annuities from an unaffiliated Insurers to Retirement Investors if certain protective conditions are met. The Department expects that excluding investment advice fiduciaries will affect the number of affected entities under the current provisions of PTE 84-24. Additionally, the amended exemption includes conditions that Independent Producers must meet to qualify for the relief provided under the exemption which adds additional information collections to the exemption. The Department used updated labor cost estimates and postage rates for this analysis. Additionally, the Department updated the number of affected plans to reflect the most recent Form 5500 data, and the number of affected IRAs and Independent Producers were similarly updated. As a of the final amendment, the number of respondents has decreased by 1,240,574 responses, the hour burden has increased by 1,048,126 hours, and the cost burden has increased by $180,016.

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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