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View ICR - OIRA Conclusion

OMB Control No: 1210-0163	ICR Reference No: 202404-1210-003
Status: Historical Inactive	Previous ICR Reference No: 202312-1210-003
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: Improperly submitted and continue	Conclusion Date: 04/26/2024
	Date Received in OIRA: 04/26/2024
Terms of Clearance:

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

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 amending PTE 2020-02 by building on existing conditions of PTE 2020-02 to provide more certainty for Retirement Investors receiving investment advice and for Financial Institutions and Investment Professionals to comply with the exemption’s conditions. In this regard, the Department is finalizing disclosures to ensure that Retirement Investors have sufficient information to make informed decisions about the costs of their investment advice transactions and about the significance and severity of the investment advice fiduciary conflicts of interest that permeate such advice transactions. In addition, the Department has revised the number of broker-dealers, the number of investment advisers, the number of insurers, the number of robo-advisers, the number of insurance agents and brokers, the number of Plan to Plan rollovers, the number of Plan to IRA rollovers, and the number of IRA to IRA rollovers. The Department has also revised its estimate of the wage and postage costs due to increased labor costs and inflation. As a result, the number of responses has increased by 112,853,212 responses, the hour burden has increased by 2,197,970 hours, and the cost burden as increased by $18,267,480.

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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