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OMB Control No: 1210-0163	ICR Reference No: 202404-1210-005
Status: Active	Previous ICR Reference No: 202404-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption
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: 05/30/2024
	Date Received in OIRA: 04/27/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2027	36 Months From Approved	04/30/2027
Responses	114,609,171	0	3,259,765
Time Burden (Hours)	2,599,221	0	994,301
Cost Burden (Dollars)	18,359,543	0	104,639

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

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-ZA32	Final or interim final rulemaking	89 FR 32260	04/25/2024

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 75979	11/03/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 32260	04/25/2024
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
Improving Investment Advice for Workers & Retirees Prohibited Transaction Exemption

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	114,609,171	3,259,765	111,349,406
Annual Time Burden (Hours)	2,599,221	994,301	1,604,920
Annual Cost Burden (Dollars)	18,359,543	104,639	18,254,904

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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 111,349,406 responses, the hour burden has increased by 1,604,920 hours, and the cost burden as increased by $18,254,904.

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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