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OMB Control No: 1210-0104	ICR Reference No: 202410-1210-005
Status: Active	Previous ICR Reference No: 202201-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41
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 without change	Conclusion Date: 05/05/2025
	Date Received in OIRA: 03/28/2025
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2028	36 Months From Approved	05/31/2025
Responses	105	0	105
Time Burden (Hours)	3,010	0	1,760
Cost Burden (Dollars)	91	0	585,299

Abstract: Prohibited Transaction Exemption (PTE) 97-41 permits an employee benefit plan to purchase shares of a registered open-end investment company (mutual fund) in exchange for plan assets transferred in-kind from a collective investment fund (CIF) maintained by a bank or plan adviser, even though the bank or plan adviser, or an affiliate thereof, is the investment adviser for the mutual fund and also serves as a fiduciary for the plan, provided that the purchase and transfer is in connection with a complete withdrawal of the plan's investment in the CIF and certain other conditions are met. Among other conditions, the exemption requires the bank or plan adviser to provide an independent fiduciary of the plan with advance written notice of the proposed transfer and full written disclosure of information concerning the mutual fund, including the current prospectus; disclosure of the fees to be charged to, or paid by the plan and funds to the bank or plan adviser, including the nature and extent of any differential between the rates of the fees; the reasons why the bank or plan adviser considers the in-kind transfers appropriate for the plan; and a statement of whether there are any limitations applicable to the bank or plan adviser with respect to which plan assets may be invested in shares of the mutual fund and, if so, the nature of such limitations; and the identity of securities that will have to be valued for the transfer. The independent fiduciary must give prior written approval of the transfer (and written approval of any electronic transmission of subsequent confirmations from the bank or plan adviser, if the independent fiduciary elects to receive such statements in that form); and the bank or adviser must send written (or electronic, if approved) confirmation of the transfer. Subsequent to a transfer, the bank or plan adviser must provide the independent fiduciary of the plan with updated prospectuses at least annually for mutual funds in which the plan remains invested; the bank or plan adviser must also provide, upon the independent fiduciary's request, a report or statement of all fees paid by the mutual fund to the bank or plan adviser, which may be in the form of the most recent financial report.

Authorizing Statute(s): US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974
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:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 56416	07/09/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 14165	03/28/2025
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
Prohibited Transaction Class Exemption 97-41; Collective Investment Funds Conversion Transactions

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	105	105	0
Annual Time Burden (Hours)	3,010	1,760	1,250
Annual Cost Burden (Dollars)	91	585,299	-585,208

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 changes to this ICR were due to increases in labor rates, legal costs, and postage costs. Additionally, the Department made two changes to its estimate methods. In the past, the Department had assumed that all notices would be sent by certified mail. The Department now assumes that the advanced notice package would be sent by First Class Mail and that only the additional request information would be sent by certified mail. Additionally, the Department had in the past accounted for the cost to hire external legal help as a cost (in Question 13), but the Department is now considering this to be an hour burden. As a result, the hour burden has increased by 1,250 hours, and the cost burden has decreased by $585,208.

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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