Procedure for Application for Exemption from the Prohibited Transaction Provisions of Section 408(a) of the Employee Retirement Income Security Act of 1974 (ERISA)
ICR 201008-1210-004
OMB: 1210-0060
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1210-0060 can be found here:
Procedure for Application for
Exemption from the Prohibited Transaction Provisions of Section
408(a) of the Employee Retirement Income Security Act of 1974
(ERISA)
In accordance
with 5 CFR 1320, the information collection is not approved at this
time. Prior to publication of the final rule, the agency should
provide to OMB a summary of all comments related to the information
collection requirements and identify any changes made in response
to these comments.
Inventory as of this Action
Requested
Previously Approved
08/31/2011
36 Months From Approved
10/31/2011
16,434
0
16,434
1,958
0
1,958
7,937
0
7,937
Section 408(a) of ERISA authorizes the
Secretary of Labor to grant exemptions from the prohibited
transaction sections of 406 and 407(a) of ERISA and directs the
Secretary to establish a procedure with respect to such provisions.
This regulation provides a procedure that requires applications for
exemption to make certain disclosures to the Department of Labor
and to participants and beneficiaries.
US Code:
29
USC 1108 Name of Law: Employee Retirement Income Security Act
of 1974
The Department has made
adjustments for the estimate in the annual number of applications,
the wage rates for professional and clerical help, and the size of
the plans filing exemption requests with the Department. The
Department has now accounted for the costs of hiring outside
services (ERISA oriented law firms, outside appraisers and
financial experts). These services are more explicitly laid out
than the previous procedure and thus have been factored into the
cost estimates. Any paperwork costs of these requirements are built
into the estimated fees for outside services. Additionally, mailing
costs of the application are now built into the fees of the outside
firm. There are new estimates for the Federal staff hours involved.
There are also new costs for SPEs and other documentation.
No
No
No
No
No
Uncollected
Christopher Cosby 202-693-8425
cosby.chris@dol.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.