Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction

ICR 201101-1210-005

OMB: 1210-0098

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2011-04-05
ICR Details
1210-0098 201101-1210-005
Historical Active 200802-1210-003
DOL/EBSA
Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction
Extension without change of a currently approved collection   No
Regular
Approved without change 06/04/2011
Retrieve Notice of Action (NOA) 04/08/2011
  Inventory as of this Action Requested Previously Approved
06/30/2014 36 Months From Approved 06/30/2011
15,279 0 50
295 0 62
51,000 0 67,675

This class exemption permits a plan to seek approval on an accelerated basis of otherwise prohibited transactions by providing the Department and interested persons with information demonstrating the transaction is substantially similar to at least two individual exemptions previously granted and presents little, if any, opportunity for abuse or risk of loss to a plans' participants and beneficiaries.

US Code: 26 USC 4975 Name of Law: Internal Revenue Code of 1986
   US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  75 FR 69130 11/10/2010
76 FR 19791 04/08/2011
No

1
IC Title Form No. Form Name
Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 15,279 50 0 0 15,229 0
Annual Time Burden (Hours) 295 62 0 0 233 0
Annual Cost Burden (Dollars) 51,000 67,675 0 0 -16,675 0
No
No
Differences in the cost burden reflect adjustments based on recent information about the number of applicants for accelerated approval of an exemption from a prohibited transaction. Differences in the hour burden reflect changes in hourly compensation, plus overhead, for professional and clerical staff, and an increase in the number of applicants for accelerated approval of an exemption from a prohibited transaction. Additionally, the Department has increased its estimates of the fraction of applicants that are larger plans from 12% to 50%.

$0
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.
04/08/2011


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