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
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.