Employee Retirement Income Security Act Prohibited Transaction Exemption 1986-128 For Securities Transactions Involving Employee Benefit Plans and Broker-Dealers

ICR 201412-1210-005

OMB: 1210-0059

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-12-19
ICR Details
1210-0059 201412-1210-005
Historical Active 201108-1210-004
DOL/EBSA
Employee Retirement Income Security Act Prohibited Transaction Exemption 1986-128 For Securities Transactions Involving Employee Benefit Plans and Broker-Dealers
Extension without change of a currently approved collection   No
Regular
Approved without change 03/02/2015
Retrieve Notice of Action (NOA) 01/27/2015
  Inventory as of this Action Requested Previously Approved
03/31/2018 36 Months From Approved 03/31/2015
1,300,000 0 1,199,800
35,000 0 63,800
1,100,000 0 736,800

Prohibited Transaction Exemption 86-128 (as amended) permits persons who serve as fiduciaries for employee benefit plans to effect or execute securities transactions on behalf of employee benefit plans.

US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  79 FR 61903 10/15/2014
80 FR 4316 01/27/2015
No

  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 1,300,000 1,199,800 0 0 100,200 0
Annual Time Burden (Hours) 35,000 63,800 0 0 -28,800 0
Annual Cost Burden (Dollars) 1,100,000 736,800 0 0 363,200 0
No
No
This analysis uses 2014 wage and overhead estimates. Costs of postage have been updated. Additionally, the number of plans affected has been updated to reflect updated Form 5500 data. The estimated number of new plans has also been updated to reflect updated Form 5500 data. These updates resulted in an increase in the number of disclosures produced and in the cost burden. The estimated number of affected broker-dealer fiduciaries has been updated to reflect current Securities and Exchange Commission data. Additionally, the Department erroneously reported during the last submission that legal professionals at plans would prepare the annual termination form. In fact, legal professionals at financial institutions are likely to prepare this form. As forms are likely to be standardized, and there are far fewer financial institutions using this exemption that there are plans engaging in transactions, this resulted in a reduction in the hour burden estimate.

$0
No
No
No
No
No
Uncollected
Chris Cosby 202 693-8540

  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.
01/27/2015


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