Collective Investment Funds
Conversion Transactions, Prohibited Transaction Class Exemption
1997-41
Extension without change of a currently approved collection
No
Regular
02/23/2022
Requested
Previously Approved
36 Months From Approved
04/30/2022
105
105
1,760
1,760
585,299
508,282
The exemption permits an employee
benefit plan to purchase shares of an open-end registered
investment company in exchange for plans assets transferred in-kind
from a collective investment fund maintained by a bank or plan
adviser, where the bank or plan adviser is the investment adviser
of the investment company and a fiduciary of the plan, provided
specified conditions are met. The exemption requires that an
independent fiduciary receive advance written notice of any covered
transaction, as well as specific written information concerning the
mutual funds to be purchased. The independent fiduciary must also
provide written advance approval of conversion transactions and
receive written confirmation of each transaction, as well as
additional on-going disclosures as defined in the
exemption.
US Code:
26 USC 4975(c)(2) Name of Law: Internal Revenue Code
US Code: 29
USC 1108 Name of Law: Employee Retirement Income Security Act
of 1974
James Butikofer 202 693-8434
Butikofer.James@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.