Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41

ICR 202201-1210-001

OMB: 1210-0104

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-01-27
ICR Details
1210-0104 202201-1210-001
Received in OIRA 201901-1210-003
DOL/EBSA
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
  
None

Not associated with rulemaking

  86 FR 62208 11/09/2021
87 FR 10253 02/23/2022
No

1
IC Title Form No. Form Name
Prohibited Transaction Class Exemption 97-41; Collective Investment Funds Conversion Transactions

  Total Request 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 105 105 0 0 0 0
Annual Time Burden (Hours) 1,760 1,760 0 0 0 0
Annual Cost Burden (Dollars) 585,299 508,282 0 0 77,017 0
No
No

$0
No
    No
    No
No
No
No
No
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.
02/23/2022


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