Insurance and Annuity Contracts and Mutual Fund Principal Underwriters (PTE 1984-24)

ICR 202308-1210-004

OMB: 1210-0158

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2023-11-02
IC Document Collections
IC ID
Document
Title
Status
220614 Modified
ICR Details
1210-0158 202308-1210-004
Received in OIRA 202206-1210-005
DOL/EBSA
Insurance and Annuity Contracts and Mutual Fund Principal Underwriters (PTE 1984-24)
Revision of a currently approved collection   No
Regular 11/03/2023
  Requested Previously Approved
36 Months From Approved 08/31/2025
119,376 258,041
123,726 45,277
8,457 11,743

PTE 84-24 provides an exemption for these transactions for the following parties: insurance agents, insurance brokers, pension consultants, insurance companies and mutual fund principal underwriters in connection with transactions involving both employee benefit plans, as defined in ERISA section 3(3), as well as IRAs and other plans described in Code section 4975, such as Archer MSAs described in Code section 220(d), health savings accounts described in Code section 223(d) and Coverdell education savings accounts described in Code section 530. The exemption permits insurance agents, insurance brokers and pension consultants that are parties in interest or fiduciaries with respect to plans and IRAs to effect the purchase of the insurance or annuity contracts for the plans or IRAs and receive a commission on the sale. The exemption is also available for the prohibited transaction that occurs when the insurance company selling the insurance or annuity contract is a party in interest or disqualified person with respect to the plan or IRA.

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

1210-ZA33 Proposed rulemaking 88 FR 76004 11/03/2023

No

1
IC Title Form No. Form Name
PTE 84-24

  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 119,376 258,041 0 0 -138,665 0
Annual Time Burden (Hours) 123,726 45,277 0 0 78,449 0
Annual Cost Burden (Dollars) 8,457 11,743 0 0 -3,286 0
No
No
The Department is proposing an amendment to PTE 84-24 that would exclude investment advice fiduciaries from the existing relief. The proposed amendment would also provide exemptive relief to fiduciaries who are Independent Insurance Producers that recommend annuities from an unaffiliated Financial Institution to retirement investors if certain protective conditions are met. The Department expects that excluding investment advice fiduciaries would affect the number of affected entities under the current provisions. Additionally, the conditions proposed for independent insurance producers to qualify for relief would add additional information collections for these entities. The analysis uses updated labor cost estimates. Costs of postage have been updated. Additionally, the number of plans and IRA have been updated to reflect updated Form 5500 data. The estimated number of new plans has also been updated to reflect Form 5500 data. The estimated number of insurance agents has been updated to reflect the most current data. As a result, the number of responses has decreased by 138,665 responses, the hour burden has increased by 78,449 hours, and the cost burden has decreased by $3,286.

$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.
11/03/2023


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