PTE 88-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans

ICR 200611-1210-004

OMB: 1210-0095

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
0000-00-00
ICR Details
1210-0095 200611-1210-004
Historical Active 200401-1210-004
DOL/EBSA
PTE 88-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans
Extension without change of a currently approved collection   No
Regular
Approved without change 04/17/2007
Retrieve Notice of Action (NOA) 03/01/2007
  Inventory as of this Action Requested Previously Approved
04/30/2010 36 Months From Approved 04/30/2007
8,925 0 2,100
744 0 175
0 0 0

This class exemption permits employee benefit plans to enter into specified transactions involving residential mortgage loans with parties in interest without violating the prohibited transaction provisions of ERISA, provided specified conditions are met. Among other conditions, the plan must maintain records pertaining to covered transactions for the duration of the loan and must make the records available upon request to plan trustees, investment managers, participants and beneficiaries, and agents of the Department or the IRS.

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

Not associated with rulemaking

  71 FR 70546 12/05/2006
72 FR 9360 03/01/2007
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 8,925 2,100 0 0 6,825 0
Annual Time Burden (Hours) 744 175 0 0 569 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There have been no program changes to this ICR since the last submission. The Department has updated and revised its estimate of the number of residential mortgages held by plans by using information concerning non-participant loans held by plans reporting on the Form 5500 annual reports for years from 1998 through 2003. Prior to 1999, the Form 5500 required certain plans to report residential mortgage loans separately from other types of loans, but the information was required only for larger plans (more than 100 participants) and those data elements were revised for years subsequent to 1998. In order to update the data collected for 1998, the Department analyzed the aggregated information reported for subsequent years regarding loans held by plans in relation to the 1998 information and other information concerning smaller plans and plans trends for mortgage lending. As a result, the estimate of the number of respondents has been revised upwards from 420 to 1,785. The revision of this estimate includes an increase for residential mortgage loans by small plans, which were not included in the prior estimate.

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Susan Lahne 202 693-8500

  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.
03/01/2007


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