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

Forms and Documents

Document	Type	Status	Availability
PTE 88-59ss07.doc	Supporting Statement A	Uploaded 0000-00-00	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
13425	Prohibited Transaction Class Exemption 88-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans	Other-Prohibited Transaction Class Exemption	Modified

ICR Details

OMB Control No: 1210-0095	ICR Reference No: 200611-1210-004
Status: Historical Active	Previous ICR Reference No: 200401-1210-004
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: PTE 88-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/17/2007
	Date Received in OIRA: 03/01/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2010	36 Months From Approved	04/30/2007
Responses	8,925	0	2,100
Time Burden (Hours)	744	0	175
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 29 USC 1108(b) Name of Law: Employee Retirement Income Security Act of 1974
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 70546	12/05/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 9360	03/01/2007
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Prohibited Transaction Class Exemption 88-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans

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ICR Summary of Burden

	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

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 03/01/2007

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