Bank Collective Investment Funds; Prohibited Transaction Class Exemption 91-38

Forms and Documents

Document Name	Status
PTE91-38ss09.doc Supporting Statement A	2009-07-06

IC Document Collections

IC ID	Document Title	Status
43795	Bank Collective Investment Funds; Prohibited Transaction Class Exemption 91-38 Other-PTE 91-38	Modified

ICR Details

OMB Control No: 1210-0082	ICR Reference No: 200907-1210-003
Status: Historical Active	Previous ICR Reference No: 200606-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Bank Collective Investment Funds; Prohibited Transaction Class Exemption 91-38
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: 08/31/2009
	Date Received in OIRA: 07/30/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	36 Months From Approved	08/31/2009
Responses	3,600	0	1,200
Time Burden (Hours)	600	0	200
Cost Burden (Dollars)	0	0	0

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Abstract: Exempts from the prohibited transaction provisions of ERISA certain transactions between a bank collective investment fund and persons that are parties in interest to a plan, provided that the plan's participation in the collective investment fund does not exceed a specified percentage of the total assets in the collective investment fund and that the bank maintains and makes available certain records.

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Authorizing Statute(s): US Code: 29 USC 1106 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:
	74 FR 17988	04/20/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 38044	07/30/2009
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
Bank Collective Investment Funds; Prohibited Transaction Class Exemption 91-38

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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	3,600	1,200	0	0	2,400	0
Annual Time Burden (Hours)	600	200	0	0	400	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: The hour burden for this information collection is being increased from 200 hours to 600 hours due to the estimated number of respondents increasing, from 1,200 to 3,600. The 2006 estimate of respondents included only banks, but not trusts. Trusts now are included, because both banks and trust are eligible to use the exemption. The equivalent costs of the hour burden increased due to updating the labor rate.

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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)? No

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: 07/30/2009

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