Prohibited Transaction Class Exemption 91-55: Transactions Between Individual Retirement Accounts and Authorized Purchasers of American

Forms and Documents

Document	Type	Status	Availability
ssombPTE-91-55 06-2010.doc	Supporting Statement A	Uploaded 2010-07-05	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
13389	Prohibited Transaction Class Exemption 91-55: Transactions Between Individual Retirement Accounts and Authorized Purchasers of American	Other-Prohibited Transaction Exemption	Modified

ICR Details

OMB Control No: 1210-0079	ICR Reference No: 201007-1210-003
Status: Historical Active	Previous ICR Reference No: 200703-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Prohibited Transaction Class Exemption 91-55: Transactions Between Individual Retirement Accounts and Authorized Purchasers of American
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: 12/05/2010
	Date Received in OIRA: 08/24/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2013	36 Months From Approved	12/31/2010
Responses	10,286	0	663,431
Time Burden (Hours)	349	0	11,063
Cost Burden (Dollars)	3,125	0	152,589

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Abstract: This class exemption permits purchases and sales by certain "individual retirement accounts," of American Eagle bullion coins in principal transactions from or to broker-dealers in Coins which are "authorized purchasers" of coins in bulk quantities from the U.S. Mint and which are also "disqualified persons," within the meaning of Code section 4975(c) with respect to IRAs.

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Authorizing Statute(s): US Code: 29 USC 1108 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:
	75 FR 35841	06/23/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 52032	08/24/2010
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 91-55: Transactions Between Individual Retirement Accounts and Authorized Purchasers of American

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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	10,286	663,431	0	0	-653,145	0
Annual Time Burden (Hours)	349	11,063	0	0	-10,714	0
Annual Cost Burden (Dollars)	3,125	152,589	0	0	-149,464	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 Department has revised the methodology and assumptions it previously used to estimate burden hours and costs for this submission and therefore has revised the estimates. The Department believes that its new methodology presents a more accurate picture of the estimated paperwork burden resulting from this regulation’s information collection provisions. First, the Department has adjusted the annual reporting and recordkeeping hour burden in Item 12 to reflect recent data on the number of authorized purchasers engaging in covered transactions with IRAs and the number of platinum, gold, and silver Coins purchased or sold. The estimated burden of this regulation has been reduced substantially for two reasons: (i) the Department believes that each transaction involved more coins on average than was previously estimated and, (ii) the fraction of American Eagle transactions involving IRAs was found to be lower than previously estimated. The Department believes that the number of coins held by plan holders would have to be quite large, given that custodial costs can be expensive for brokers/plan holders and that over 90% of American Eagle coin sales are silver.8 Thus, the Department believes that each transaction between a purchaser and buyer involves, on average, more coins (25) than was previously estimated (2). The Department spoke with an authorized purchasing company, and based on that conversation revised downwards the estimated share of American Eagle sales that were for IRA plans from 25 percent to 5 percent. The Department has updated wage and salary numbers to reflect updated EBSA estimates. In addition prices for postage have been updated for 2010.

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 08/24/2010

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