Class Exemption 77-4 for Certain Transactions Between Investment Companies and Employee Benefit Plans

Forms and Documents

Document	Type	Status	Availability
ssombPTE-77-4.doc	Supporting Statement A	Uploaded 2011-03-31	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
13347	Class Exemption 77-4 for Certain Transactions Between Investment Companies and Employee Benefit Plans	Other-PTE 77-4	Modified

ICR Details

OMB Control No: 1210-0049	ICR Reference No: 201101-1210-003
Status: Historical Active	Previous ICR Reference No: 200802-1210-002
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Class Exemption 77-4 for Certain Transactions Between Investment Companies and 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: 06/04/2011
	Date Received in OIRA: 04/08/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2014	36 Months From Approved	06/30/2011
Responses	366,000	0	118,000
Time Burden (Hours)	31,350	0	10,301
Cost Burden (Dollars)	442,000	0	167,000

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Abstract: Prohibited Transaction Exemption 77-4 permits an employee benefit plan to purchase and sell shares of an open-end investment company (mutual fund) when a fiduciary with respect to the plan is also the investment advisor for the mutual fund.

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Authorizing Statute(s): US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974
   US Code: 26 USC 4975 Name of Law: Internal Revenue Code of 1986
  

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 69130	11/10/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 19790	04/08/2011
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
Class Exemption 77-4 for Certain Transactions Between Investment Companies and 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	366,000	118,000	0	0	248,000	0
Annual Time Burden (Hours)	31,350	10,301	0	0	21,049	0
Annual Cost Burden (Dollars)	442,000	167,000	0	0	275,000	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 its estimate to reflect updated wage data. It also has adjusted the number of mutual fund complexes that will use the exemption. Since 1990, there has been a large increase in the role that mutual fund companies play for pension plans. The large increase in the estimated number of mutual fund complexes using this exemption and estimated number of pension plans which utilize the services of a mutual fund complex as money manager explains the increase in estimated burden hours in this submission. Additionally, this estimate accounts for increases in postage rates, the fact that disclosure notices will be approximately 20 pages, and accounts for a certain fraction of service provider disclosing this information electronically.

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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: 04/08/2011

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