Class Exemption 81-8 for Investment of Plan Assets in Certain Types of Short-Term Investments

Forms and Documents

Document	Type	Status	Availability
PTE-81-8.doc	Supporting Statement A	Uploaded 2011-04-01	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
13365	Class Exemption 81-8 for Investment of Plan Assets in Certain Types of Short-Term Investments	Other-Federal Register Document	Modified

ICR Details

OMB Control No: 1210-0061	ICR Reference No: 201101-1210-004
Status: Historical Active	Previous ICR Reference No: 200802-1210-005
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Class Exemption 81-8 for Investment of Plan Assets in Certain Types of Short-Term Investments
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	305,000	0	250,000
Time Burden (Hours)	76,000	0	41,700
Cost Burden (Dollars)	87,000	0	102,500

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Abstract: Class Exemption 81-8 permits the investment of plan assets that involve the purchase or other acquisition, holding, sale, exchange or redemption by or on behalf of an employee benefit plan of certain types of short-term investments. Without the exemption, certain aspects of these transactions might be prohibited by section 406 of the Employee Retirement Income Security Act (ERISA).

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Authorizing Statute(s): US Code: 26 USC 4975 Name of Law: Internal Revenue Code of 1986
   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 69130	11/10/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 19791	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 81-8 for Investment of Plan Assets in Certain Types of Short-Term Investments

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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	305,000	250,000	0	0	55,000	0
Annual Time Burden (Hours)	76,000	41,700	0	0	34,300	0
Annual Cost Burden (Dollars)	87,000	102,500	0	0	-15,500	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 adjusted its estimate to reflect updated postage and material costs and wage rates. The wage rates now incorporate both overhead costs and other forms of compensation. The estimates also reflect a slight increase in the minutes required to process the requisite paperwork (from 7 to 10 minutes for financial professionals and from 3 to 5 minutes for clerical staff). Another modification is that the paper cost burden is reduced because the Department estimates that 38% of service providers notify plans 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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