Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction

Forms and Documents

Document Name	Status
ssombPTE_96-62_(20110404).doc Supporting Statement A	2011-04-05

IC Document Collections

IC ID	Document Title	Status
13432	Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction Other-Federal Register Document	Modified

ICR Details

OMB Control No: 1210-0098	ICR Reference No: 201101-1210-005
Status: Historical Active	Previous ICR Reference No: 200802-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction
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	15,279	0	50
Time Burden (Hours)	295	0	62
Cost Burden (Dollars)	51,000	0	67,675

---

Abstract: This class exemption permits a plan to seek approval on an accelerated basis of otherwise prohibited transactions by providing the Department and interested persons with information demonstrating the transaction is substantially similar to at least two individual exemptions previously granted and presents little, if any, opportunity for abuse or risk of loss to a plans' participants and beneficiaries.

---

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

---

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

---

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

---

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

IC Title	Form No.	Form Name
Prohibited Transaction Class Exemption 96-62, Process for Expedited Approval of an Exemption for Prohibited Transaction

---

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	15,279	50	0	0	15,229	0
Annual Time Burden (Hours)	295	62	0	0	233	0
Annual Cost Burden (Dollars)	51,000	67,675	0	0	-16,675	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: Differences in the cost burden reflect adjustments based on recent information about the number of applicants for accelerated approval of an exemption from a prohibited transaction. Differences in the hour burden reflect changes in hourly compensation, plus overhead, for professional and clerical staff, and an increase in the number of applicants for accelerated approval of an exemption from a prohibited transaction. Additionally, the Department has increased its estimates of the fraction of applicants that are larger plans from 12% to 50%.

---

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

---

Common Form ICR:  No

---

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

---