Foreign Currency Transactions; Prohibited Transaction Class Exemption 94-20

Forms and Documents

Document Name	Status
PTE_94-20ss12(20120731).docx Supporting Statement A	2012-07-31

IC Document Collections

IC ID	Document Title	Status
43797	Foreign Currency Transactions; Prohibited Transaction Class Exemption 94-20 Other-PTE 94-20	Modified

ICR Details

OMB Control No: 1210-0085	ICR Reference No: 201205-1210-005
Status: Historical Active	Previous ICR Reference No: 200907-1210-006
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Foreign Currency Transactions; Prohibited Transaction Class Exemption 94-20
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: 11/26/2012
	Date Received in OIRA: 08/07/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2015	36 Months From Approved	11/30/2012
Responses	1,355	0	1,395
Time Burden (Hours)	226	0	230
Cost Burden (Dollars)	0	0	0

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Abstract: The class exemption permits the purchase and sale of foreign currencies between an employee benefit plan and a bank or a broker dealer or an affiliate thereof that is a party in interest with respect to such plan.

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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:
	77 FR 60250	04/05/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 47118	08/07/2012
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
Foreign Currency Transactions; Prohibited Transaction Class Exemption 94-20

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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	1,355	1,395	0	0	-40	0
Annual Time Burden (Hours)	226	230	0	0	-4	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: There have been no program changes since the prior submission. However, the Department has made adjustments to the burden analysis that result in an decrease in the annual hour burden from 230 hours to 226 hours. The decrease is due to the decrease in the number of respondents, resulting from more current data from the FDIC regarding the number of banks engaging in currency trading through foreign branches. In addition the increase in the equivalent cost is a result of an increase in the estimated labor rate for clerical staff.

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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: 08/07/2012

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