Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers under Prohibited Transaction Exemption 1984-14

ICR 201605-1210-004

OMB: 1210-0128

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-07-05
ICR Details
1210-0128 201605-1210-004
Historical Active 201305-1210-004
DOL/EBSA
Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers under Prohibited Transaction Exemption 1984-14
Extension without change of a currently approved collection   No
Regular
Approved without change 12/08/2016
Retrieve Notice of Action (NOA) 07/29/2016
  Inventory as of this Action Requested Previously Approved
12/31/2019 36 Months From Approved 12/31/2016
4,620 0 5,151
111,000 0 122,438
46,200,000 0 51,000,000

Prohibited Transaction Class Exemption 84–14 permits a party that is related to an employee benefit plan to engage in transactions involving plan assets if, among other conditions, the assets are managed by a qualified professional asset manager (QPAM) that is independent of the parties in interest. Additional relief is also available under specific circumstances that are fully addressed within the exemption. The information collection requirements that are conditions of the exemption include written policies and procedures by a QPAM and audit requirements. An independent auditor uses the written policies and procedures to determine whether the QPAM is in compliance with the written policies and procedures and whether the exemption conditions have been met. These information collections are designed to safeguard participants and beneficiaries in plans that are involved in transactions covered by the exemption. The exemption does not require any reporting or filing with the Federal government.

US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  80 FR 72990 11/23/2015
81 FR 50013 07/29/2016
No

1
IC Title Form No. Form Name
PTE 1984-14 for Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers

  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 4,620 5,151 0 0 -531 0
Annual Time Burden (Hours) 111,000 122,438 0 0 -11,438 0
Annual Cost Burden (Dollars) 46,200,000 51,000,000 0 0 -4,800,000 0
No
No
Although no program changes have been made that would require revision of the prior paperwork burden estimates, the Department is adjusting its estimates of the cost burden of this exemption in two respects. First, the Department is revising its estimate of the number of respondents, based on more recent Form 5500 data. Second, the Department is revising its estimate of the wage costs due to increased labor costs and inflation.

$0
No
No
No
No
No
Uncollected
Christopher Cosby 202-693-8425 [email protected]

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
07/29/2016


© 2024 OMB.report | Privacy Policy