Process for Expedited Approval of an Exemption for Prohibited Transaction, Prohibited Transaction Class Exemption 1996-62

Forms and Documents

Document Name	Status
PTE 96-62 ss17.doc Supporting Statement A	2017-06-30

IC Document Collections

IC ID	Document Title	Status
13432	Prohibited Transaction Class Exemption 1996-62, Process for Expedited Approval of an Exemption for Prohibited Transaction Other-PTE 96-62	Modified

ICR Details

OMB Control No: 1210-0098	ICR Reference No: 201706-1210-002
Status: Historical Active	Previous ICR Reference No: 201404-1210-004
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Process for Expedited Approval of an Exemption for Prohibited Transaction, Prohibited Transaction Class Exemption 1996-62
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: 10/24/2017
	Date Received in OIRA: 07/31/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2020	36 Months From Approved	10/31/2017
Responses	3,515	0	11,250
Time Burden (Hours)	88	0	200
Cost Burden (Dollars)	20,457	0	40,000

---

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:
	81 FR 75157	10/28/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 35552	07/31/2017
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 1996-62, 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	3,515	11,250	0	0	-7,735	0
Annual Time Burden (Hours)	88	200	0	0	-112	0
Annual Cost Burden (Dollars)	20,457	40,000	0	-1	-19,542	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 decrease in hour and cost burden is attributable to a reduction in the number of applicants using this PTE. The average annual number of applicants decreased from 25 to five and the average annual number of exemptions granted decreased from 11 to five.

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 07/31/2017

---