Prohibited Transaction Class Exemption 1988-59, Residential Mortgage Financing Arrangements Involving Employee Benefit Plans

ICR 201906-1210-001

OMB: 1210-0095

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-06-06
ICR Details
1210-0095 201906-1210-001
Active 201605-1210-003
DOL/EBSA
Prohibited Transaction Class Exemption 1988-59, Residential Mortgage Financing Arrangements Involving Employee Benefit Plans
Extension without change of a currently approved collection   No
Regular
Approved without change 10/07/2019
Retrieve Notice of Action (NOA) 08/20/2019
  Inventory as of this Action Requested Previously Approved
10/31/2022 36 Months From Approved 10/31/2019
10,960 0 11,000
913 0 900
0 0 0

This class exemption permits employee benefit plans to enter into specified transactions involving residential mortgage loans with parties in interest without violating the prohibited transaction provisions of ERISA, provided specified conditions are met. Among other conditions, the plan must maintain records pertaining to covered transactions for the duration of the loan and must make the records available upon request to plan trustees, investment managers, participants and beneficiaries, and agents of the Department or the IRS.

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

Not associated with rulemaking

  84 FR 11573 03/27/2019
84 FR 43161 08/20/2019
No

  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 10,960 11,000 0 0 -40 0
Annual Time Burden (Hours) 913 900 0 0 13 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This ICR contains no program changes. Burden estimates have been updated to reflect the most current available Form 5500 data and the Department’s most recent estimates of clerical labor costs.

$0
No
    No
    No
No
No
No
Uncollected
Chris Cosby 202 693-8540

  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.
08/20/2019


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