Employee Retirement Income Security Act Prohibited Transaction Class Exemption 1981-8, Investment of Plan Assets in Certain Types of Short-Term Investments

Forms and Documents

Document Name	Status
30-day FRN (1210-0061) published.pdf Supplementary Document	2020-12-07
26 U.S. Code § 4975 - Tax on prohibited transactions.pdf Supplementary Document	2020-11-24
29 U.S. Code § 1108 - Exemptions from prohibited transactions.pdf Supplementary Document	2020-11-24
60-day FRN (1210-0061) published.pdf Supplementary Document	2020-11-24
1210-0061 PTE-81-8 ss20 (clean).docx Supporting Statement A	2020-09-22

IC Document Collections

IC ID	Document Title	Status
13365	Class Exemption 81-8 for Investment of Plan Assets in Certain Types of Short-Term Investments Other-Federal Register Document	Modified

ICR Details

OMB Control No: 1210-0061	ICR Reference No: 202007-1210-004
Status: Received in OIRA	Previous ICR Reference No: 201706-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Employee Retirement Income Security Act Prohibited Transaction Class Exemption 1981-8, Investment of Plan Assets in Certain Types of Short-Term Investments
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/07/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	475,850	413,320
Time Burden (Hours)	118,963	103,330
Cost Burden (Dollars)	114,109	93,770

---

Abstract: Class Exemption 81-8 permits the investment of plan assets that involve the purchase or other acquisition, holding, sale, exchange or redemption by or on behalf of an employee benefit plan of certain types of short-term investments. Without the exemption, certain aspects of these transactions might be prohibited by section 406 of the Employee Retirement Income Security Act (ERISA).

---

Authorizing Statute(s): US Code: 26 USC 4975(c)(2) Name of Law: Internal Revenue Code of 1986
   US Code: 29 USC 1108(a) 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:
	85 FR 23856	04/29/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 78871	12/07/2020
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
Class Exemption 81-8 for Investment of Plan Assets in Certain Types of Short-Term Investments

---

ICR Summary of Burden

	Total Request	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	475,850	413,320	0	0	62,530	0
Annual Time Burden (Hours)	118,963	103,330	0	0	15,633	0
Annual Cost Burden (Dollars)	114,109	93,770	0	0	20,339	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: According to 2017 Form 5500 data (the most recent data available), more plans exist that are likely to use the exemption compared with the last submission. This increase in the number of plans (respondents) produces an increase in the hour burden. The Department has updated its assumptions regarding the use of electronic disclosure; assuming increased usage relative to the last submission and updated postage cost.

---

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? No

---

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: 12/07/2020

---