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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1210-0095 PTE 88-59 ss 8-11-2022 (clean).docx	Supporting Statement A	Uploaded 2022-08-11	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
13425	Prohibited Transaction Class Exemption 1988-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans	Other-Prohibited Transaction Class Exemption	Modified

ICR Details

OMB Control No: 1210-0095	ICR Reference No: 202206-1210-011
Status: Received in OIRA	Previous ICR Reference No: 201906-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Prohibited Transaction Class Exemption 1988-59, Residential Mortgage Financing Arrangements Involving Employee Benefit Plans
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: 08/19/2022

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2022
Responses	11,445	10,960
Time Burden (Hours)	7,630	913
Cost Burden (Dollars)	10,816	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 29 USC 1108(b) 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:
	87 FR 15267	03/17/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 51148	08/19/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Prohibited Transaction Class Exemption 1988-59 -- Residential Mortgage Financing Arrangements Involving Employee Benefit Plans

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ICR Summary of Burden

table that charts list 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	11,445	10,960	0	0	485	0
Annual Time Burden (Hours)	7,630	913	0	0	6,717	0
Annual Cost Burden (Dollars)	10,816	0	0	0	10,816	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: This ICR contains no program changes. In 2019, there were 733,678 pension plans, which is an increase from the previous information collection, which was 702,540 pension plans. Based on the number of pension plans, the estimated number of loan plans or responses increased in this information collection. The Department has also included the hour and cost burden associated with preparing and mailing the loan plans. As a result, the hour burden and cost burden has increased in this information collection. Finally, the Department has updated the wage rates of the clerical staff and legal professionals.

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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

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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: 08/19/2022

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