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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1210-0128 QPAM Supporting Statement 03.21.24.docx	Supporting Statement A	Uploaded 2024-03-21	Available
1210-0128 QPAM Supporting Statement 03.21.24.docx	Supporting Statement A	Uploaded 2024-03-21	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
13510	PTE 1984-14 for Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers	Other-PTE 84-14	Modified

ICR Details

OMB Control No: 1210-0128	ICR Reference No: 202311-1210-001
Status: Active	Previous ICR Reference No: 202210-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers under Prohibited Transaction Exemption 1984-14
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/17/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/03/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2027	36 Months From Approved	02/28/2026
Responses	15,786	0	11,110
Time Burden (Hours)	13,490	0	264,110
Cost Burden (Dollars)	1,250,753	0	110,000,000

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Abstract: 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.

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Authorizing Statute(s): US Code: 29 USC 1108 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:
1210-ZA07	Final or interim final rulemaking	89 FR 23090	04/03/2024

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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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
PTE 1984-14 for Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers

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ICR Summary of Burden

table that charts list 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	15,786	11,110	0	0	4,676	0
Annual Time Burden (Hours)	13,490	264,110	0	0	-250,620	0
Annual Cost Burden (Dollars)	1,250,753	110,000,000	0	0	-108,749,247	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 Department is updating the estimation methodology to identify a QPAM. Because of this new methodology, the current estimated total number of respondents is considerably higher in comparison to the estimations presented in the proposal. The Department is also using more recent Form 5500 data (2020). Additionally, other things being equal, the Final Amendment removes some of the adds requirements proposed in the Proposed Amendment. The Department is also revising its estimate of the wage costs due to increased labor costs and inflation. The overall effect is a decrease in the total burden. As a result, the total number of responses has increased by 4,676 responses, the hour burden has decreased by 250,620 hours, and the cost burden has decreased by $108,749,247.

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Annual Cost to Federal Government: $4,163

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: 04/03/2024

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