Notice2023-01525
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers Prohibited Transaction Exemption
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 26, 2023
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
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<title>Federal Register, Volume 88 Issue 17 (Thursday, January 26, 2023)</title>
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[Federal Register Volume 88, Number 17 (Thursday, January 26, 2023)]
[Notices]
[Pages 5040-5041]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-01525]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Plan Asset Transactions Determined by
Independent Qualified Professional Asset Managers Prohibited
Transaction Exemption
ACTION: Notice of availability; request for comments.
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SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
of 1995 (PRA). Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that the agency
receives on or before February 27, 2023.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
Comments are invited on: (1) whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) if the information will be processed and used in a timely
manner; (3) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (4) ways to enhance the quality,
utility and clarity of the information collection; and (5) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-
693-8538, or by email at <a href="/cdn-cgi/l/email-protection#a8ece7e4f7f8fae9f7f8fdeae4e1ebe8ccc7c486cfc7de"><span class="__cf_email__" data-cfemail="4b0f0407141b190a141b1e090702080b2f2427652c243d">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 408(a) of the Employee Retirement
Income Security Act (ERISA) authorizes this information collection.
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. 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. For additional substantive information about
this ICR, see the related notice published in the Federal Register on
July 22, 2022 (87 FR 43897).
This information collection is subject to the PRA. A Federal agency
generally cannot conduct or sponsor a collection of information, and
the public is generally not required to respond to an information
collection, unless the OMB approves it and displays a currently valid
OMB Control Number. In addition, notwithstanding any other provisions
of law, no person shall generally be subject to penalty for failing to
comply with a collection of information that does not display a valid
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Plan Asset Transactions Determined by
Independent Qualified Professional Asset Managers Prohibited
Transaction Exemption.
[[Page 5041]]
OMB Control Number: 1210-0128.
Affected Public: Private Sector-- Businesses or other for-profits.
Total Estimated Number of Respondents: 11,000.
Total Estimated Number of Responses: 11,110.
Total Estimated Annual Time Burden: 264,110 hours.
Total Estimated Annual Other Costs Burden: $110,000,000.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Dated: January 20, 2023.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2023-01525 Filed 1-25-23; 8:45 am]
BILLING CODE 4510-29-P
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</html>Indexed from Federal Register on January 26, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.