Notice2024-01662
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Improving Investment Advice for Workers & Retirees 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 29, 2024
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 89 Issue 19 (Monday, January 29, 2024)</title>
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[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Notices]
[Page 5578]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01662]
[[Page 5578]]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Improving Investment Advice for Workers &
Retirees 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 28, 2024.
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) 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; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) 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: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#bafef5f6e5eae8fbe5eaeff8f6f3f9faded5d694ddd5cc"><span class="__cf_email__" data-cfemail="43070c0f1c1311021c1316010f0a0003272c2f6d242c35">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The proposed exemption would allow
investment advice fiduciaries under both ERISA and the Code to receive
compensation, including as a result of advice to roll over assets from
a Plan to an IRA, and engage in principal transactions, that would
otherwise violate the prohibited transaction provisions of ERISA and
the Code. The exemption would apply to registered investment advisers,
broker-dealers, banks, insurance companies, and their employees,
agents, and representatives that are investment advice fiduciaries. The
exemption would include protective conditions designed to safeguard the
interests of Plans, participants and beneficiaries, and IRA owners. The
new class exemption would affect participants and beneficiaries of
Plans, IRA owners, and fiduciaries with respect to such Plans and IRAs.
For additional substantive information about this ICR, see the related
notice published in the Federal Register on August 25, 2023 (88 FR
58312).
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: Improving Investment Advice for Workers &
Retirees Prohibited Transaction Exemption.
OMB Control Number: 1210-0163.
Affected Public: Individuals or households.
Total Estimated Number of Respondents: 18,259.
Total Estimated Number of Responses: 3,259,765.
Total Estimated Annual Time Burden: 994,301 hours.
Total Estimated Annual Other Costs Burden: $104,639.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-01662 Filed 1-26-24; 8:45 am]
BILLING CODE 4510-29-P
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