Notice2025-05326
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41
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
March 28, 2025
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 90 Issue 59 (Friday, March 28, 2025)</title>
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[Federal Register Volume 90, Number 59 (Friday, March 28, 2025)]
[Notices]
[Pages 14165-14166]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05326]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Collective Investment Funds Conversion
Transactions, Prohibited Transaction Class Exemption 1997-41
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 April 28, 2025.
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.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#e1a5aeadbeb1b3a0beb1b4a3ada8a2a1858e8dcf868e97"><span class="__cf_email__" data-cfemail="c98d868596999b8896999c8b85808a89ada6a5e7aea6bf">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption (PTE) 97-41
permits an employee benefit plan to purchase shares of a registered
open-end investment company (mutual fund) in exchange for plan assets
transferred in-kind from a collective investment fund (CIF) maintained
by a bank or plan adviser, even though the bank or plan adviser, or an
affiliate thereof, is the investment adviser for the mutual fund and
also serves as a fiduciary for the plan, provided that the purchase and
transfer is in connection with a complete withdrawal of the plan's
investment in the CIF and certain other conditions are met.
Among other conditions, the exemption requires the bank or plan
adviser to provide an independent fiduciary of the plan with advance
written notice of the proposed transfer and full written disclosure of
information concerning the mutual fund, including the current
prospectus; disclosure of the fees to be charged to, or paid by the
plan and funds to the bank or plan adviser, including the nature and
extent of any differential between the rates of the fees; the reasons
why the bank or plan adviser considers the in-kind transfers
appropriate for the plan; and a statement of whether there are any
limitations applicable to the bank or plan adviser with respect to
which plan assets may be invested in shares of the mutual fund and, if
so, the nature of such limitations; and the identity of securities that
will have to be valued for the transfer. The independent fiduciary must
give prior written approval of the transfer (and written approval of
any electronic transmission of subsequent confirmations from the bank
or plan adviser, if the independent fiduciary elects to receive such
statements in that form); and the bank or adviser must send written (or
electronic, if approved) confirmation of the transfer. Subsequent to a
transfer, the bank or plan adviser must provide the independent
fiduciary of the plan with updated prospectuses at least annually for
mutual funds in which the plan remains invested; the bank or plan
adviser must also provide, upon the independent fiduciary's request, a
report or statement of all fees paid by the mutual fund to the bank or
plan adviser, which may be in the form of the most recent financial
report. For
[[Page 14166]]
additional substantive information about this ICR, see the related
notice published in the Federal Register on July 9, 2024 (89 FR 56416).
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.
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: Collective Investment Funds Conversion
Transactions, Prohibited Transaction Class Exemption 1997-41.
OMB Control Number: 1210-0104.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 50.
Total Estimated Number of Responses: 105.
Total Estimated Annual Time Burden: 3,010 hours.
Total Estimated Annual Other Costs Burden: $91.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-05326 Filed 3-27-25; 8:45 am]
BILLING CODE 4510-29-P
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