Notice2025-05328
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Bank Collective Investment Funds, Prohibited Transaction Class Exemption 1991-38
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 14167-14168]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05328]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Bank Collective Investment Funds, Prohibited
Transaction Class Exemption 1991-38
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.
[[Page 14168]]
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#3b7f7477646b697a646b6e797772787b5f5457155c544d"><span class="__cf_email__" data-cfemail="b4f0fbf8ebe4e6f5ebe4e1f6f8fdf7f4d0dbd89ad3dbc2">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Class Exemption (PTE)
91-38 provides an exemption from the restrictions of sections 406(a),
406(b)(2) and 407(a) of ERISA and the taxes imposed by section 4975(a)
and (b) of the Code by reason of section 4975(c)(1)(A), (B), (C), or
(D) of the Code for certain transactions between a bank collective
investment fund in which an employee benefit plan has invested assets
and persons who are parties in interest to the employee benefit plan,
as long as the interest of the plan together with the interests of any
other plans maintained by the same employer or employee organization in
the collective investment fund does not exceed 10% of the total assets
in the collective investment fund. In addition, the bank managing the
common investment fund must not itself be a party in interest to the
participating plan, the terms of the transaction must be at least as
favorable to the collective investment fund as those available in an
arm's length transaction with an unrelated party, and the bank must
maintain records of the transactions for six years and make the records
available for inspection to specified interested persons (including the
Department and the Internal Revenue Service). For 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: Bank Collective Investment Funds, Prohibited
Transaction Class Exemption 1991-38.
OMB Control Number: 1210-0082.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 10,969.
Total Estimated Number of Responses: 10,969.
Total Estimated Annual Time Burden: 1,828 hours.
Total Estimated Annual Other Costs Burden: $0.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-05328 Filed 3-27-25; 8:45 am]
BILLING CODE 4510-29-P
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