Notice2026-00796
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977-4)
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 16, 2026
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 91 Issue 11 (Friday, January 16, 2026)</title>
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[Federal Register Volume 91, Number 11 (Friday, January 16, 2026)]
[Notices]
[Pages 2155-2156]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00796]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Prohibited Transaction Class Exemption for
Certain Transactions Between Investment Companies and Employee Benefit
Plans (PTE 1977-4)
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 17, 2026.
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#7e3a3132212e2c3f212e2b3c32373d3e1a111250191108"><span class="__cf_email__" data-cfemail="24606b687b7476657b747166686d6764404b480a434b52">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: PTE 77-4, which was originally granted on
April 8, 1977, exempts from the prohibited transaction restrictions the
purchase and sale by an employee benefit plan of shares from a
registered, open-end investment company (mutual fund) when a fiduciary
of the plan (e.g., an investment manager) is also the investment
advisor for the investment company.
There are three disclosure requirements incorporated within the
class exemption. The first requirement is intended to put the plan on
notice of possible fees associated with the redemption of open-end
mutual fund shares. It requires disclosure of any redemption fees in
the current prospectus of the open-end mutual fund (the prospectus in
effect at the time of the plan's acquisition or disposal of such
shares). The class exemption permits a plan to pay a redemption fee on
the sale, by redemption, of open-end mutual fund shares only if the fee
is paid to the open-end mutual company and the above noted disclosure
is made.
The second requirement is that, at the time of the purchase or sale
of such mutual fund shares, an independent fiduciary receive a copy of
the current prospectus issued by the open-end mutual fund and full
written disclosure of the investment advisory fees charged to or paid
by the plan and the open-end mutual fund to the investment advisor.
Pursuant to advisory opinion 2013-04A, the Department interprets the
term ``prospectus'' in PTE 77-4 to include a ``summary prospectus'' if
the summary prospectus meets the requirements of the Securities and
Exchange Commission's revised disclosure provisions for mutual funds
including a summary prospectus rule that were published in 2009
Pursuant to the SEC's revised disclosure provisions, mutual funds also
are required to send the full
[[Page 2156]]
prospectus to the investor upon an investor's request, and to provide
the full prospectus on-line at a specified internet site.
The third requirement is that the independent fiduciary be notified
of any changes in the fees and approves in writing the plan's purchase
or sale of affected mutual fund shares, or the plan's continued
possession of any such mutual fund shares that it had acquired before
the fee changes. For additional substantive information about this ICR,
see the related notice published in the Federal Register on July 11,
2025 (90 FR 30984).
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: Prohibited Transaction Class Exemption for
Certain Transactions Between Investment Companies and Employee Benefit
Plans (PTE 1977-4).
OMB Control Number: 1210-0049.
Affected Public: Private sector.
Total Estimated Number of Respondents: 785.
Total Estimated Number of Responses: 319,848.
Total Estimated Annual Time Burden: 27,046 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. 2026-00796 Filed 1-15-26; 8:45 am]
BILLING CODE 4510-29-P
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