Notices. Notice of availability; request for comments
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/register/2024/01/29/2024-01662·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 4510-FN-P 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. 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 *www.reginfo.gov/public/do/PRAMain.* 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 *DOL_PRA_PUBLIC@dol.gov.* 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]
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- 5 CFR 1320.5(a)
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