Employee Retirement Income Security Act of 1974 Section 408(a) Prohibited Transaction Provisions Exemption Application Procedure
Extension without change of a currently approved collection
No
Regular
02/04/2021
Requested
Previously Approved
36 Months From Approved
02/28/2021
4,899
17,271
632
1,852
551,422
1,023,418
Section 408(a) of the Employee Retirement Income Security Act of 1974 (ERISA) and section 4975(c)(2) of the Internal Revenue Code of 1986 (the Code) authorizes the Secretary of Labor and the Secretary of the Treasury to establish an exemption procedure in order to grant a conditional or unconditional exemption of any fiduciary, disqualified person or class of fiduciaries, or orders of disqualified persons or transactions, from all or part of the restrictions imposed by sections 406 and 407(a) of ERISA and from the taxes imposed by section 4975(a) and (b) of the Code, by reason of section 4975(c)(1) of the Code. This collection provides the Secretary with information needed to grant exemptions from the prohibited transaction sections of 406 and 407(a) of ERISA.
US Code:
26 USC 4975(c)(2)
Name of Law: Internal Revenue Code
US Code:
29 USC 1108
Name of Law: Employee Retirement Income Security Act of 1974
The Department has updated the burden estimates to reflect a decrease in the number of exemption applications and the number of exemptions granted and proposed relative to the last submission. The decrease in the burden resulting from the declining number of exemption applications was partially offset by an increase in the cost of labor and postage.
$9,730
No
No
No
No
No
No
No
Chris Cosby 202 693-8540
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
30-day FRN (1210-0060) published.pdf
408(a) procedure ss21 1-27-21 (clean).docx
Employee Retirement Income Security Act of 1974 Section 408(a) Prohibited Transaction Provisions Exemption Application Procedure