[Federal Register Volume 87, Number 36 (Wednesday, February 23, 2022)]
[Notices]
[Page 10253]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-03753]


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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 March 25, 2022.

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) if the information will be processed and used in a timely 
manner; (3) 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; (4) ways to enhance the quality, 
utility and clarity of the information collection; and (5) 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: Mara Blumenthal by telephone at 202-
693-8538, or by email at [email protected].

SUPPLEMENTARY INFORMATION: Section 408(a) of the Employee Retirement 
Income Security Act of 1974 (ERISA) gives the Secretary of Labor the 
authority to ``grant a conditional or unconditional exemption of any 
fiduciary or transaction, or class of fiduciaries or transactions, from 
all or part of the restrictions imposed by sections 406 and 407(a).'' 
Prohibited Transaction Class Exemption 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 from a 
collective investment fund (CIF) maintained by a bank or plan adviser, 
even though the bank or plan adviser 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. For additional substantive information about this ICR, see the 
related notice published in the Federal Register on November 9, 2021 
(86 FR 62208).
    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 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 50.
    Total Estimated Number of Responses: 105.
    Total Estimated Annual Time Burden: 1,760 hours.
    Total Estimated Annual Other Costs Burden: $585,299.

(Authority: 44 U.S.C. 3507(a)(1)(D))

    Dated: February 15, 2022.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2022-03753 Filed 2-22-22; 8:45 am]
BILLING CODE 4510-29-P