The Department of Labor (DOL) is asking for public comments on a request to collect information related to Bank Collective Investment Funds under the Prohibited Transaction Class Exemption 1991-38. This information gathering is required to ensure that certain financial transactions involving employee benefit plans comply with the rules and are fair and transparent. The document highlights the importance of the collection, potential burden and cost, and welcomes suggestions for improvement. Comments can be submitted by April 28, 2025, and details on how to submit them are provided in the notice.
Simple Explanation
The Department of Labor is asking people to share their thoughts on how banks manage certain money to make sure everything is fair, and they want to know if it's easy or hard for businesses to do what they're being asked. They're looking for ideas on how to make it better and people can let them know by April 28, 2025.