The Department of Labor (DOL) has submitted an information collection request to the Office of Management and Budget (OMB) for review, focusing on class exemptions for certain prohibited transactions under ERISA related to multiemployer plans. They are asking for public comments by May 30, 2025, regarding the necessity, accuracy, and potential improvements to the information collection process. This collection aims to ensure these class exemptions operate efficiently by imposing conditions that require recordkeeping and disclosures. The DOL seeks authorization to continue this process for three years without any other costs burden.
Simple Explanation
The Department of Labor is asking people to share their thoughts on some rules that help everyone understand and check what's going on with certain types of group plans. They want to make sure these rules are helpful and fair for the next few years without causing extra trouble for anyone.