The Department of Labor (DOL) is submitting an information collection request to the Office of Management and Budget (OMB) for review, as per the Paperwork Reduction Act of 1995. This request involves collecting data related to procedures for applying for exemptions from certain prohibited transaction provisions under the Employee Retirement Income Security Act of 1974 (ERISA). Public comments are invited on whether this information collection is necessary and how it might be improved or simplified. The proposed collection anticipates responses totaling 4,899, with an annual time burden estimated at 632 hours and additional costs of $551,422.
Simple Explanation
The Department of Labor wants to ask people if they think it's really important to collect certain information about special rules for retirement plans, and they want ideas on how to make it easier. They're seeing if the way they ask for this information takes too long or costs too much money.