Bank Fund Paperwork Renewal: Comment or Snooze?
Published Date: 3/28/2025
Notice
Summary
The Department of Labor is asking for public feedback on a paperwork update related to bank collective investment funds used by employee benefit plans. This update affects banks and employee benefit plans that invest in these funds, ensuring fair transactions and proper record-keeping. Comments are due by April 28, 2025, so don’t miss your chance to weigh in!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
10% Ownership Cap and Eligibility Rules
Under Prohibited Transaction Class Exemption 91-38, a bank collective investment fund transaction is exempt only if the interest of the employee benefit plan together with any other plans maintained by the same employer or employee organization does not exceed 10% of the fund's total assets. The bank managing the common investment fund also must not be a party in interest to the participating plan, and the transaction terms must be at least as favorable to the fund as an arm's-length transaction with an unrelated party.
Six-Year Recordkeeping and Reporting Burden
Banks must maintain records of transactions covered by PTE 91-38 for six years and make those records available for inspection to specified interested persons, including the Department of Labor and the Internal Revenue Service. The Department of Labor estimates 10,969 respondents and 10,969 responses with a total estimated annual time burden of 1,828 hours and total estimated annual other costs of $0; the information collection has OMB Control Number 1210-0082 and DOL seeks authorization for three years.
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