Notices. Notice
886 words·~4 min read·
/register/2013/10/30/2013-25688A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 4510-CH-P DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Disclosures for Participant Directed Individual Account Plans ACTION: Notice. SUMMARY: The Department of Labor
(DOL)is submitting the Employee Benefits Security Administration
(EBSA)sponsored information collection request
(ICR)titled, “Disclosures for Participant Directed Individual Account Plans,” to the Office of Management and Budget
(OMB)for review and approval for continued use, without change, in accordance with the Paperwork Reduction Act
(PRA)of 1995, 44 U.S.C. 3501 et seq. DATES: Submit comments on or before November 29, 2013. ADDRESSES: A copy of this ICR with applicable supporting documentation; including a description of the likely respondents, proposed frequency of response, and estimated total burden may be obtained free of charge from the RegInfo.gov Web site at *http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201309-1210-002* (this link will only become active on the day following publication of this notice) or by contacting Michel Smyth by telephone at 202-693-4129 (this is not a toll-free number) or sending an email to *DOL_PRA_PUBLIC@dol.gov* . Submit comments about this request to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of Management and Budget, Room 10235, 725 17th Street NW., Washington, DC 20503, Fax: 202-395-6881 (this is not a toll-free number), email: *OIRA_submission@omb.eop.gov* . Commenters are encouraged, but not required, to send a courtesy copy of any comments to the U.S. Department of Labor-OASAM, Office of the Chief Information Officer, Attn: Information Management Program, Room N1301, 200 Constitution Avenue NW., Washington, DC 20210, email: *DOL_PRA_PUBLIC@dol.gov* . FOR FURTHER INFORMATION CONTACT: Contact Michel Smyth by telephone at 202-693-4129 (this is not a toll-free number) or by email at *DOL_PRA_PUBLIC@dol.gov* . Authority: 44 U.S.C. 3507(a)(1)(D). SUPPLEMENTARY INFORMATION: Employee Retirement Income Security Act of 1974 section 404(c), 29 U.S.C. 1104(c), provides that, if an individual account pension plan permits a participant or beneficiary to exercise control over assets in his or her account and the participant or beneficiary in fact exercises such control (as determined under DOL regulations), the participant or beneficiary shall not be deemed to be a fiduciary by such exercise of control and no person otherwise a fiduciary to the plan shall be liable for any loss or breach that results solely from this exercise of control. Regulations 29 CFR 2550.404a-5 provides that, when a plan allocates investment responsibilities to participants or beneficiaries, the plan administrator must take action to ensure they are provided with sufficient information regarding the plan and its investment options, including fee and expense information, to make informed decisions with regard to the management of their individual accounts; therefore, the regulation requires a plan administrator to provide each participant or beneficiary with certain plan-related information and investment-related information. This disclosure requirement is an information collection 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 it is approved by the OMB under the PRA 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 Control Number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under Control Number 1210-0090. OMB authorization for an ICR cannot be for more than three
(3)years without renewal, and the current approval for this collection is scheduled to expire on October 31, 2013. The DOL seeks to extend PRA authorization for this information collection for three
(3)years, without any change to existing requirements. The DOL also notes that existing information collection requirements submitted to the OMB receive a month-to-month extension while they undergo review. For additional substantive information about this ICR, see the related notice published in the **Federal Register** on May 22, 2013 (78 FR 30333). Interested parties are encouraged to send comments to the OMB, Office of Information and Regulatory Affairs at the address shown in the ADDRESSES section within 30 days of publication of this notice in the **Federal Register** . In order to help ensure appropriate consideration, comments should mention OMB Control Number 1210-0090. The OMB is particularly interested in comments that: • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; • Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. *Agency:* DOL-EBSA. *Title of Collection:* Disclosures for Participant Directed Individual Account Plans. *OMB Control Number:* 1210-0090. *Affected Public:* Private sector—businesses or other for-profits. *Total Estimated Number of Respondents:* 505,795. *Total Estimated Number of Responses:* 674,975,795. *Total Estimated Annual Burden Hours:* 7,100,000. *Total Estimated Annual Other Costs Burden:* $257,300,000. Dated: October 24, 2013. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2013-25688 Filed 10-29-13; 8:45 am]
Connectionstraces to 3
2 references not yet in our index
- 29 CFR 2550.404
- 5 CFR 1320.5(a)
Citation graph
cites case law
Cites 5Cited by 0 across 0 sources