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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1210-0134
ICR Reference No:
200811-1210-001
Status:
Historical Inactive
Previous ICR Reference No:
200807-1210-004
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
Title:
Investment Advice Participants and Beneficiaries
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Preapproved
Conclusion Date:
01/09/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/05/2008
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2012
36 Months From Approved
Responses
20,789,000
0
0
Time Burden (Hours)
14,378,000
0
0
Cost Burden (Dollars)
543,019,000
0
0
Abstract:
This final regulation implements the provisions of the statutory exemption set forth in sections 408(b)(14) and 408(g) of the Employee Retirement Income Security Act, as amended (ERISA or the Act), and parallel provisions in sections 4975(d)(17) and 4975(f)(8) of the Internal Revenue Code of 1986, as amended (Code), relating to the provision of investment advice described in section 3(21)(A)(ii) of the Act by a fiduciary adviser to participants and beneficiaries in participant-directed individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (and certain similar plans).
Authorizing Statute(s):
US Code:
29 USC 1108(b)(14)
Name of Law: Employee Retirement Income Security Act of 1974
US Code:
29 USC 1108(g)
Name of Law: Employee Retirement Income Security Act of 1974
Citations for New Statutory Requirements:
PL: Pub.L. 109 - 280 601 Name of Law: Pension Protection Act of 2006
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1210-AB13
Final or interim final rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Investment Advice to Participants and Beneficiaries
ICR Summary of Burden
Total Request
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
20,789,000
0
0
20,789,000
0
0
Annual Time Burden (Hours)
14,378,000
0
0
14,378,000
0
0
Annual Cost Burden (Dollars)
543,019,000
0
0
543,019,000
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Pension Protection Act of 2006 (Pub. L. 109-280) amended the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code) to include a statutory exemption for providing investment advice to participants and beneficiaries in self-directed defined contribution individual account ERISA-covered plans (Plans) and beneficiaries of individual retirement accounts, individual retirement annuities, Archer MSAs, health savings accounts and Coverdell education savings accounts (collectively IRAs) described in the Code. The statutory exemption provides relief from the prohibited transaction provisions of ERISA, and the parallel provisions of the Code. The increase in burden occurred, because the Department determined that a regulation providing guidance on various aspects of the statutory exemption provides more clarity thereby encouraging the provision of investment advice under the statutory exemption. Consistent with the statutory exemption, the Department has included specific disclosure, recordkeeping, and audit requirements as conditions of the regulation. These information collections are designed to clarify how the statutory exemption applies to investment advice arrangements involving participants or beneficiaries of Plans and IRAs (collectively, Participants). The information required depends in part on whether the fiduciary adviser giving the advice meets the conditions of the statutory exemption by providing investment advice through use of a computer model, or by providing advice that does not result in varying compensation to the fiduciary adviser entity from investments made in accordance with the investment advice. The burden increase also occurred, because the Department determined that additional relief for investment advice is appropriate in order to increase the availability of investment advice to participants and beneficiaries in Plans and IRAs (collectively, Participants) that could provide the benefit of avoiding investment mistakes. Therefore, it is issuing a class prohibited transaction exemption as part of the final regulation.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Chris Cosby 202 693-8540
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
11/05/2008
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