View Information Collection Request (ICR) Package
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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:
1210-0132
ICR Reference No:
200608-1210-003
Status:
Historical Inactive
Previous ICR Reference No:
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
Title:
Default Investment Alternatives under Participant Directed Individual Account Plans
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:
Comment filed on proposed rule
Conclusion Date:
11/20/2006
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/27/2006
Terms of Clearance:
The information collection provisions associated with the proposed rule on “Default Investment Alternatives under Participant Directed Individual Account Plans” are not approved at this time. DOL/ EBSA shall examine public comment in response to the NPRM and will describe in the preamble of the final rule how the agency has maximized the practical utility of the collection and minimized the burden. For any future submissions of this information collection, EBSA shall indicate the submission as "new" and refer back to ICR reference number 200608-1210-003.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
36 Months From Approved
Responses
0
0
0
Time Burden (Hours)
0
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Proposed regulation would create standards for fiduciary relief from liability for default investment by individual account pension plans of account assets of participants and beneficiaries who fail to provide investment directions.
Authorizing Statute(s):
US Code:
29 USC 1104(c)(5)(A)
Name of Law: ERISA
PL:
Pub.L. 109 - 280 624
Name of Law: Pension Protection Act of 2006
Citations for New Statutory Requirements:
PL: Pub.L. 109 - 280 624 Name of Law: Pension Protection Act of 2006
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1210-AB10
Proposed rulemaking
71 FR 56806
09/27/2006
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans
Pass-Through of Investment Information
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This is a new information collection. Congress mandated in the Pension Protection Act of 2006 (signed August 16, 2006) that the Department promulgate a regulation providing guidance on appropriate default investment vehicles in which individual account pension plans should invest participant contributions when participants fail to provide investment directions. Congress also required that such pension plans provide specified notices to participants and beneficiaries in connection with the plan's default investment provisions. The Department is accordingly promulgating an NPRM that carries out the Congressional mandate regarding the specified notices; in addition, the Department is proposing an additional information collection requirement in connection with default investments: that plans pass through to participants and beneficiaries information received by the plans concerning the default investments.
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:
Susan Lahne 202 693-8500
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:
09/27/2006
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