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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:
1210-0127
ICR Reference No:
200906-1210-001
Status:
Historical Active
Previous ICR Reference No:
200701-1210-001
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
Title:
Termination of Abandoned Individual Account Plans
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/21/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/08/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2012
36 Months From Approved
07/31/2009
Responses
100
0
164,240
Time Burden (Hours)
7,433
0
7,313
Cost Burden (Dollars)
3,366,300
0
997,000
Abstract:
This ICR is for three final regulations under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) that facilitate the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers. The first regulation establishes a procedure for financial institutions holding the assets of an abandoned individual account plan to terminate the plan and distribute benefits to the plans participants and beneficiaries, with limited liability. The second regulation provides a fiduciary safe harbor for making distributions from terminated plans on behalf of participants and beneficiaries who fail to make an election regarding a form of benefit distribution. The third regulation establishes a simplified method for filing a terminal report for abandoned individual account plans. The ICR also takes into account to a class prohibited transaction exemption (PTE 2006-06)that permits a "qualified termination administrator" (QTA) of an individual account plan that has been abandoned by its sponsoring employer to select itself or an affiliate to provide services to the plan in connection with the termination of the plan, to pay itself or an affiliate fees for those services, and to pay itself for services provided prior to the plans deemed termination, and class Prohibited Transaction Exemption 2004-16, which are the notice and recordkeeping requirements contained in PTE 2004-16, which permits a pension plan fiduciary that is a financial institution and is also the employer maintaining an individual account pension plan for its employees to establish, on behalf of its separated employees, an IRA at a financial institution that is either the employer or an affiliate, which IRA would receive mandatory distributions that the fiduciary "rolls over" from the plan when an employee terminates employment.
Authorizing Statute(s):
US Code:
29 USC 1104
Name of Law: ERISA
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
74 FR 13478
03/27/2009
30-day Notice:
Federal Register Citation:
Citation Date:
74 FR 27182
06/08/2009
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
Termination of Abandoned Individual Account Plans
ICR Summary of Burden
Total Approved
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
100
164,240
0
0
-164,140
0
Annual Time Burden (Hours)
7,433
7,313
0
0
120
0
Annual Cost Burden (Dollars)
3,366,300
997,000
0
0
2,369,300
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Department has revised the ICR to account for increases in wage rates and made several changes in estimates. In its previous submission, the Department estimated the number of abandoned plans that would take advantage of the regulations and exemptions. The Department estimated that 4,000 plans would be terminated in the first year and 1,650 plans per year in subsequent years. Based on three years of the data acquired since the last submission, the Department now estimates that only 100 plans a year will take advantage of the regulations to terminate abandoned plans. The previous ICR did not account for a notice that is required to be sent to the 2.5 million participants and beneficiaries under the Safe Harbor, which is accounted for under this submission. Finally, the previous submission assumed that plans would mail out the notice required in order to take advantage of PTE 2004-16. The Department now estimates that the notice will be included in the plans summary plan descriptions.
Annual Cost to Federal Government:
$3,200
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)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Christopher Cosby 202-693-8425 cosby.chris@dol.gov
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:
06/08/2009
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