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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:
201311-1210-004
Status:
Historical Active
Previous ICR Reference No:
201010-1210-002
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
1210-AB10(Final)
Title:
Default Investment Alternatives under Participant Directed 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:
02/06/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/24/2013
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2017
36 Months From Approved
02/28/2014
Responses
31,100,000
0
83,358,375
Time Burden (Hours)
201,000
0
782,000
Cost Burden (Dollars)
10,800,000
0
32,116,000
Abstract:
This information collection relates to regulations creating 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:
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:
78 FR 30335
05/22/2013
30-day Notice:
Federal Register Citation:
Citation Date:
78 FR 77717
12/24/2013
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
Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans
Pass-Through of Investment Information
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
31,100,000
83,358,375
0
0
-52,258,375
0
Annual Time Burden (Hours)
201,000
782,000
0
0
-581,000
0
Annual Cost Burden (Dollars)
10,800,000
32,116,000
0
0
-21,316,000
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 burden estimates in this submission have been adjusted to reflect changes in the disclosures required by the Participant-Level Fee Disclosure Rule. The pass-through provisions of the Default Investment Alternatives Rule were previously reflected in this information collection as a second information collection. They are now counted as part of the burden in the Participant-Level Fee Disclosure Rule. In addition, because data are now available that were not available during the previous submissions, this analysis includes only plans that offer auto-enrollment because this paints a more accurate picture of the affected entities. Finally, plan counts, participant counts, wage rates, and postage costs have all be updated to reflect more recent data.
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
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:
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:
12/24/2013
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