[Federal Register: November 15, 2005 (Volume 70, Number 219)]
[Notices]
[Page 69355]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15no05-81]
[[Page 69355]]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection; Comment Request
Regulation Regarding Participant Directed Individual Account Plans
Under ERISA 404(c)
ACTION: Notice.
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SUMMARY: The Department of Labor (the Department), as part of its
continuing effort to reduce paperwork and respondent burden, conducts a
preclearance consultation program to provide the general public and
Federal agencies with an opportunity to comment on proposed and
continuing collections of information in accordance with the Paperwork
Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)). This helps to
ensure that the data the Department gathers can be provided in the
desired format, that the reporting burden on the public (time and
financial resources) is minimized, that the public understands the
Department's collection instruments, and that the Department can
accurately assess the impact of collection requirements on respondents.
Currently, the Employee Benefits Security Administration (EBSA) is
soliciting comments concerning an extension of the information
collections in regulation section 2550.404c-1, pertaining to
participant-directed individual account plans under section 404(c) of
the Employee Retirement Income Security Act of 1974 (ERISA). A copy of
the information collection request (ICR) may be obtained by contacting
the office listed in the ADDRESSES section of this notice.
DATES: Written comments must be submitted on or before January 17,
2006.
ADDRESSES: Direct all written comments regarding the information
collection request and burden estimates to Susan G. Lahne, Office of
Policy and Research, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue, NW., Room N-5647,
Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745.
These are not toll-free numbers. Comments may also be submitted
electronically to the following Internet e-mail address:
ebsa.opr@dol.gov.
SUPPLEMENTARY INFORMATION:
I. Background
Section 404(c) of ERISA 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, the participant or beneficiary shall not
be deemed to be a fiduciary by such exercise of control and no person
otherwise a fiduciary shall be liable for any loss or breach that
results from the participant's or beneficiary's exercise of control.
The Department's regulation at 29 CFR 2550.404c-1 describes the
circumstances in which a participant or beneficiary will be considered
to have exercised independent control over the assets in his or her
individual account as contemplated in section 404(c). The regulation
specifies information that must be made available to participants or
beneficiaries in order for them to exercise independent control over
the assets in their individual accounts. The regulation provides that
the relief from fiduciary liability specified in section 404(c) is not
available with respect to a transaction undertaken by a participant or
beneficiary unless the specific information is provided to the
participant or beneficiary. EBSA submitted the information collection
provisions in the regulation to the Office of Management and Budget
(OMB) for review in an information collection request (ICR) in
connection with promulgation of the final rulemaking, and OMB approved
the ICR under OMB Control No. 1210-0090. The ICR approval is scheduled
to expire on February 28, 2006.
II. Desired Focus of Comments
The Department 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., by
permitting electronic submission of responses.
III. Current Action
This notice requests comments on an extension of the information
collections included in regulation section 2550.404c-1, which sets
requirements for fiduciary relief pertaining to participant-directed
individual account plans under section 404(c) of ERISA. The Department
is not proposing or implementing changes to the existing ICR at this
time. A summary of the ICR and the current burden estimates follows:
Type of Review: Extension of a currently approved collection of
information.
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: Regulation Regarding Participant Directed Individual Account
Plans (ERISA section 404(c) Plans).
OMB Number: 1210-0090.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 324,000.
Frequency of Response: On occasion.
Responses: 324,000.
Estimated Total Burden Hours: 37,000.
Total Burden Cost (Operating and Maintenance): $17,755,000.
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval of the information
collection request; they will also become a matter of public record.
Dated: November 8, 2005.
Susan G. Lahne,
Senior Pension Law Specialist, Office of Policy and Research, Employee
Benefits Security Administration.
[FR Doc. 05-22584 Filed 11-14-05; 8:45 am]
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