[Federal Register: March 27, 2009 (Volume 74, Number 58)]
[Notices]
[Page 13476]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27mr09-86]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection; Comment Request;
Definition of ``Plan Assets''--Participant Contributions
AGENCY: Employee Benefits Security Administration.
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 program
helps to ensure that the data the Department collects 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 its collection requirements on
respondents.
Currently, the Employee Benefits Security Administration (EBSA) is
soliciting comments concerning an extension of the current approval of
the information collection in the regulation entitled Definition of
Plan Assets--Participant Contributions, codified at 29 CFR 2510.3-102.
A copy of EBSA's proposed information collection request (ICR) can be
obtained by contacting the individual listed below in the ADDRESSES
section of this notice.
DATES: Comments must be submitted on or before May 26, 2009.
ADDRESSES: Direct all comments regarding the ICR and burden estimates
to G. Christopher Cosby, Office of Policy and Research, Employee
Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue, NW., Washington, DC 20210. Comments may be
submitted in writing to the above address, via facsimile to (202) 219-
4745, or electronically to the following Internet e-mail address:
ebsa.opr@dol.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The regulation concerning plan assets and participant contributions
provides guidance for fiduciaries, participants, and beneficiaries of
employee benefit plans regarding how participant contributions to
pension plans must be handled when they are either paid to the employer
by the participant or directly withheld by the employer from the
employee's wages for transmission to the pension plan. In particular,
the regulation sets standards for the timely delivery of such
participant contributions, including an outside time limit for the
employer's holding of participant contributions. In addition, for those
employers who may have difficulty meeting the regulation's outside
deadlines for transmitting participant contribution, the regulation (29
CFR 2510.3-102(d)) provides the opportunity for the employer to obtain
an extension of the time limit by providing participants and the
Department with a notice that contains specified information. The ICR
pertains to this notice requirement. The Department previously
requested review of this information collection and obtained approval
from the Office of Management and Budget (OMB) under OMB control number
1210-0100. That approval is scheduled to expire on June 30, 2009.
II. Desired Focus of Comments
The Department of Labor (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 submissions of responses.
III. Current Actions
This notice requests comments on an extension of the ICR included
in the regulation governing the definition of ``plan assets'' as
related to participant contributions. 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 information
collection.
Agency: Employee Benefits Security Administration.
Title: Definition of Plan Assets--Participant Contributions.
OMB Number: 1210-0100.
Affected Public: Business or other for-profit; not-for-profit
institutions; individuals.
Number of Respondents: 1.
Frequency: On occasion.
Number of Annual Responses: 251.
Total Burden Hours: 1.
Total Burden Cost (Operating and Maintenance): $1,000.
Comments submitted in response to this notice will be summarized
and/or included in the request for Office of Management and Budget
approval of the information collection request; they will also become a
matter of public record.
Dated: March 23, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security
Administration.
[FR Doc. E9-6835 Filed 3-26-09; 8:45 am]
BILLING CODE 4510-29-P