Default Investment Alternatives under Participant Directed Individual Account Plans

Forms and Documents

Document Name	Status
DefaultInvestNPRMss06.doc Supporting Statement A	2006-09-18
Default Investment Regulation 09-18-06.doc Proposed Rule Document	2006-09-18

IC Document Collections

IC ID	Document Title	Status
45039	Pass-Through of Investment Information	New
45018	Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans	New

ICR Details

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
	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

---

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

---