Termination of Abandoned Individual Account Plans

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supplemental Doc for ROCIS on Nonmaterial Change to ICR.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2007-02-16	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
13509	Termination of Abandoned Individual Account Plans	Other-Proposed Amendment to PTE 2006-06	Modified

ICR Details

OMB Control No: 1210-0127	ICR Reference No: 200701-1210-001
Status: Historical Active	Previous ICR Reference No: 200604-1210-004
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Termination of Abandoned Individual Account Plans
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/24/2007
	Date Received in OIRA: 02/22/2007
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2009	06/30/2009	06/30/2009
Responses	164,240	0	164,240
Time Burden (Hours)	7,313	0	7,313
Cost Burden (Dollars)	997,000	0	997,000

---

Abstract: EBSA is amending the regulations that establish procedures for terminating abandoned individual account pension plans and rolling over distributions for missing or unresponsive participants in terminating plans, as well as the prohibited transaction class exemption that permits a party that is terminating abandoned plan to receive payment out of plan assets and the related exemption that permits rollover of distributions from existing plans to be invested in proprietary vehicles under specified conditions. The amendments to these regulations and exemptions are intended to require the parties making rollover distributions for the benefit of nonspouse beneficiaries of missing participants to invest the rollover distributions in tax-favored vehicles made newly available to the nonspouse beneficiaries by amendments to the Tax Code enacted under the Pension Protection Act of 2006. These amendments do not affect the burden estimates previously approved by OMB for 1210-0127. EBSA is submitting this change worksheet to provide OMB with the changed collection instruments.

---

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

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Termination of Abandoned Individual Account Plans

---

ICR Summary of Burden

table that charts list 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	164,240	164,240	0	0	0	0
Annual Time Burden (Hours)	7,313	7,313	0	0	0	0
Annual Cost Burden (Dollars)	997,000	997,000	0	0	0	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:

---

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: 02/22/2007

---