DOL/EBSA will
resubmit this collection at the final rule stage.
Inventory as of this Action
Requested
Previously Approved
03/31/2009
36 Months From Approved
06/30/2009
30,164,000
0
30,164,000
860,000
0
860,000
33,020,000
0
33,020,000
The Department is proposing a
regulation (NPRM) under ERISA section 404(a), with conforming
amendments to the regulations under ERISA section 404(c)that would
require plan fiduciaries to disclose plan- and investment-related
fee and expense information to participants and beneficiaries in
all participant directed individual account plans (e.g., 401(k)
plans) for plan years beginning on or after January 1, 2009. The
Department believes that the information collections contained in
the NPRM are necessary to establish uniform, basic disclosures for
participants and beneficiaries in participant-directed individual
account plans without regard to whether they participate in plans
that are intended to comply with ERISA section 404(c). Such
information collections also are necessary to help participants and
beneficiaries enrolled in all participant-directed individual
account plans make informed decisions regarding the investment of
assets in their retirement accounts. Therefore, the Department has
included the burdens and costs associated with the information
collections contained in the NPRM under OMB Control Number
1210-0090, the control number for the Departments existing
regulation under ERISA Section 404(c), which would be amended by
the proposal.
US Code:
29
USC 1104(c) Name of Law: Employee Retirement Income Security
Act of 1974
The NPRM would provide new
regulations under ERISA section 404(a)(5) and make conforming
amendments to existing regulations under ERISA section 404(c) that
would require plan fiduciaries to disclose plan- and
investment-related fee and expense information to participants and
beneficiaries in all participant-directed individual account plans
for plan years beginning on or after January 1, 2009. Therefore,
the program change represents the incremental hour and cost burden
imposed on all participant-directed individual account plans by the
information collection provisions in the NPRM.
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Chris Cosby 202
693-8540
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:
(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;
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.