Disclosures for Participant Directed Individual Account Plans Under ERISA Section 404(c)

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Forms and supporting documents for this ICR

Document	Type	Status	Availability

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Information collection document groups

IC ID	Collection	Type	Status	Form
13412	Disclosures for Participant Directed Individual Account Plans Under ERISA Section 404(c)		Modified

ICR Details

OMB Control No: 1210-0090	ICR Reference No: 200805-1210-003
Status: Historical Inactive	Previous ICR Reference No: 200602-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Disclosures for Participant Directed Individual Account Plans Under ERISA Section 404(c)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 07/29/2008
	Date Received in OIRA: 07/23/2008
Terms of Clearance: DOL/EBSA will resubmit this collection at the final rule stage.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2009	36 Months From Approved	06/30/2009
Responses	30,164,000	0	30,164,000
Time Burden (Hours)	860,000	0	860,000
Cost Burden (Dollars)	33,020,000	0	33,020,000

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Abstract: 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 Department’s existing regulation under ERISA Section 404(c), which would be amended by the proposal.

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Authorizing Statute(s): US Code: 29 USC 1104(c) Name of Law: Employee Retirement Income Security Act of 1974
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-AB07	Proposed rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 43013	07/23/2008
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Disclosures for Participant Directed Individual Account Plans Under ERISA Section 404(c)

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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: 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.

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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

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Common Form ICR:  No

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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: 07/23/2008

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