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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
09ss404(c).doc	Supporting Statement A	Uploaded 2009-04-10	Available

IC Document Collections

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: 200904-1210-003
Status: Historical Active	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: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/15/2009
	Date Received in OIRA: 05/07/2009
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2012	36 Months From Approved	06/30/2009
Responses	54,692,000	0	30,164,000
Time Burden (Hours)	1,316,000	0	860,000
Cost Burden (Dollars)	63,070,000	0	33,020,000

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Abstract: The regulation under ERISA section 404(c) provides that where an individual account pension plan permits individual investment direction, under specific conditions including certain information disclosure provisions, the individual will not be deemed a fiduciary and no person otherwise a fiduciary shall be liable for any loss or breach that results from the individual's exercise of control.

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Authorizing Statute(s): US Code: 29 USC 1401(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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 4981	01/28/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 21403	05/07/2009
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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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	54,692,000	30,164,000	0	0	24,528,000	0
Annual Time Burden (Hours)	1,316,000	860,000	0	0	456,000	0
Annual Cost Burden (Dollars)	63,070,000	33,020,000	0	0	30,050,000	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: The increase in the number of plans and participants has lead to an increase in the hour burden. The increase in plans and participants along with an increase in labor rates and material and mailing costs has led to an increase in the estimated cost burden.

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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)? No

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: 05/07/2009

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