This information
collection request associated with the proposed Investment Advice
rule is not approved at this time. DOL will review public comment
on the information collection requirements contained in the rule
and resubmit at the final rule stage.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
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0
0
0
0
0
0
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0
This proposed regulation implements
the provisions of the statutory exemption set forth in sections
408(b)(14) and 408(g) of the Employee Retirement Income Security
Act, as amended (ERISA or the Act), and parallel provisions in
sections 4975(d)(17) and 4975(f)(8) of the Internal Revenue Code of
1986, as amended (Code), relating to the provision of investment
advice described in section 3(21)(A)(ii) of the Act by a fiduciary
adviser to participants and beneficiaries in participant-directed
individual account plans, such as 401(k) plans, and beneficiaries
of individual retirement accounts (and certain similar
plans).
US Code:
29 USC 1108(b)(14) Name of Law: Employee Retirement Income
Security Act of 1974
US Code: 29
USC 1108(g) Name of Law: Employee Retirement Income Security
Act of 1974
PL: Pub.L. 109 - 280 601 Name of Law: Pension
Protection Act of 2006
On January 21, 2009, the
Department of Labor published final rules on the provision of
investment advice to participants and beneficiaries of
participant-directed individual account plans and to beneficiaries
of individual retirement accounts (74 FR 3822). The rules contain
regulations implementing a statutory prohibited transaction
exemption under ERISA Section 408(b)(14) and Section 408(g) and an
administrative class exemption granting additional relief. As
published, these rules were to be effective on March 23, 2009. On
February 4, 2009, a document seeking comment on a proposed 60 day
extension to the effective dates for these rules until May 22,
2009, and a proposed conforming amendment to the applicability date
of Section 2550.408g-1 (74 FR 6007). The document also requested
comment on issues of law and policy raised by the final rules. The
Department indicated that upon completion of its review, it might
decide to allow the rules to take effect, issue a further
extension, withdraw the rules, or propose amendments. On March 20,
2009, the Department published in the Federal Register a document
adopting the proposed 60 day delay of the effective and
applicability date of the final rule published on January 21, 2009,
for agency review of questions of law and policy raised by
commenters (74 FR 11847). On May 22, 2009, the Department adopted
an 180-day delay of the effective and applicability date of the
final rule published on January 21, 2009 (74 Fed. Reg. 23951). With
the adoption of this delay, the effective and applicability dates
of the final rule are November 18, 2009. The Department has now
decided to revise the rule by issuing a proposed investment advice
statutory exemption and withdrawing the administrative class
exemption. This resulted in a burden reduction from the prior
submission.
$0
No
No
Uncollected
Uncollected
No
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.
Investment Advice to Participants and Beneficiaries