Default Investment Alternatives under Participant Directed Individual Account Plans

Forms and Documents

Document Name	Status
Default_Investment_10-26-10_ss.doc Supporting Statement A	2010-10-26

IC Document Collections

IC ID	Document Title	Status
45039	Pass-Through of Investment Information	Modified
45018	Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans	Modified

ICR Details

OMB Control No: 1210-0132	ICR Reference No: 201010-1210-002
Status: Historical Active	Previous ICR Reference No: 200711-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No: 1210-AB10(Final)
Title: Default Investment Alternatives under Participant Directed Individual Account Plans
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: 12/05/2010
	Date Received in OIRA: 10/27/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2013	36 Months From Approved	12/31/2010
Responses	83,358,375	0	66,991,403
Time Burden (Hours)	782,000	0	795,219
Cost Burden (Dollars)	32,116,000	0	24,711,418

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Abstract: This information collection relates to regulations creating standards for fiduciary relief from liability for default investment by individual account pension plans of account assets of participants and beneficiaries who fail to provide investment directions.

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Authorizing Statute(s): US Code: 29 USC 1104(c)(5)(A) Name of Law: ERISA
   PL: Pub.L. 109 - 280 624 Name of Law: Pension Protection Act of 2006
  

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:
	75 FR 51843	08/23/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 65511	10/25/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans
Pass-Through of Investment Information

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ICR Summary 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	83,358,375	66,991,403	0	0	16,366,972	0
Annual Time Burden (Hours)	782,000	795,219	0	0	-13,219	0
Annual Cost Burden (Dollars)	32,116,000	24,711,418	0	0	7,404,582	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 three year average hour burden has decrease relative to the previous estimates. The previous ICR higher hour burden was due to the high hour burden for initial implementation in the first year. However, costs have increased due to a growth in the estimated number of plans and participants. In addition wage rates and postage costs have been updated.

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 10/27/2010

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