Default Investment Alternatives under Participant Directed Individual Account Plans

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Default Investment 10-20-10 TDF amend_ss.doc	Supporting Statement A	Uploaded 2010-12-06	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
45039	Pass-Through of Investment Information		Unchanged
45018	Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans		Unchanged
195597	Proposed Rule Requiring Enhanced Target Date Funds Disclosures		New

ICR Details

OMB Control No: 1210-0132	ICR Reference No: 201012-1210-001
Status: Historical Inactive	Previous ICR Reference No: 201010-1210-002
Agency/Subagency: DOL/EBSA	Agency Tracking No: 1210-AB10(Final)
Title: Default Investment Alternatives under Participant Directed Individual Account Plans
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: 03/21/2011
	Date Received in OIRA: 12/08/2010
Terms of Clearance: In accordance with 5 CFR 1320, the information collection is no approved at the current time. Prior to finalizing the rule, the agency must provide a summary of all comments related to the information collection and any changes made in response to these comments.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2013	36 Months From Approved	02/28/2014
Responses	83,358,375	0	83,358,375
Time Burden (Hours)	782,000	0	782,000
Cost Burden (Dollars)	32,116,000	0	32,116,000

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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. The proposed rule would require additional disclosures for target date funds.

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

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-AB38	Proposed rulemaking	75 FR 73987	11/30/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans
Pass-Through of Investment Information
Proposed Rule Requiring Enhanced Target Date Funds Disclosures

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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: Costs have increased due to a growth in the estimated number of plans and participants, wage rates, and postage costs. Hour and cost burden also have increased due to the proposed amendment requiring information on target date funds to be included in the annual qualified default investment alternative (QDIA) notice.

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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: 12/08/2010

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