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.
Inventory as of this Action
Requested
Previously Approved
12/31/2013
36 Months From Approved
02/28/2014
83,358,375
0
83,358,375
782,000
0
782,000
32,116,000
0
32,116,000
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.
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.
$0
No
No
No
No
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.