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 Alternatives ss13.doc	Supporting Statement A	Uploaded 2013-12-02	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
45039	Pass-Through of Investment Information		Removed
45018	Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans		Modified

ICR Details

OMB Control No: 1210-0132	ICR Reference No: 201311-1210-004
Status: Historical Active	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: 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: 02/06/2014
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/24/2013
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2017	36 Months From Approved	02/28/2014
Responses	31,100,000	0	83,358,375
Time Burden (Hours)	201,000	0	782,000
Cost Burden (Dollars)	10,800,000	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.

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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:
	78 FR 30335	05/22/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 77717	12/24/2013
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
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

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	31,100,000	83,358,375	0	0	-52,258,375	0
Annual Time Burden (Hours)	201,000	782,000	0	0	-581,000	0
Annual Cost Burden (Dollars)	10,800,000	32,116,000	0	0	-21,316,000	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 burden estimates in this submission have been adjusted to reflect changes in the disclosures required by the Participant-Level Fee Disclosure Rule. The pass-through provisions of the Default Investment Alternatives Rule were previously reflected in this information collection as a second information collection. They are now counted as part of the burden in the Participant-Level Fee Disclosure Rule. In addition, because data are now available that were not available during the previous submissions, this analysis includes only plans that offer auto-enrollment because this paints a more accurate picture of the affected entities. Finally, plan counts, participant counts, wage rates, and postage costs have all be updated to reflect more recent data.

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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: 12/24/2013

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