Investment Advice Participants and Beneficiaries

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Investment Advice PRA ss14 12-16-14.doc	Supporting Statement A	Uploaded 2014-12-16	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
199015	Audit Requirement		Modified
199014	Computer Model Certification Requirements		Modified
185726	Investment Advice to Participants and Beneficiaries Disclosures		Modified

ICR Details

OMB Control No: 1210-0134	ICR Reference No: 201409-1210-001
Status: Historical Active	Previous ICR Reference No: 201110-1210-002
Agency/Subagency: DOL/EBSA	Agency Tracking No: RIN 1210-AB13 NPRM2
Title: Investment Advice Participants and Beneficiaries
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 with change	Conclusion Date: 12/23/2014
	Date Received in OIRA: 10/29/2014
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2017	36 Months From Approved	12/31/2014
Responses	20,544,000	0	20,716,000
Time Burden (Hours)	1,981,000	0	3,623,008
Cost Burden (Dollars)	276,474,000	0	480,725,024

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Abstract: This final 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).

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Authorizing Statute(s): 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
  

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:
	79 FR 29208	05/21/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 64409	10/29/2014
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
Computer Model Certification Requirements
Investment Advice to Participants and Beneficiaries Disclosures
Audit Requirement

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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	20,544,000	20,716,000	0	0	-172,000	0
Annual Time Burden (Hours)	1,981,000	3,623,008	0	0	-1,642,008	0
Annual Cost Burden (Dollars)	276,474,000	480,725,024	0	0	-204,251,024	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 previous submission included one-time start-up costs, which are no longer applicable. Additionally, the Department assumed that usage of this exemption would be nearly universal by investment advisory firms when the regulation was promulgated. Since that time, the Department has learned that the statutory exemption is not as widely used by financial services firms. Therefore, for purposes of this ICR the Department now believes that 50 percent of financial services firms rather than 100 percent use the exemption. This produced lower burden estimates for this submission.

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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: 10/29/2014

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