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).
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
Changes to four burden estimate inputs caused burden estimates to increase for this submission:
1. Increased usage of this exemption;
2. Increased labor costs due to inflation;
3. Increased postage costs due to inflation; and
4. A change to the EBSAâs assumption regarding electronic transmission of the disclosures. During the last submission, the EBSA assumed that 80 percent of disclosures would be transmitted electronically. This assumption is inconsistent with what EBSA typically uses as its electronic disclosure assumption and EBSA believes this is an overestimate of electronic transmission. For this submission, EBSA has revised the electronic disclosure assumption to 53.7 percent, which is consistent with what EBSA typically assumes when it calculates burden for disclosures.
$0
No
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.
Investment Advice PRA ss17.doc
Audit Requirement