Investment Advice Participants and Beneficiaries

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Investment Advice PRA ss17.doc	Supporting Statement A	Uploaded 2017-11-29	Available

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: 201711-1210-001
Status: Active	Previous ICR Reference No: 201409-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
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 without change	Conclusion Date: 02/28/2018
	Date Received in OIRA: 12/31/2017
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2021	36 Months From Approved	02/28/2018
Responses	21,501,930	0	20,544,000
Time Burden (Hours)	2,340,981	0	1,981,000
Cost Burden (Dollars)	278,939,750	0	276,474,000

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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:
	82 FR 23303	05/22/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 243	12/31/2017
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
Investment Advice to Participants and Beneficiaries Disclosures
Audit Requirement
Computer Model Certification Requirements

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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	21,501,930	20,544,000	0	0	957,930	0
Annual Time Burden (Hours)	2,340,981	1,981,000	0	0	359,981	0
Annual Cost Burden (Dollars)	278,939,750	276,474,000	0	0	2,465,750	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: 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 EBSA’s 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.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 12/31/2017

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