Default Investment Alternatives under Participant Directed Individual Account Plans

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
QDIA 1210-0132 Default Investment Alternatives ss (clean) 09-23-2019.docx	Supporting Statement A	Uploaded 2019-09-23	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
45018	Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans		Modified

ICR Details

OMB Control No: 1210-0132	ICR Reference No: 201909-1210-003
Status: Historical Inactive	Previous ICR Reference No: 201701-1210-006
Agency/Subagency: DOL/EBSA	Agency Tracking No: 1210-AB10(Final)
Title: Default Investment Alternatives under Participant Directed Individual Account Plans
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 12/10/2019
	Date Received in OIRA: 10/23/2019
Terms of Clearance: In accordance with 5 CFR 1320, the information collection is not approved at this time. Prior to publication of the final rule, the agency should provide to OMB a summary of all comments received on the proposed information collection and identify any changes made in response to these comments.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2020	36 Months From Approved	08/31/2020
Responses	36,249,796	0	36,249,796
Time Burden (Hours)	191,640	0	191,640
Cost Burden (Dollars)	9,959,269	0	9,959,269

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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): PL: Pub.L. 109 - 280 624 Name of Law: Pension Protection Act of 2006
   US Code: 29 USC 1104(c)(5)(A) Name of Law: ERISA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-AB90	Proposed rulemaking	84 FR 56894	10/23/2019

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 56894	10/23/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 56894	10/23/2019
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

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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:

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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: 10/23/2019

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