Investment Advice Participants and Beneficiaries

Forms and Documents

Document Name	Status
30-day FRN (1210-0134) published.pdf Supplementary Document	2021-02-04
29 U.S. Code § 1108 - Exemptions from prohibited transactions.pdf Supplementary Document	2021-02-02
29 CFR § 2550.408g-1 - Investment advice - participants and beneficiaries. _ CFR _ US Law _ LII _ Legal Information Institute.pdf Supplementary Document	2021-02-02
60-day FRN (1210-0134) published.pdf Supplementary Document	2021-01-19
Investment Advice PRA ss21 (clean).docx Supporting Statement A	2021-01-14

IC Document Collections

IC ID	Document Title	Status
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: 202012-1210-006
Status: Received in OIRA	Previous ICR Reference No: 201711-1210-001
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	Date Submitted to OIRA: 02/04/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2021
Responses	23,033,030	21,501,930
Time Burden (Hours)	2,423,391	2,340,981
Cost Burden (Dollars)	318,912,816	278,939,750

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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:
	85 FR 66580	10/20/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 8222	02/04/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

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

	Total Request	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	23,033,030	21,501,930	0	0	1,531,100	0
Annual Time Burden (Hours)	2,423,391	2,340,981	0	0	82,410	0
Annual Cost Burden (Dollars)	318,912,816	278,939,750	0	0	39,973,066	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 EBSA’s assumption regarding electronic transmission of the disclosures for DC plans and IRAs. As a result of final Default Electronic Disclosure regulation issued by the Department on May 27, 2020 (85 Fed. Reg. 31884), EBSA has revised the electronic disclosure assumption from 56.4 to 92.7 percent for DC plans. EBSA has also revised the electronic disclosure assumption for IRAs to 58.2 percent.

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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? No

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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: 02/04/2021

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