[Federal Register Volume 66, Number 73 (Monday, April 16, 2001)]
[Notices]
[Pages 19518-19519]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9277]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review; Comment Request

April 3, 2001.

    The Department of Labor (DOL) has submitted the following public 
information collection requests (ICRs) to the Office Management and 
Budget (OMB) for review and approval in accordance with the Paperwork 
Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of 
each individual ICR, with applicable supporting documentation, may be 
obtained by calling the Department of Labor. To obtain documentation 
for BLS, ESA, and PWBA contact Marlene Howze ((202) 693-4120 or by 
email to [email protected]). To obtain documentation for ETA, MSHA, 
OSHA, and VETS contact Darrin King ((202) 693-4129 or by E-Mail to 
[email protected]).
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: OMB Desk Officer for BLS, DM, ESA, ETA, MSHA, OSHA, 
PWBA, or VETS, Office of Management and Budget, Room 10235, Washington, 
DC 20503 ((202) 395-7316), within 30 days from the date of this 
publication in the Federal Register.
    The OMB is particularly interested in comments which:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the function of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submission of responses.
    Type of Review: Extension of a currently approved collection.
    Agency: Pension and Welfare Benefits Administration (PWBA).
    Title: Participant Directed Individual Account Plans (ERISA section 
404(c) Plans.
    OMB Number: 1210-0090.
    Affected Public: Individuals or households; Business or other for-
profit; and Not-for-profit institutions.
    Frequency: On occasion.
    Number of Respondents: 294,800.
    Estimated Time Per Response: 294,800.
    Estimated Time Per Response: 30 minutes.
    Total Burden Hours: 52,900.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing) 
services): $22,126,000.
    Description: Section 404(c) of the Employee Retirement Income 
Security Act of 1974 (ERISA) provides that if a pension plan that 
provides for individual accounts permits a participant or beneficiary 
to exercise contol over assets in his account and that participant or 
beneficiary in fact exercises such control, the participant

[[Page 19519]]

or beneficiary shall not be deemed to be a fiduciary by such exercise 
of control, and no person otherwise a fiduciary shall be liable for any 
loss or breach which results from this exercise of control. The 
opportunity to exercise control includes the opportunity to obtain 
sufficient information alternatives. This regulation describes the type 
and extent of information required to be made available to participants 
and beneficiaries for this purpose. In the absence of such disclosures, 
participants might not be able to make informed decisions about the 
investment of their individual accounts, and persons who are otherwise 
fiduciaries with respect to these plans would not be afforded relief 
from the fiduciary responsibility provisions of Title I of ERISA with 
respect to these transactions.

Ira L. Mills,
Department Clearance Officer.
[FR Doc. 01-9277 Filed 4-13-01; 8:45 am]
BILLING CODE 4510-29-M