[Federal Register Volume 67, Number 247 (Tuesday, December 24, 2002)]
[Notices]
[Pages 78509-78510]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-32366]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations; Definition of ``Plan Assets''--
Participant Contributions

ACTION: Notice.

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SUMMARY: The Department of Labor (the Department), as part of its 
continuing effort to reduce paperwork and respondent burden, provides 
the general public and Federal agencies with an opportunity to comment 
on proposed and/or continuing collections of information in accordance 
with the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 
3506(c)(2)(A)). This program helps to ensure that requested data can be 
provided in the desired format, reporting burden (time and financial 
resources) is minimized, collection instruments are clearly understood, 
and the impact of collection requirements on respondents can be 
properly assessed. Currently, the Pension and Welfare Benefits 
Administration is soliciting comments concerning the proposed extension 
of a currently approved collection of information, Definition of Plan 
Assets--Participant Contributions, 29 CFR 2510.3-102. A copy of the 
proposed information collection request can be obtained by contacting 
the individual listed below in the addresses section of this notice.

DATES: Written comments must be submitted on or before February 24, 
2003.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare 
Benefits Administration, 200 Constitution Avenue, NW., Washington, DC 
20210, (202) 693-8410 (not a toll-free number), FAX (202) 219-4745.

SUPPLEMENTARY INFORMATION: 

I. Background

    The regulation provides guidance for fiduciaries, participants, and 
beneficiaries of employee benefit plans on the requirements for 
transmission of employee contributions withheld from wages to the 
pension plan. In addition, for those employers who may have difficulty 
meeting regulation deadlines for participant contribution 
transmissions, the extension provision of the regulation provides an 
alternate means of employer compliance with the regulation while 
providing participants, beneficiaries, and the Department with 
sufficient information to protect their

[[Page 78510]]

rights under ERISA. Specifically, the ICR includes notification, 
bonding, and certification requirements that must be completed by the 
employer electing to use the extension provision.

II. Desired Focus of Comments

    [sbull] The Department of Labor (Department) is particularly 
interested in comments which evaluate whether the proposed collection 
of information is necessary for the proper performance of the functions 
of the agency, including whether the information will have practical 
utility;
    [sbull] 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;
    [sbull] Enhance the quality, utility, and clarity of the 
information to be collected; and
    [sbull] 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 submissions of responses.

III. Current Actions

    Extension of the information collection provision of the regulation 
is important because delays in the transmittal of funds may result in 
lost earnings to pension plan participants and beneficiaries. This 
notice requests comments on the extension of the ICR included in the 
regulation governing the definition of ``plan assets.'' The Department 
is not proposing or implementing changes to the existing ICR at this 
time.
    Type of Review: Extension of a currently approved information 
collection.
    Agency: Pension and Welfare Benefits Administration.
    Title: Definition of Plan Assets--Participant Contributions.
    OMB Number: 1210-0100.
    Affected Public: Business or other for-profit; not-for-profit 
institutions; individuals.
    Number of Respondents: 1.
    Frequency: On occasion.
    Number of Annual Responses: 251.
    Total Burden Hours: 3.
    Total Burden Cost (Operating and Maintenance): $300.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval of the information collection request; they will also become a 
matter of public record.

    Dated: December 18, 2002.
Joseph S. Piacentini,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 02-32366 Filed 12-23-02; 8:45 am]
BILLING CODE 4510-29-P