[Federal Register Volume 70, Number 244 (Wednesday, December 21, 2005)]
[Notices]
[Pages 75836-75837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-24280]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request 
Final Rule Relating To Notice of Blackout Periods to Participants and 
Beneficiaries

ACTION: Notice.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA 
95) (44 U.S.C. 3506(c)(2)(A)), the Department of Labor (the Department) 
conducts a preclearance consultation program to provide the general 
public and Federal agencies with an opportunity to comment on proposed 
and continuing collections of information. This program helps to ensure 
that the data the Department gathers can be provided in the desired 
format, that the reporting burden on the public (time and financial 
resources) is minimized, that the public understands the Department's 
collection instruments, and that the Department can accurately assess 
the impact of collection requirements on respondents.
    By this notice, the Department is soliciting comments concerning 
the information collection provisions of the regulation under section 
101(i) of the Sarbanes-Oxley Act of 2002 (the SOA), which requires 
written notice to be provided to affected participants and 
beneficiaries of individual account plans of any ``blackout period'' 
during which their right to direct or diversify investments, obtain a 
loan, or obtain a distribution under the plan may be temporarily 
suspended. A copy of the ICR may be obtained by contacting the office 
listed in the ADDRESSES section of this notice.

DATES: Written comments must be submitted to the office shown in the 
ADDRESSES section below on or before February 21, 2006.

ADDRESSES: Interested parties are invited to submit written comments 
regarding the information collection request and burden estimates to: 
Susan G. Lahne, Office of Policy and Research, U.S. Department of 
Labor, Employee Benefits Security Administration, 200 Constitution 
Avenue, NW., Room N-5647, Washington, DC 20210. Telephone: (202) 693-
8410; Fax: (202) 219-4745. These are not toll-free numbers. Comments 
may also be submitted electronically to [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    Section 306(b)(1) of the SOA amended section 101 of ERISA to add a 
new subsection (i), requiring that administrators of individual account 
plans provide notice to affected participants and beneficiaries in 
advance of the commencement of any blackout period. For purposes of 
this notice requirement, a blackout period generally includes any 
period during which the ability of participants or beneficiaries to 
direct or diversify assets credited to their accounts, to obtain loans 
from the plan or to obtain distributions from the plan will be 
temporarily suspended, limited or restricted. As required by section 
306(b)(2) of SOA, the Department of Labor (Department) issued rules 
necessary to implement the SOA amendments. The Department's regulation 
at 29 CFR 2520.101-3 specifies when, how, and to whom a blackout notice 
must be provided and provides model notices to meet the requirements of 
the regulation.
    The Department submitted the information collection provisions of 
Sec.  2520.101-3 in an ICR to the Office of Management and Budget (OMB) 
for review and clearance at the time of publication of the interim 
final rule, which was published in the Federal Register on October 21, 
2002 (67 FR 64766). OMB approved the ICR under its emergency clearance 
procedures on December 5, 2002. The Department requested continuing 
approval of the information collection, with burdens unchanged, in 
connection with promulgation of the final regulation on January 24, 
2003 (68 FR 3716). The ICR for the information collection was approved 
under OMB control number 1210-0122. This approval is scheduled to 
expire on April 30, 2006.

II. Desired Focus of Comments

    The Department is particularly interested in comments that:
     Evaluate whether the collections of information are 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the collections of information, including the validity of the 
methodology and assumptions used;

[[Page 75837]]

     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., by 
permitting electronic submission of responses.

III. Current Action

    The Department is requesting an extension of the currently approved 
ICR for the Final Rule Relating to Notice of Blackout Periods to 
Participants and Beneficiaries. The Department is not proposing or 
implementing changes to the regulation or to the existing ICR. A 
summary of the ICR and the current burden estimates follows:
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Final Rule Relating to Blackout Notices to Participants and 
Beneficiaries.
    OMB Number: 1210-0122.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 85,150.
    Frequency of Response: On occasion.
    Responses: 11,956,000.
    Estimated Total Burden Hours: 166,129.
    Total Annual Cost (Operating and Maintenance): $9,351,400.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: December 14, 2005.
Susan G. Lahne,
Senior Pension Law Specialist, Office of Policy and Research, Employee 
Benefits Security Administration.
[FR Doc. 05-24280 Filed 12-20-05; 8:45 am]
BILLING CODE 4510-29-P