[Federal Register Volume 77, Number 110 (Thursday, June 7, 2012)]
[Notices]
[Pages 33772-33773]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-13748]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Voluntary Fiduciary Correction Program

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Voluntary Fiduciary Correction 
Program,'' to the Office of Management and Budget (OMB) for review and 
approval for continued use in accordance with the Paperwork Reduction 
Act (PRA) of 1995 (44 U.S.C. 3501 et seq.).

DATES: Submit comments on or before July 9, 2012.

[[Page 33773]]


ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained from the 
RegInfo.gov Web site, http://www.reginfo.gov/public/do/PRAMain, on the 
day following publication of this notice or by contacting Michel Smyth 
by telephone at 202-693-4129 (this is not a toll-free number) or 
sending an email to [email protected].
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of 
Management and Budget, New Executive Office Building, Room 10235, 
Washington, DC 20503, Telephone: 202-395-6929/Fax: 202-395-6881 (these 
are not toll-free numbers), email: [email protected].

FOR FURTHER INFORMATION CONTACT: Contact Michel Smyth by telephone at 
202-693-4129 (this is not a toll-free number) or by email at [email protected].

SUPPLEMENTARY INFORMATION: The Voluntary Fiduciary Correction Program 
provides a method for voluntary correction of specified types of 
transactions that violate (or are suspected of violating) the 
prohibited transaction provisions of the Employee Retirement Income 
Security Act of 1974 and for securing the Department's assurance that 
the agency will take no further action with respect to the corrected 
transaction. The exemption relieves applicants who make corrections 
under the Program of penalties under section 4975 of under the Internal 
Revenue Code under specified conditions.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is approved by the OMB under the PRA and displays 
a currently valid OMB Control Number. In addition, notwithstanding any 
other provisions of law, no person shall generally be subject to 
penalty for failing to comply with a collection of information if the 
collection of information does not display a valid Control Number. See 
5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this 
information collection under Control Number 1210-0118. The current OMB 
approval is scheduled to expire on June 30, 2012; however, it should be 
noted that existing information collection requirements submitted to 
the OMB receive a month-to-month extension while they undergo review. 
For additional information, see the related notice published in the 
Federal Register on December 7, 2011 (76 FR 76439).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should reference OMB Control Number 1210-0118. 
The OMB is particularly interested in comments that:
     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;
     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.
    Agency: DOL-EBSA.
    Title of Collection: Voluntary Fiduciary Correction Program.
    OMB Control Number: 1210-0118.
    Affected Public: Private Sector--Businesses or other for profits.
    Total Estimated Number of Respondents: 5,760.
    Total Estimated Number of Responses: 119,761.
    Total Estimated Annual Burden Hours: 25,920.
    Total Estimated Annual Other Costs Burden: $1,174,000.

    Dated: May 31, 2012.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2012-13748 Filed 6-6-12; 8:45 am]
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