[Federal Register Volume 77, Number 147 (Tuesday, July 31, 2012)]
[Notices]
[Pages 45379-45380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-18615]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Termination of Abandoned Individual Account 
Plans

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, ``Termination of Abandoned Individual 
Account Plans,'' 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 August 30, 2012.

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, Room 10235, 725 17th Street NW., Washington, DC 
20503, Telephone: 202-395-6929/Fax: 202-395-6881 (these are not toll-
free numbers), email: [email protected].

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

    Authority:  44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: OMB approval of this ICR would continue PRA 
authorization for the information collection requirements contained in 
three regulations promulgated under the Employee Retirement Income 
Security Act of 1974 (ERISA) that facilitate the termination of, and 
distribution of benefits from, individual account pension plans that 
have been abandoned by their sponsoring employers. The first regulation 
establishes a procedure for financial institutions holding the assets 
of an abandoned individual account plan to terminate the plan and 
distribute benefits to plan participants and beneficiaries, with 
limited liability. The second regulation provides a fiduciary safe 
harbor for making distributions from terminated plans on behalf of 
participants and beneficiaries who fail to make an election regarding a 
form of benefit distribution. The third regulation establishes a 
simplified method for filing a terminal report for abandoned individual 
account plans.
    The ICR also takes into account to a class prohibited transaction 
exemption (PTE 2006-06) that permits a qualified termination 
administrator (QTA) of an individual account plan that has been 
abandoned by its sponsoring employer to select itself or an affiliate 
to provide services to the plan in connection with the termination of 
the plan, to pay itself or an affiliate fees for those services, and to 
pay itself for services provided prior to the plan's deemed 
termination, and class Prohibited Transaction Exemption 2004-16, which 
are the notice and recordkeeping requirements contained in PTE 2004-16, 
which permits a pension plan fiduciary that is a financial institution 
and is also the employer maintaining an individual account pension plan 
for its employees to establish, on behalf of its separated employees, 
an Individual Retirement Account (IRA) at a financial institution that 
is either the employer or an affiliate, which IRA would receive 
mandatory distributions that the fiduciary rolls over from the plan 
when an employee terminates employment.
    These information collections are 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

[[Page 45380]]

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 1210-0127. The current approval is scheduled to expire on July 
31, 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 April 5, 2012 
(77 FR 20650).
    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 mention OMB Control Number 1210-0127. 
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: Termination of Abandoned Individual Account 
Plans.
    OMB Control Number: 1210-0127.
    Affected Public: Private Sector--Businesses or other for-profits.
    Total Estimated Number of Respondents: 39,330.
    Total Estimated Number of Responses: 3,102,640.
    Total Estimated Annual Burden Hours: 109,800.
    Total Estimated Annual Other Costs Burden: $1,088,000.

    Dated: July 25, 2012.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2012-18615 Filed 7-30-12; 8:45 am]
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