[Federal Register Volume 78, Number 210 (Wednesday, October 30, 2013)]
[Notices]
[Pages 64980-64981]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-25688]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Disclosures for Participant Directed 
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, ``Disclosures for Participant Directed 
Individual Account Plans,'' to the Office of Management and Budget 
(OMB) for review and approval for continued use, without change, in 
accordance with the Paperwork Reduction Act (PRA) of 1995, 44 U.S.C. 
3501 et seq.

DATES: Submit comments on or before November 29, 2013.

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 free of charge 
from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201309-1210-002 (this link will only become active 
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, Fax: 202-395-6881 (this is not a toll-free number), email: 
[email protected]. Commenters are encouraged, but not 
required, to send a courtesy copy of any comments to the U.S. 
Department of Labor-OASAM, Office of the Chief Information Officer, 
Attn: Information Management Program, Room N1301, 200 Constitution 
Avenue NW., Washington, DC 20210, email: [email protected].

[[Page 64981]]


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].

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

SUPPLEMENTARY INFORMATION: Employee Retirement Income Security Act of 
1974 section 404(c), 29 U.S.C. 1104(c), provides that, if an individual 
account pension plan permits a participant or beneficiary to exercise 
control over assets in his or her account and the participant or 
beneficiary in fact exercises such control (as determined under DOL 
regulations), the participant or beneficiary shall not be deemed to be 
a fiduciary by such exercise of control and no person otherwise a 
fiduciary to the plan shall be liable for any loss or breach that 
results solely from this exercise of control. Regulations 29 CFR 
2550.404a-5 provides that, when a plan allocates investment 
responsibilities to participants or beneficiaries, the plan 
administrator must take action to ensure they are provided with 
sufficient information regarding the plan and its investment options, 
including fee and expense information, to make informed decisions with 
regard to the management of their individual accounts; therefore, the 
regulation requires a plan administrator to provide each participant or 
beneficiary with certain plan-related information and investment-
related information.
    This disclosure requirement is an information collection 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 that 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 1210-0090.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on October 31, 2013. The DOL seeks to extend PRA 
authorization for this information collection for three (3) years, 
without any change to existing requirements. The DOL also notes that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on May 22, 2013 (78 FR 30333).
    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 1210-0090. 
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: Disclosures for Participant Directed 
Individual Account Plans.
    OMB Control Number: 1210-0090.
    Affected Public: Private sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 505,795.
    Total Estimated Number of Responses: 674,975,795.
    Total Estimated Annual Burden Hours: 7,100,000.
    Total Estimated Annual Other Costs Burden: $257,300,000.

    Dated: October 24, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-25688 Filed 10-29-13; 8:45 am]
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