[Federal Register Volume 80, Number 61 (Tuesday, March 31, 2015)]
[Notices]
[Pages 17079-17080]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-07279]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Employee Retirement Income Security Act 
Section 408(b)(2) Regulation

ACTION: Notice.

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SUMMARY: On March 31, 2015, the Department of Labor (DOL) will submit 
the Employee Benefits Security Administration (EBSA) sponsored 
information collection request (ICR) titled, ``Employee Retirement 
Income Security Act Section 408(b)(2) Regulation,'' to the Office of 
Management and Budget (OMB) for review and approval for continued use, 
without change, in accordance with the Paperwork Reduction Act of 1995 
(PRA), 44 U.S.C. 3501 et seq. Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before April 30, 2015.

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=201503-1210-002 (this link will only become active 
on April 1, 2015) or by contacting Michel Smyth by telephone at 202-
693-4129, TTY 202-693-8064, (these are not toll-free numbers) or by 
email at [email protected].
    Submit comments about this request by mail or courier 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; by Fax: 202-395-5806 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue NW., 
Washington, DC 20210; or by email: [email protected].
    For Further Information: Contact Michel Smyth by telephone at 202-
693-4129, TTY 202-693-8064, (these are not toll-free numbers) or by 
email at [email protected].

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

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Employee Retirement Income Security Act (ERISA) section 408(b)(2) 
regulation information collection requirements codified in regulations 
29 CFR 2550.408(b)(-2(c) that require certain retirement plan service 
providers to disclose information about their compensation and 
potential conflicts of interest to responsible plan fiduciaries. These 
disclosure requirements provide guidance for compliance with a 
statutory exemption from ERISA prohibited transaction provisions. 
Failing to satisfy the 408(b)(2) regulation disclosure requirements may 
result in provision of services prohibited by ERISA section 
406(a)(1)(C), with consequences for both the responsible plan fiduciary 
and the covered service provider. ERISA section 408(b)(2) authorizes 
this information collection. See 29 U.S.C. 1108(b)(2).
    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 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 1210-0133.
    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 March 31, 2015. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL 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 October 15, 2014 (79 FR 
61903).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section by April 30, 2015. In order to help ensure 
appropriate consideration, comments should mention OMB Control Number 
1210-0133. 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

[[Page 17080]]

     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: Employee Retirement Income Security Act 
Section 408(b)(2) Regulation.
    OMB Control Number: 1210-0133.
    Affected Public: Private Sector--businesses and other for profits.
    Total Estimated Number of Respondents: 51,000.
    Total Estimated Number of Responses: 1,472,000.
    Total Estimated Annual Time Burden: 1,040,000 hours.
    Total Estimated Annual Other Costs Burden: $1,336,000.

    Dated: March 25, 2015.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2015-07279 Filed 3-30-15; 8:45 am]
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