[Federal Register Volume 88, Number 157 (Wednesday, August 16, 2023)]
[Notices]
[Page 55724]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-17623]



[[Page 55724]]

-----------------------------------------------------------------------

DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Default Investment Alternatives Under 
Participant Directed Individual Account Plans

ACTION: Notice of availability; request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of Labor (DOL) is submitting this Employee 
Benefits Security Administration (EBSA)-sponsored information 
collection request (ICR) to the Office of Management and Budget (OMB) 
for review and approval in accordance with the Paperwork Reduction Act 
of 1995 (PRA). Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that the agency 
receives on or before September 15, 2023.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    Comments are invited on: (1) whether the collection of information 
is necessary for the proper performance of the functions of the 
Department, including whether the information will have practical 
utility; (2) the accuracy of the agency's estimates of the burden and 
cost of the collection of information, including the validity of the 
methodology and assumptions used; (3) ways to enhance the quality, 
utility and clarity of the information collection; and (4) ways to 
minimize the burden of the collection of information on those who are 
to respond, including the use of automated collection techniques or 
other forms of information technology.

FOR FURTHER INFORMATION CONTACT: Nicole Bouchet by telephone at 202-
693-0213, or by email at [email protected].

SUPPLEMENTARY INFORMATION: This information collection requires annual 
notices to participants and beneficiaries whose account assets could be 
invested in a ``qualified default investment alternative'' (QDIA) and 
requires plans to pass any pertinent materials they receive from a QDIA 
to those participants and beneficiaries with assets invested in the 
QDIA. This information collection is necessary to inform participants 
and beneficiaries, who do not make investment elections, of the 
consequences of their failure to elect investments, the ways in which 
their account assets will be invested through the QDIA, and of their 
continuing opportunity to make other investment elections, including 
options available under the plan. For additional substantive 
information about this ICR, see the related notice published in the 
Federal Register on February 8, 2023 (88 FR 8317).
    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 the OMB approves it 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 
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
    DOL seeks PRA authorization for this information collection for 
three (3) years. OMB authorization for an ICR cannot be for more than 
three (3) years without renewal. The DOL notes that information 
collection requirements submitted to the OMB for existing ICRs receive 
a month-to-month extension while they undergo review.
    Agency: DOL-EBSA.
    Title of Collection: Default Investment Alternatives under 
Participant Directed Individual Account Plans.
    OMB Control Number: 1210-0132.
    Affected Public: Private Sector--Businesses or other for-profits; 
Not-for-profit institutions.
    Total Estimated Number of Respondents: 384,183.
    Total Estimated Number of Responses: 49,546,060.
    Total Estimated Annual Time Burden: 87,978 hours.
    Total Estimated Annual Other Costs Burden: $2,183,990.

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

Nicole Bouchet,
Acting Departmental Clearance Officer.
[FR Doc. 2023-17623 Filed 8-15-23; 8:45 am]
BILLING CODE 4510-29-P