[Federal Register: April 16, 2001 (Volume 66, Number 73)]
[Notices]
[Page 19518-19519]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16ap01-85]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review; Comment Request
April 3, 2001.
The Department of Labor (DOL) has submitted the following public
information collection requests (ICRs) to the Office Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of
each individual ICR, with applicable supporting documentation, may be
obtained by calling the Department of Labor. To obtain documentation
for BLS, ESA, and PWBA contact Marlene Howze ((202) 693-4120 or by
email to Howze-Marlene@dol.gov). To obtain documentation for ETA, MSHA,
OSHA, and VETS contact Darrin King ((202) 693-4129 or by E-Mail to
King-Darrin@dol.gov).
Comments should be sent to Office of Information and Regulatory
Affairs, Attn: OMB Desk Officer for BLS, DM, ESA, ETA, MSHA, OSHA,
PWBA, or VETS, Office of Management and Budget, Room 10235, Washington,
DC 20503 ((202) 395-7316), within 30 days from the date of this
publication in the Federal Register.
The OMB is particularly interested in comments which:
Evaluate whether the proposed collection of information is
necessary for the proper performance of the function 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.
Type of Review: Extension of a currently approved collection.
Agency: Pension and Welfare Benefits Administration (PWBA).
Title: Participant Directed Individual Account Plans (ERISA section
404(c) Plans.
OMB Number: 1210-0090.
Affected Public: Individuals or households; Business or other for-
profit; and Not-for-profit institutions.
Frequency: On occasion.
Number of Respondents: 294,800.
Estimated Time Per Response: 294,800.
Estimated Time Per Response: 30 minutes.
Total Burden Hours: 52,900.
Total Annualized Capital/Startup Costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing)
services): $22,126,000.
Description: Section 404(c) of the Employee Retirement Income
Security Act of 1974 (ERISA) provides that if a pension plan that
provides for individual accounts permits a participant or beneficiary
to exercise contol over assets in his account and that participant or
beneficiary in fact exercises such control, the participant
[[Page 19519]]
or beneficiary shall not be deemed to be a fiduciary by such exercise
of control, and no person otherwise a fiduciary shall be liable for any
loss or breach which results from this exercise of control. The
opportunity to exercise control includes the opportunity to obtain
sufficient information alternatives. This regulation describes the type
and extent of information required to be made available to participants
and beneficiaries for this purpose. In the absence of such disclosures,
participants might not be able to make informed decisions about the
investment of their individual accounts, and persons who are otherwise
fiduciaries with respect to these plans would not be afforded relief
from the fiduciary responsibility provisions of Title I of ERISA with
respect to these transactions.
Ira L. Mills,
Department Clearance Officer.
[FR Doc. 01-9277 Filed 4-13-01; 8:45 am]
BILLING CODE 4510-29-M