EBSA (Formerly PWBA) Federal Register Notice

Proposed Extension of Information Collection; Comment Request; Regulation Regarding Participant Directed Individual Account Plans Under ERISA 404(c) [01/18/2001]

Volume 66, Number 12, Page 4865-4866

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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration

 
Proposed Extension of Information Collection; Comment Request; 
Regulation Regarding Participant Directed Individual Account Plans 
Under ERISA 404(c)

ACTION:  Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, conducts a preclearance 
consultation program to provide the general public and Federal agencies 
with an opportunity to comment on proposed and continuing collections 
of information in accordance with the Paperwork Reduction Act of 1995 
(PRA 95) (44 U.S.C. 3506(c)(2)(A)). This helps to ensure that requested 
data can be provided in the desired format, reporting burden (time and 
financial resources) is minimized, collection instruments are clearly 
understood, and the impact of collection requirements on respondents 
can be properly assessed.
    Currently, the Pension and Welfare Benefits Administration is 
soliciting comments concerning the extension of the information 
collection request (ICR) incorporated in a regulation pertaining to 
participant directed individual account plans under section 404(c) of 
the Employee Retirement Income Security Act of 1974 (ERISA). A copy of 
the ICR may be obtained by contacting the office listed in the 
addresses section of this notice.

DATES:  Written comments must be submitted to the office shown in the

[[Page 4866]]

ADDRESSES section below on or before March 19, 2001.

ADDRESSES:  Gerald B. Lindrew, Office of Policy and Research, U.S. 
Department of Labor, Pension and Welfare Benefits Administration, 200 
Constitution Avenue, NW, Room N-5647, Washington, D.C. 20210. 
Telephone: (202) 219-4782; Fax: (202) 219-4745. These are not toll-free 
numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 404(c) of ERISA provides that if an individual account 
pension plan permits a participant or beneficiary to exercise control 
over assets in his account and the participant or beneficiary in fact 
exercises such control, that participant or beneficiary shall not be 
deemed to be a fiduciary by such exercise of control, and that no 
person otherwise a fiduciary shall be liable for any loss or breach 
that results from this exercise of control.
    The opportunity to exercise control includes the opportunity to 
obtain sufficient information to make informed decisions with respect 
to investment 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 
investing 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.

II. Desired Focus of Comments

    The Department is particularly interested in comments which:
     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.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in the regulation pertaining to participant directed individual account 
plans under Section 404(c) of ERISA. The Department is not proposing or 
implementing changes to the existing ICR at this time.
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Pension and Welfare Benefits Administration, Department of 
Labor.
    Title: Regulation Regarding Participant Directed Individual Account 
Plans (ERISA section 404(c) Plans).
    OMB Number: 1210-0090.
    Affected Public: Individuals or households; business or other for-
profit institutions.
    Respondents: 294,800.
    Frequency of Response: On occasion.
    Responses: 294,800.
    Estimated Total Burden Hours: 52,900.
    Total Burden Cost (Operating and Maintenance): $23.1 million.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.

    Dated: January 11, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-1450 Filed 1-17-01; 8:45 am]
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