Proposed Extension of Information Collection; Comment Request Regulation Regarding Participant Directed Individual Account Plans Under ERISA 404(c), 69355 [05-22584]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 70, Number 219 (Tuesday, November 15, 2005)]
[Notices]
[Page 69355]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22584]



[[Page 69355]]

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DEPARTMENT OF LABOR

Employee Benefits Security 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 (the Department), 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 the data the Department gathers can be provided in the 
desired format, that the reporting burden on the public (time and 
financial resources) is minimized, that the public understands the 
Department's collection instruments, and that the Department can 
accurately assess the impact of collection requirements on respondents.
    Currently, the Employee Benefits Security Administration (EBSA) is 
soliciting comments concerning an extension of the information 
collections in regulation section 2550.404c-1, 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 information collection request (ICR) may be obtained by contacting 
the office listed in the ADDRESSES section of this notice.

DATES: Written comments must be submitted on or before January 17, 
2006.

ADDRESSES: Direct all written comments regarding the information 
collection request and burden estimates to Susan G. Lahne, Office of 
Policy and Research, Employee Benefits Security Administration, U.S. 
Department of Labor, 200 Constitution Avenue, NW., Room N-5647, 
Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745. 
These are not toll-free numbers. Comments may also be submitted 
electronically to the following Internet e-mail address: 
ebsa.opr@dol.gov.

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 or her account and the participant or beneficiary in 
fact exercises such control, the participant 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 that 
results from the participant's or beneficiary's exercise of control.
    The Department's regulation at 29 CFR 2550.404c-1 describes the 
circumstances in which a participant or beneficiary will be considered 
to have exercised independent control over the assets in his or her 
individual account as contemplated in section 404(c). The regulation 
specifies information that must be made available to participants or 
beneficiaries in order for them to exercise independent control over 
the assets in their individual accounts. The regulation provides that 
the relief from fiduciary liability specified in section 404(c) is not 
available with respect to a transaction undertaken by a participant or 
beneficiary unless the specific information is provided to the 
participant or beneficiary. EBSA submitted the information collection 
provisions in the regulation to the Office of Management and Budget 
(OMB) for review in an information collection request (ICR) in 
connection with promulgation of the final rulemaking, and OMB approved 
the ICR under OMB Control No. 1210-0090. The ICR approval is scheduled 
to expire on February 28, 2006.

II. Desired Focus of Comments

    The Department 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., by 
permitting electronic submission of responses.

III. Current Action

    This notice requests comments on an extension of the information 
collections included in regulation section 2550.404c-1, which sets 
requirements for fiduciary relief 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. A summary of the ICR and the current burden estimates follows:
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security 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; Not-for-profit institutions.
    Respondents: 324,000.
    Frequency of Response: On occasion.
    Responses: 324,000.
    Estimated Total Burden Hours: 37,000.
    Total Burden Cost (Operating and Maintenance): $17,755,000.
    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: November 8, 2005.
Susan G. Lahne,
Senior Pension Law Specialist, Office of Policy and Research, Employee 
Benefits Security Administration.
[FR Doc. 05-22584 Filed 11-14-05; 8:45 am]
BILLING CODE 4510-29-P