Proposed Extension of Information Collection; Comment Request ERISA Advisory Opinion Procedure 76-1, 4980-4981 [E9-1787]
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4980
Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 / Notices
been corrected according to the terms
and conditions of the VFC Program, the
Department will issue a ‘‘no action’’
letter, thereby releasing the applicant
from possible civil penalties under
section 502(l) of ERISA. The VFC
Program provides applicants with
information both on identifying eligible
transactions for correction and on the
means for achieving fully acceptable
corrections. The information collection
consists of an application, description of
the transaction and correction, and
other appropriate supporting
documentation.
The Exemption, used only in
conjunction with the VFC Program,
permits applicants to the VFC Program
to make full correction of certain
eligible transactions without incurring
sanctions in the form of excise taxes
imposed under sections 4975(a) and (b)
of the Internal Revenue Code (the Code)
by reason of sections 4975(c)(1)(A)
through (E) of the Code. For those
fiduciaries wishing to take advantage of
the Exemption, the information
collection for the VFC Program also
includes notification to interested
persons, generally participants and
beneficiaries, that an application has
been submitted under the VFC Program.
A copy of the notice must also be
furnished to a Regional Office of the
Employee Benefits Security
Administration.
sroberts on PROD1PC70 with NOTICES
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., permitting electronic submission of
responses.
III. Current Action
This notice requests comments on the
extension of the ICR included in the
VFC Program and the Exemption. The
Department is not proposing or
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17:30 Jan 27, 2009
Jkt 217001
implementing changes to the existing
ICR at this time.
Type of Review: Extension of a
currently approved collection of
information.
Agency: Employee Benefits Security
Administration, Department of Labor.
Title: Voluntary Fiduciary Correction
Program and Prohibited Transaction
Class Exemption.
OMB Number: 1210–0118.
Affected Public: Individuals or
households; Business or other for-profit;
Not-for-profit institutions.
Respondents: 1,250.
Frequency of Response: Annually.
Responses: 11,790.
Estimated Total Burden Hours: 5,625.
Total Burden Cost (Operating and
Maintenance): $109,000.
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: January 22, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research,
Employee Benefits Security Administration.
[FR Doc. E9–1786 Filed 1–27–09; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Proposed Extension of Information
Collection; Comment Request ERISA
Advisory Opinion Procedure 76–1
AGENCY: Employee Benefits Security
Administration, Department of Labor.
ACTION: Notice.
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 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
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Frm 00068
Fmt 4703
Sfmt 4703
soliciting comments concerning an
extension of the information collection
provisions incorporated in ERISA
Advisory Opinion Procedure 76–1. A
copy of the information collection
request (ICR) can be obtained by
contacting the office shown in the
ADDRESSES section of this notice.
DATES: Written comments must be
submitted to the office shown in the
ADDRESSES section of this notice on or
before March 30, 2009.
ADDRESSES: Interested parties are
invited to submit written comments
regarding the information collection
request and burden estimates to: G.
Christopher Cosby, Office of Policy and
Research, Employee Benefits Security
Administration, U.S. Department of
Labor, 200 Constitution Avenue, NW.,
Washington, DC 20210, (202) 693–8410,
FAX (202) 693–4745 (these are not tollfree numbers). Comments may also be
submitted electronically to
ebsa.opr@dol.gov.
SUPPLEMENTARY INFORMATION:
I. Background
Under the Employee Retirement
Income Security Act of 1974 as
amended, (ERISA), the Secretary of
Labor is responsible for administration
and enforcement of reporting,
disclosure, fiduciary, and other
standards established for pension and
welfare benefit plans. These
responsibilities have been delegated
within the Department to EBSA. ERISA
Advisory Opinion Procedure 76–1
describes the administrative procedures
through which the public may request a
written interpretation of ERISA from
EBSA to resolve issues arising out of
specific actual transactions or
circumstances. The procedure is
designed to promote efficient handling
of such inquiries and to facilitate
prompt responses. The Procedure
requires requesters seeking advisory
opinions or information letters to
submit certain information that EBSA
has determined is essential for
determining the nature of a request for
interpretation and EBSA’s response.
EBSA has previously submitted the
information collection provisions of
Advisory Opinion Procedure 76–1 to the
Office of Management and Budget
(OMB) for review in an ICR and
received approval from OMB under
OMB Control No. 1210–0066. The
current ICR approval is scheduled to
expire on May 31, 2009.
II. Desired Focus of Comments
The Department of Labor
(Department) is particularly interested
in comments that:
E:\FR\FM\28JAN1.SGM
28JAN1
Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 / Notices
• Evaluate whether the 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
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
submissions of responses.
III. Current Action
sroberts on PROD1PC70 with NOTICES
This notice requests comments on an
extension of the information collection
provisions included in ERISA Advisory
Opinion Procedure 76–1. 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:
Agency: Employee Benefits Security
Administration, Department of Labor.
Title: ERISA Advisory Opinion
Procedure 76–1.
Type of Review: Extension of a
currently approved collection of
information.
OMB Number: 1210–0066.
Affected Public: Individuals or
households; Business or other for-profit;
Not-for-profit institutions.
Respondents: 83.
Responses: 83.
Estimated Total Burden Hours: 855.
Estimated Total Burden Cost
(Operating and Maintenance): $51,000.
Comments submitted in response to
this notice will be summarized and/or
included in the request for Office of
Management and Budget approval of the
extension of this information collection
request; they will also become a matter
of public record.
Dated: January 22, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research,
Employee Benefits Security Administration.
[FR Doc. E9–1787 Filed 1–27–09; 8:45 am]
BILLING CODE 4510–29–P
VerDate Nov<24>2008
17:30 Jan 27, 2009
Jkt 217001
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.
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 March 30, 2009.
ADDRESSES: Direct all written comments
regarding the information collection
request and burden estimates to G.
Christopher Cosby, 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
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Fmt 4703
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4981
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
March 31, 2009.
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
E:\FR\FM\28JAN1.SGM
28JAN1
Agencies
[Federal Register Volume 74, Number 17 (Wednesday, January 28, 2009)]
[Notices]
[Pages 4980-4981]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1787]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection; Comment Request
ERISA Advisory Opinion Procedure 76-1
AGENCY: Employee Benefits Security Administration, Department of Labor.
ACTION: Notice.
-----------------------------------------------------------------------
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 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
collection provisions incorporated in ERISA Advisory Opinion Procedure
76-1. A copy of the information collection request (ICR) can be
obtained by contacting the office shown in the ADDRESSES section of
this notice.
DATES: Written comments must be submitted to the office shown in the
ADDRESSES section of this notice on or before March 30, 2009.
ADDRESSES: Interested parties are invited to submit written comments
regarding the information collection request and burden estimates to:
G. Christopher Cosby, Office of Policy and Research, Employee Benefits
Security Administration, U.S. Department of Labor, 200 Constitution
Avenue, NW., Washington, DC 20210, (202) 693-8410, FAX (202) 693-4745
(these are not toll-free numbers). Comments may also be submitted
electronically to ebsa.opr@dol.gov.
SUPPLEMENTARY INFORMATION:
I. Background
Under the Employee Retirement Income Security Act of 1974 as
amended, (ERISA), the Secretary of Labor is responsible for
administration and enforcement of reporting, disclosure, fiduciary, and
other standards established for pension and welfare benefit plans.
These responsibilities have been delegated within the Department to
EBSA. ERISA Advisory Opinion Procedure 76-1 describes the
administrative procedures through which the public may request a
written interpretation of ERISA from EBSA to resolve issues arising out
of specific actual transactions or circumstances. The procedure is
designed to promote efficient handling of such inquiries and to
facilitate prompt responses. The Procedure requires requesters seeking
advisory opinions or information letters to submit certain information
that EBSA has determined is essential for determining the nature of a
request for interpretation and EBSA's response. EBSA has previously
submitted the information collection provisions of Advisory Opinion
Procedure 76-1 to the Office of Management and Budget (OMB) for review
in an ICR and received approval from OMB under OMB Control No. 1210-
0066. The current ICR approval is scheduled to expire on May 31, 2009.
II. Desired Focus of Comments
The Department of Labor (Department) is particularly interested in
comments that:
[[Page 4981]]
Evaluate whether the 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 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 submissions of responses.
III. Current Action
This notice requests comments on an extension of the information
collection provisions included in ERISA Advisory Opinion Procedure 76-
1. 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:
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: ERISA Advisory Opinion Procedure 76-1.
Type of Review: Extension of a currently approved collection of
information.
OMB Number: 1210-0066.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 83.
Responses: 83.
Estimated Total Burden Hours: 855.
Estimated Total Burden Cost (Operating and Maintenance): $51,000.
Comments submitted in response to this notice will be summarized
and/or included in the request for Office of Management and Budget
approval of the extension of this information collection request; they
will also become a matter of public record.
Dated: January 22, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security
Administration.
[FR Doc. E9-1787 Filed 1-27-09; 8:45 am]
BILLING CODE 4510-29-P