Proposed Extension of Information Collection; Comment Request; Regulation Regarding Participant Directed Individual Account Plans Under ERISA 404(c), 4981-4982 [E9-1788]

Download as PDF 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 PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 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 4982 Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 / Notices 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: 245,000. Frequency of Response: On occasion. Responses: 30,164,000. Estimated Total Burden Hours: 860,000. Total Burden Cost (Operating and Maintenance): $33,020,000. 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. E9–1788 Filed 1–27–09; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Agency Information Collection Activities: Proposed Collection; Comment Request AGENCY: Employment and Training Administration, Labor. ACTION: Notice. sroberts on PROD1PC70 with NOTICES Signed in Washington, DC, this 22nd day of January 2009. Douglas F. Small, Deputy Assistant Secretary of Labor for Employment and Training. [FR Doc. E9–1756 Filed 1–27–09; 8:45 am] NATIONAL ARCHIVES AND RECORDS ADMINISTRATION Notice of a Change in Status of an Extended Benefit (EB) Period for Alaska SUMMARY: This notice announces a change in benefit period eligibility under the EB Program for Alaska. The following change has occurred since the publication of the last notice regarding the State’s EB status: • As of January 10, 2009, Alaska has completed a mandatory 13-week ‘‘off’’ trigger period. Based on data reported by the Bureau of Labor Statistics on December 19, 2008, Alaska’s 3-month seasonally adjusted total unemployment rate was 7.1 percent and equals or 17:30 Jan 27, 2009 Information for Claimants The duration of benefits payable in the EB Program, and the terms and conditions on which they are payable, are governed by the Federal-State Extended Unemployment Compensation Act of 1970, as amended, and the operating instructions issued to the states by the U.S. Department of Labor. In the case of a state beginning an EB period, the State Workforce Agency will furnish a written notice of potential entitlement to each individual who has exhausted all rights to regular benefits and is potentially eligible for EB (20 CFR 615.13(c)(1)). Persons who believe they may be entitled to EB, or who wish to inquire about their rights under the program, should contact their State Workforce Agency. FOR FURTHER INFORMATION CONTACT: Scott Gibbons, U.S. Department of Labor, Employment and Training Administration, Office of Workforce Security, 200 Constitution Avenue, NW., Frances Perkins Bldg. Room S– 4231, Washington, DC 20210, telephone number (202) 693–3008 (this is not a toll-free number) or by e-mail: gibbons.scott@dol.gov. BILLING CODE 4510–FW–P Employment and Training Administration VerDate Nov<24>2008 exceeds 110 percent of the corresponding rate in both prior years. This causes Alaska to be triggered ‘‘on’’ to an EB period beginning January 25, 2009. Jkt 217001 AGENCY: National Archives and Records Administration (NARA). ACTION: Notice. SUMMARY: NARA is giving public notice that the agency proposes to request extension of a currently approved information collection used for quoted reproduction orders for various types of records found in their holdings. These include, but are not limited to, WW1 Draft Registration Cards, Prison Records, and Naturalization Records. The public is invited to comment on the proposed information collection pursuant to the Paperwork Reduction Act of 1995. PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 DATES: Written comments must be received on or before March 30, 2009 to be assured of consideration. ADDRESSES: Comments should be sent to: Paperwork Reduction Act Comments (NHP), Room 4400, National Archives and Records Administration, 8601 Adelphi Rd., College Park, MD 20740– 6001; or faxed to 301–713–7409; or electronically mailed to tamee.fechhelm@nara.gov. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the proposed information collection and supporting statement should be directed to Tamee Fechhelm at telephone number 301–837–1694, or fax number 301–713–7409. SUPPLEMENTARY INFORMATION: Pursuant to the Paperwork Reduction Act of 1995 (Pub. L. 104–13), NARA invites the general public and other Federal agencies to comment on proposed information collections. The comments and suggestions should address one or more of the following points: (a) Whether the proposed information collection is necessary for the proper performance of the functions of NARA; (b) the accuracy of NARA’s estimate of the burden of the proposed information collection; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways, including the use of information technology, to minimize the burden of the collection of information on all respondents; and (e) whether small businesses are affected by this collection. The comments that are submitted will be summarized and included in the NARA request for Office of Management and Budget (OMB) approval. All comments will become a matter of public record. In this notice, NARA is soliciting comments concerning the following information collection: Title: Online Reproduction Orders for National Archives Records. OMB number: 3095–0064. Agency form number: N/A. Type of review: Regular. Affected public: Individuals or households. Estimated number of respondents: 136,572. Estimated time per response: 10 minutes. Frequency of response: On occasion. Estimated total annual burden hours: 22,762 hours. Abstract: NARA’s Internet-based ordering system (Order Online!), has made accessible online certain reproduction order forms (replicas of the NATF Series 80 Forms and the NATF 36). Also available are custom E:\FR\FM\28JAN1.SGM 28JAN1

Agencies

[Federal Register Volume 74, Number 17 (Wednesday, January 28, 2009)]
[Notices]
[Pages 4981-4982]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1788]


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

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 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

[[Page 4982]]

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: 245,000.
    Frequency of Response: On occasion.
    Responses: 30,164,000.
    Estimated Total Burden Hours: 860,000.
    Total Burden Cost (Operating and Maintenance): $33,020,000.
    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. E9-1788 Filed 1-27-09; 8:45 am]
BILLING CODE 4510-29-P