Proposed Extension of Information Collection; Comment Request; Definition of “Plan Assets”-Participant Contributions, 13476 [E9-6835]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 74, Number 58 (Friday, March 27, 2009)]
[Notices]
[Page 13476]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6835]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Definition of ``Plan Assets''--Participant Contributions

AGENCY: Employee Benefits Security Administration.

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 program 
helps to ensure that the data the Department collects 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 its collection requirements on 
respondents.
    Currently, the Employee Benefits Security Administration (EBSA) is 
soliciting comments concerning an extension of the current approval of 
the information collection in the regulation entitled Definition of 
Plan Assets--Participant Contributions, codified at 29 CFR 2510.3-102. 
A copy of EBSA's proposed information collection request (ICR) can be 
obtained by contacting the individual listed below in the ADDRESSES 
section of this notice.

DATES: Comments must be submitted on or before May 26, 2009.

ADDRESSES: Direct all comments regarding the ICR 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. Comments may be 
submitted in writing to the above address, via facsimile to (202) 219-
4745, or electronically to the following Internet e-mail address: 
ebsa.opr@dol.gov.

SUPPLEMENTARY INFORMATION:

I. Background

    The regulation concerning plan assets and participant contributions 
provides guidance for fiduciaries, participants, and beneficiaries of 
employee benefit plans regarding how participant contributions to 
pension plans must be handled when they are either paid to the employer 
by the participant or directly withheld by the employer from the 
employee's wages for transmission to the pension plan. In particular, 
the regulation sets standards for the timely delivery of such 
participant contributions, including an outside time limit for the 
employer's holding of participant contributions. In addition, for those 
employers who may have difficulty meeting the regulation's outside 
deadlines for transmitting participant contribution, the regulation (29 
CFR 2510.3-102(d)) provides the opportunity for the employer to obtain 
an extension of the time limit by providing participants and the 
Department with a notice that contains specified information. The ICR 
pertains to this notice requirement. The Department previously 
requested review of this information collection and obtained approval 
from the Office of Management and Budget (OMB) under OMB control number 
1210-0100. That approval is scheduled to expire on June 30, 2009.

II. Desired Focus of Comments

    The Department of Labor (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 submissions of responses.

III. Current Actions

    This notice requests comments on an extension of the ICR included 
in the regulation governing the definition of ``plan assets'' as 
related to participant contributions. 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 information 
collection.
    Agency: Employee Benefits Security Administration.
    Title: Definition of Plan Assets--Participant Contributions.
    OMB Number: 1210-0100.
    Affected Public: Business or other for-profit; not-for-profit 
institutions; individuals.
    Number of Respondents: 1.
    Frequency: On occasion.
    Number of Annual Responses: 251.
    Total Burden Hours: 1.
    Total Burden Cost (Operating and Maintenance): $1,000.
    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 information collection request; they will also become a 
matter of public record.

    Dated: March 23, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. E9-6835 Filed 3-26-09; 8:45 am]
BILLING CODE 4510-29-P