Agency Information Collection Activities; Submission for OMB Review; Comment Request; Employee Retirement Income Security Act of 1974 Technical Release 91-1, 16070 [2012-6569]

Agencies

• DEPARTMENT OF LABOR

[Federal Register Volume 77, Number 53 (Monday, March 19, 2012)]
[Notices]
[Page 16070]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6569]



[[Page 16070]]

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DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Employee Retirement Income Security Act of 
1974 Technical Release 91-1

AGENCY: Office of the Secretary, Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Employee Retirement Income Security 
Act of 1974 Technical Release 91-1,'' to the Office of Management and 
Budget (OMB) for review and approval for continued use in accordance 
with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501 et 
seq.).

DATES: Submit comments on or before April 18, 2012.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained from the 
RegInfo.gov Web site, https://www.reginfo.gov/public/do/PRAMain,on the 
day following publication of this notice or by contacting Michel Smyth 
by telephone at 202-693-4129 (this is not a toll-free number) or 
sending an email to DOL_PRA_PUBLIC@dol.gov.
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for the DOL-EBSA, Office of 
Management and Budget, Room 10235, Washington, DC 20503, Telephone: 
202-395-6929/Fax: 202-395-6881 (these are not toll-free numbers), 
email: OIRA_submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Contact Michel Smyth by telephone at 
202-693-4129 (this is not a toll-free number) or by email at DOL_PRA_PUBLIC@dol.gov.

SUPPLEMENTARY INFORMATION: The subject information collection 
requirements arise from Employee Retirement Income Security Act of 1974 
(ERISA) section 101(e), which establishes notice requirements that must 
be satisfied before an employer may transfer excess assets from a 
defined benefit pension plan to a retiree health benefit account, as 
permitted under the conditions set forth in Internal Revenue Code of 
1986, as amended (the Code) section 420. The section 101(e) notice 
requirements are two-fold. First, subsection (e)(1) requires plan 
administrators to provide advance written notification of such 
transfers to participants and beneficiaries. Second, subsection 
(e)(2)(A) requires employers to provide advance written notification of 
such transfers to the Secretaries of Labor and the Treasury, the plan 
administrator, and each employee organization representing participants 
in the plan. Both notices must be given at least 60 days before the 
transfer date. The two subsections prescribe the information to be 
included in each type of notice and further give the Secretary of Labor 
the authority to prescribe how notice to participants and beneficiaries 
must be given and how any additional reporting requirements are deemed 
necessary.
    The DOL published ERISA Technical Release 91-1 on May 8, 1991, to 
provide guidance on how to satisfy the notice requirements prescribed 
by this section of the Act. The Technical Release made two changes in 
the statutory requirements for the second type of notice. First, it 
required the notice to include a filing date and the intended asset 
transfer date. The Release also simplified the statutory filing 
requirements by providing that filing with the DOL would be deemed 
sufficient notice to both the DOL and the Department of the Treasury, 
as required under the statute.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is approved by the OMB under the PRA and displays 
a currently valid OMB Control Number. In addition, notwithstanding any 
other provisions of law, no person shall generally be subject to 
penalty for failing to comply with a collection of information if the 
collection of information does not display a valid OMB Control Number. 
See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this 
information collection under OMB Control Number 1210-0084. The current 
OMB approval is scheduled to expire on March 31, 2012; however, it 
should be noted that existing information collection requirements 
submitted to the OMB receive a month-to-month extension while they 
undergo review. For additional information, see the related notice 
published in the Federal Register on December 7, 2011 (76 FR 76439).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should reference OMB Control Number 1210-0084. 
The OMB 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.
    Agency: DOL-EBSA.
    Title of Collection: Employee Retirement Income Security Act of 
1974 Technical Release 91-1.
    OMB Control Number: 1210-0084.
    Affected Public: Private Sector--Businesses or Other For-Profits.
    Total Estimated Number of Respondents: 12.
    Total Estimated Number of Responses: 82,518.
    Total Estimated Annual Burden Hours: 1,392.
    Total Estimated Annual Other Costs Burden: $20,715.

    Dated: March 14, 2012.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2012-6569 Filed 3-16-12; 8:45 am]
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