Agency Information Collection Activities; Submission for OMB Review; Comment Request: Definition of Plan Assets-Participant Contributions, 44288 [2012-18367]

Agencies

• DEPARTMENT OF LABOR
• Office of the Secretary

[Federal Register Volume 77, Number 145 (Friday, July 27, 2012)]
[Notices]
[Page 44288]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18367]



[[Page 44288]]

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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request: Definition of Plan Assets--Participant 
Contributions

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, ``Definition of Plan Assets--
Participant Contributions,'' 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 August 27, 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 DOL-EBSA, Office of 
Management and Budget, Room 10235, 725 17th Street NW., 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 Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by email at DOL_PRA_PUBLIC@dol.gov.

    Authority:  44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: 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.
    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 Control Number. See 
5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this 
information collection under Control Number 1210-0100. The current 
approval is scheduled to expire on July 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 April 5, 2012 (77 FR 20650).
    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 mention OMB Control Number 1210-0100. 
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: Definition of Plan Assets--Participant 
Contributions.
    OMB Control Number: 1210-0100.
    Affected Public: Private Sector--Businesses or other for profits.
    Total Estimated Number of Respondents: 1.
    Total Estimated Number of Responses: 251.
    Total Estimated Annual Burden Hours: 8.
    Total Estimated Annual Other Costs Burden: $1,088.

    Dated: July 23, 2012.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2012-18367 Filed 7-26-12; 8:45 am]
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