Agency Information Collection Activities; Submission for OMB Review; Comment Request; Retirement Savings Lost and Found, 74291 [2024-20684]

Agencies

• DEPARTMENT OF LABOR

[Federal Register Volume 89, Number 177 (Thursday, September 12, 2024)]
[Notices]
[Page 74291]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-20684]


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DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Retirement Savings Lost and Found

ACTION: Notice of availability; request for comments.

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SUMMARY: The Department of Labor (DOL) is submitting this Employee 
Benefits Security Administration (EBSA)-sponsored information 
collection request (ICR) to the Office of Management and Budget (OMB) 
for review and approval in accordance with the Paperwork Reduction Act 
of 1995 (PRA). Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that the agency 
receives on or before October 15, 2024.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at [email protected].

SUPPLEMENTARY INFORMATION: Section 523(a) of the Retirement Income 
Security Act of 1974 (ERISA) requires the Department of Labor 
(Department), in consultation with the U.S. Treasury Department, to 
establish an online searchable database called the Retirement Savings 
Lost and Found (Lost and Found) no later than December 29, 2024. The 
Department has the sole responsibility for establishing and maintaining 
the Lost and Found. The Lost and Found online searchable database will 
enable individuals to locate benefits they are owed by providing them 
with contact information for their plan administrator, the designated 
trustee or issuer described in section 401(a)(31)(B) of the Internal 
Revenue Code of 1986 (Code), or the issuer of an annuity described in 
section 523(e)(3)(C) of ERISA.
    Plan administrators have reported much of the information needed 
for the establishment of the Lost and Found to the Internal Revenue 
Service (IRS) on Form 8955-SSA (Annual Registration Statement 
Identifying Separated Participants with Deferred Vested Benefits) and 
its predecessor Schedule SSA to the Form 5500. However, citing concerns 
under section 6103 of the Internal Revenue Code (Code), IRS has 
determined it will not unconditionally authorize release of this data 
to the Department for the purpose of communicating either directly with 
participants and beneficiaries about retirement plans that may still 
owe them retirement benefits or indirectly through the Lost and Found 
online searchable database. Accordingly, the Department is proposing to 
request plan administrators to voluntarily furnish the information 
specified below directly to the Department. For additional substantive 
information about this ICR, see the related notice published in the 
Federal Register on April 16, 2024 (89 FR 26932).
    Comments are invited on: (1) whether the collection of information 
is necessary for the proper performance of the functions of the 
Department, including whether the information will have practical 
utility; (2) the accuracy of the agency's estimates of the burden and 
cost of the collection of information, including the validity of the 
methodology and assumptions used; (3) ways to enhance the quality, 
utility and clarity of the information collection; and (4) ways to 
minimize the burden of the collection of information on those who are 
to respond, including the use of automated collection techniques or 
other forms of information technology.
    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 the OMB approves it 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 that does not display a valid 
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
    DOL seeks PRA authorization for this information collection for 
three (3) years. OMB authorization for an ICR cannot be for more than 
three (3) years without renewal. The DOL notes that information 
collection requirements submitted to the OMB for existing ICRs receive 
a month-to-month extension while they undergo review.
    Agency: DOL-EBSA.
    Title of Collection: Retirement Savings Lost and Found.
    OMB Control Number: 1210-0NEW.
    Affected Public: Private sector, Business or other for profits.
    Total Estimated Number of Respondents: 150,920.
    Total Estimated Number of Responses: 150,940.
    Total Estimated Annual Time Burden: 26,017 hours.
    Total Estimated Annual Other Costs Burden: $0.

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

Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-20684 Filed 9-11-24; 8:45 am]
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