80_FR_55558 80 FR 55380 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Abandoned Individual Account Plan Termination

80 FR 55380 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Abandoned Individual Account Plan Termination

DEPARTMENT OF LABOR
Office of the Secretary

Federal Register Volume 80, Issue 178 (September 15, 2015)

Page Range55380-55381
FR Document2015-23153

The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Abandoned Individual Account Plan Termination,'' to the Office of Management and Budget (OMB) for review and approval for continued use, without change, in accordance with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq. Public comments on the ICR are invited.

Federal Register, Volume 80 Issue 178 (Tuesday, September 15, 2015) 
[Federal Register Volume 80, Number 178 (Tuesday, September 15, 2015)]
[Notices]
[Pages 55380-55381]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-23153]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Abandoned Individual Account Plan Termination

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, ``Abandoned Individual Account Plan 
Termination,'' to the Office of Management and Budget (OMB) for review 
and approval for continued use, without change, in accordance with the 
Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq. Public 
comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before October 15, 2015.

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 free of charge 
from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201508-1210-002 (this link will only become active 
on the day following publication of this notice) or by contacting 
Michel Smyth by telephone at 202-693-4129, TTY 202-693-8064, (these are 
not toll-free numbers) or by email at [email protected].
    Submit comments about this request by mail or courier 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; by Fax: 202-395-5806 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue NW., 
Washington, DC 20210; or by email: [email protected].

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129, TTY 202-693-8064, (these are not toll-free numbers) or by email 
at [email protected].

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

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Abandoned Individual Account Plan Termination information 
collection requirements codified in regulations 29 CFR 2520.103-11, 
2550.404a-3, and 2578 and in Prohibited Transaction Exemption (PTE) 
2006-06 as amended. More specifically the ICR supports the following 
information collections:
    Qualified Termination Administrator (QTA) Regulation (29 CFR 
2578.1): The QTA regulation creates an orderly and efficient process by 
which a financial institution holding assets of a plan deemed to have 
been abandoned may undertake to terminate the plan and distribute its 
assets to participants and beneficiaries holding accounts under the 
plan, with protections and DOL approval under the regulatory standards. 
The regulation requires the QTA to provide certain notices to the DOL, 
to participants and beneficiaries, and to the plan sponsor (or service 
providers to the plan, if necessary), and to keep certain records 
pertaining to the termination.
    Abandoned Plan Terminal Report Regulation (29 CFR 2520.103-11): The 
terminal report regulation provides an alternative method for a QTA to 
satisfy the annual report requirement otherwise applicable to a 
terminating plan. The QTA files a simplified terminal report with the 
DOL after terminating an abandoned plan and distributing its accounts 
to participants and beneficiaries.
    Terminated Plan Distribution Regulation (29 CFR 2550.404a-3): The 
terminated plan distribution regulation establishes a safe harbor 
method by which a fiduciary terminating an individual account pension 
plan (whether abandoned or not) may select an investment vehicle to 
receive account balances distributed from the terminated plan when the 
participant has failed to provide investment instructions. The 
regulation requires the fiduciary to provide advance notice to 
participants and beneficiaries of how such distributions will be 
invested, if no other investment instructions are provided.
    Abandoned Plan Class Exemption (PTE 2006-06): The exemption permits 
a QTA terminating an abandoned plan under the QTA regulation to receive 
payment for its services from the abandoned plan and to distribute the 
account balance of a participant who has failed to provide investment 
direction into an individual retirement account maintained by the QTA 
or an affiliate. Without the exemption, financial institutions could be 
unable to receive payment for services rendered out of plan assets 
without violating Employee Retirement Income Security Act (ERISA) 
prohibited transaction provisions and being subject to taxes imposed by 
Internal Revenue Code of 1986 section 4975; consequently, without the 
exemption, the institutions would be highly unlikely to terminate 
abandoned plans. One exemption condition requires the QTA to record the 
distributions, retain the records for six (6) years, and make these 
records available on request to interested persons (including the DOL, 
participants, and beneficiaries). If a QTA wishes to be paid out of 
plan assets for services provided prior to becoming a QTA, the 
exemption requires the QTA to enter into a written agreement with a 
plan fiduciary or the plan sponsor prior to receiving payment and 
provide the DOL with a copy of the agreement.
    The regulations and PTE encourage the orderly termination of an 
abandoned plan and the timely distribution of plan assets to 
participants and beneficiaries. Participants and beneficiaries would 
likely be denied access to the money in their individual account plans 
in the absence of these regulations and exemption, because financial 
institutions holding assets of abandoned plans usually do not have the 
authority to take any of these steps.
    Because these regulations and the PTE relate to either or both 
abandoned plan termination and benefit distribution and rollover when 
no participant investment election has been made, the DOL has combined 
the paperwork burden for all of these actions into one ICR. This 
combination allows the public to have a better understanding of the 
aggregate burden imposed on the public for these related regulatory 
actions. ERISA sections 101, 404, 408, and 505

[[Page 55381]]

authorize this information collection. See 29 U.S.C. 29 U.S.C. 1021, 
1104, 1108, and 1135.
    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 that 
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 1210-0127.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on September 30, 2015. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL notes that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on June 17, 2015 (80 FR 
34696).
    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 thirty (30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0127. 
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: Abandoned Individual Account Plan Termination.
    OMB Control Number: 1210-0127.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 26,700.
    Total Estimated Number of Responses: 1,308,000.
    Total Estimated Annual Time Burden: 47,700 hours.
    Total Estimated Annual Other Costs Burden: $689,000.

    Dated: September 9, 2015.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2015-23153 Filed 9-14-15; 8:45 am]
 BILLING CODE 4510-29-P

55380 Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices We will provide a paper copy of the Room 10235, 725 17th Street NW., account balances distributed from the proposed Consent Decree upon written Washington, DC 20503; by Fax: 202– terminated plan when the participant request and payment of reproduction 395–5806 (this is not a toll-free has failed to provide investment costs. Please mail your request and number); or by email: OIRA_ instructions. The regulation requires the payment to: Consent Decree Library, submission@omb.eop.gov. Commenters fiduciary to provide advance notice to U.S. DOJ—ENRD, P.O. Box 7611, are encouraged, but not required, to participants and beneficiaries of how Washington, DC 20044–7611. send a courtesy copy of any comments such distributions will be invested, if no Please enclose a check or money order by mail or courier to the U.S. other investment instructions are for $18.00 (25 cents per page Department of Labor-OASAM, Office of provided. reproduction cost) payable to the United the Chief Information Officer, Attn: Abandoned Plan Class Exemption States Treasury. Departmental Information Compliance (PTE 2006–06): The exemption permits Management Program, Room N1301, a QTA terminating an abandoned plan Maureen Katz, under the QTA regulation to receive 200 Constitution Avenue NW., Assistant Section Chief, Environmental Washington, DC 20210; or by email: payment for its services from the Enforcement Section, Environment and abandoned plan and to distribute the DOL_PRA_PUBLIC@dol.gov. Natural Resources Division. account balance of a participant who FOR FURTHER INFORMATION CONTACT: [FR Doc. 2015–23142 Filed 9–14–15; 8:45 am] has failed to provide investment Michel Smyth by telephone at 202–693– BILLING CODE 4410–15–P 4129, TTY 202–693–8064, (these are not direction into an individual retirement toll-free numbers) or by email at DOL_ account maintained by the QTA or an PRA_PUBLIC@dol.gov. affiliate. Without the exemption, DEPARTMENT OF LABOR financial institutions could be unable to Authority: 44 U.S.C. 3507(a)(1)(D). receive payment for services rendered Office of the Secretary SUPPLEMENTARY INFORMATION: This ICR out of plan assets without violating seeks to extend PRA authority for the Employee Retirement Income Security Agency Information Collection Abandoned Individual Account Plan Act (ERISA) prohibited transaction Activities; Submission for OMB Termination information collection provisions and being subject to taxes Review; Comment Request; requirements codified in regulations 29 imposed by Internal Revenue Code of Abandoned Individual Account Plan CFR 2520.103–11, 2550.404a–3, and 1986 section 4975; consequently, Termination 2578 and in Prohibited Transaction without the exemption, the institutions Exemption (PTE) 2006–06 as amended. would be highly unlikely to terminate ACTION: Notice. More specifically the ICR supports the abandoned plans. One exemption SUMMARY: The Department of Labor following information collections: condition requires the QTA to record (DOL) is submitting the Employee Qualified Termination Administrator the distributions, retain the records for Benefits Security Administration (QTA) Regulation (29 CFR 2578.1): The six (6) years, and make these records (EBSA) sponsored information QTA regulation creates an orderly and available on request to interested collection request (ICR) titled, efficient process by which a financial persons (including the DOL, ‘‘Abandoned Individual Account Plan institution holding assets of a plan participants, and beneficiaries). If a Termination,’’ to the Office of deemed to have been abandoned may QTA wishes to be paid out of plan Management and Budget (OMB) for undertake to terminate the plan and assets for services provided prior to review and approval for continued use, distribute its assets to participants and becoming a QTA, the exemption without change, in accordance with the beneficiaries holding accounts under requires the QTA to enter into a written Paperwork Reduction Act of 1995 the plan, with protections and DOL agreement with a plan fiduciary or the (PRA), 44 U.S.C. 3501 et seq. Public approval under the regulatory plan sponsor prior to receiving payment comments on the ICR are invited. standards. The regulation requires the and provide the DOL with a copy of the QTA to provide certain notices to the agreement. DATES: The OMB will consider all DOL, to participants and beneficiaries, The regulations and PTE encourage written comments that agency receives and to the plan sponsor (or service the orderly termination of an abandoned on or before October 15, 2015. providers to the plan, if necessary), and plan and the timely distribution of plan ADDRESSES: A copy of this ICR with to keep certain records pertaining to the assets to participants and beneficiaries. applicable supporting documentation; termination. Participants and beneficiaries would including a description of the likely Abandoned Plan Terminal Report likely be denied access to the money in respondents, proposed frequency of Regulation (29 CFR 2520.103–11): The their individual account plans in the response, and estimated total burden terminal report regulation provides an absence of these regulations and may be obtained free of charge from the alternative method for a QTA to satisfy exemption, because financial RegInfo.gov Web site at http:// the annual report requirement otherwise institutions holding assets of abandoned www.reginfo.gov/public/do/ applicable to a terminating plan. The plans usually do not have the authority PRAViewICR?ref_nbr=201508-1210-002 QTA files a simplified terminal report to take any of these steps. (this link will only become active on the with the DOL after terminating an Because these regulations and the PTE day following publication of this notice) abandoned plan and distributing its relate to either or both abandoned plan or by contacting Michel Smyth by accounts to participants and termination and benefit distribution and telephone at 202–693–4129, TTY 202– beneficiaries. rollover when no participant investment mstockstill on DSK4VPTVN1PROD with NOTICES 693–8064, (these are not toll-free Terminated Plan Distribution election has been made, the DOL has numbers) or by email at DOL_PRA_ Regulation (29 CFR 2550.404a–3): The combined the paperwork burden for all PUBLIC@dol.gov. terminated plan distribution regulation of these actions into one ICR. This Submit comments about this request establishes a safe harbor method by combination allows the public to have by mail or courier to the Office of which a fiduciary terminating an a better understanding of the aggregate Information and Regulatory Affairs, individual account pension plan burden imposed on the public for these Attn: OMB Desk Officer for DOL–EBSA, (whether abandoned or not) may select related regulatory actions. ERISA Office of Management and Budget, an investment vehicle to receive sections 101, 404, 408, and 505 VerDate Sep<11>2014 19:04 Sep 14, 2015 Jkt 235001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\15SEN1.SGM 15SEN1

Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices 55381 authorize this information collection. other forms of information technology, NATIONAL SCIENCE FOUNDATION See 29 U.S.C. 29 U.S.C. 1021, 1104, e.g., permitting electronic submission of 1108, and 1135. responses. National Science Board; Sunshine Act This information collection is subject Agency: DOL–EBSA. Meetings; Notice to the PRA. A Federal agency generally Title of Collection: Abandoned The National Science Board’s ad hoc cannot conduct or sponsor a collection Individual Account Plan Termination. Task Force on NEON Performance and of information, and the public is generally not required to respond to an OMB Control Number: 1210–0127. Plans, pursuant to NSF regulations (45 information collection, unless it is Affected Public: Private Sector— CFR part 614), the National Science approved by the OMB under the PRA businesses or other for-profits. Foundation Act, as amended (42 U.S.C. and displays a currently valid OMB 1862n–5), and the Government in the Total Estimated Number of Sunshine Act (5 U.S.C. 552b), hereby Control Number. In addition, Respondents: 26,700. notwithstanding any other provisions of gives notice in regard to the scheduling Total Estimated Number of of a meeting for the transaction of law, no person shall generally be subject Responses: 1,308,000. to penalty for failing to comply with a National Science Board business, as collection of information that does not Total Estimated Annual Time Burden: follows: display a valid Control Number. See 5 47,700 hours. DATE AND TIME: Friday, September 11, CFR 1320.5(a) and 1320.6. The DOL Total Estimated Annual Other Costs 2015 at 10–11:30 a.m. EDT. obtains OMB approval for this Burden: $689,000. SUBJECT MATTER: Task Force Chair’s information collection under Control Dated: September 9, 2015. opening remarks; discussion of Number 1210–0127. Michel Smyth, background documents, including a OMB authorization for an ICR cannot table that summarizes near-term Departmental Clearance Officer. be for more than three (3) years without deliverables and metrics for NEON, Inc. [FR Doc. 2015–23153 Filed 9–14–15; 8:45 am] renewal, and the current approval for STATUS: Closed. BILLING CODE 4510–29–P this collection is scheduled to expire on This meeting will be held by September 30, 2015. The DOL seeks to teleconference originating at the extend PRA authorization for this National Science Board Office, National information collection for three (3) more Science Foundation, 4201Wilson Blvd., years, without any change to existing NATIONAL SCIENCE FOUNDATION Arlington, VA 22230. requirements. The DOL notes that National Science Board; Sunshine Act Please refer to the National Science existing information collection Meetings; Notice Board Web site (www.nsf.gov/nsb) for requirements submitted to the OMB information or schedule updates, or receive a month-to-month extension The National Science Board’s ad hoc contact: John Veysey (jveysey@nsf.gov), while they undergo review. For Task Force on NEON Performance and National Science Foundation, additional substantive information Plans, pursuant to NSF regulations (45 4201Wilson Blvd., Arlington, VA 22230. about this ICR, see the related notice CFR part 614), the National Science published in the Federal Register on Kyscha Slater-Williams, Foundation Act, as amended (42 U.S.C. June 17, 2015 (80 FR 34696). Program Specialist. 1862n–5), and the Government in the Interested parties are encouraged to Sunshine Act (5 U.S.C. 552b), hereby [FR Doc. 2015–23208 Filed 9–11–15; 11:15 am] send comments to the OMB, Office of gives notice in regard to the scheduling BILLING CODE 7555–01–P Information and Regulatory Affairs at of a meeting for the transaction of the address shown in the ADDRESSES National Science Board business, as section within thirty (30) days of follows: NUCLEAR REGULATORY publication of this notice in the Federal COMMISSION Register. In order to help ensure DATE AND TIME: Thursday, September 17, appropriate consideration, comments 2015 at 2:30–3:30 p.m. EDT. [Docket Nos. 52–027 and 52–028; NRC– 2008–0441] should mention OMB Control Number SUBJECT MATTER: Task Force Chair’s 1210–0127. The OMB is particularly opening remarks; approval of minutes; Virgil C. Summer Nuclear Station, interested in comments that: discussion of upcoming Congressional Units 2 and 3; South Carolina Electric • Evaluate whether the proposed hearing on NEON, and related & Gas Company collection of information is necessary background documents. for the proper performance of the AGENCY: Nuclear Regulatory functions of the agency, including STATUS: Closed. Commission. whether the information will have This meeting will be held by ACTION: Exemption and combined practical utility; teleconference originating at the license amendment; issuance. • Evaluate the accuracy of the National Science Board Office, National agency’s estimate of the burden of the Science Foundation, 4201Wilson Blvd., SUMMARY: The U.S. Nuclear Regulatory proposed collection of information, Arlington, VA 22230. Commission (NRC) is granting an including the validity of the Please refer to the National Science exemption to allow a departure from the methodology and assumptions used; Board Web site (www.nsf.gov/nsb) for certification information of Tier 1 of the • Enhance the quality, utility, and information or schedule updates, or generic design control document (DCD) mstockstill on DSK4VPTVN1PROD with NOTICES clarity of the information to be contact: John Veysey (jveysey@nsf.gov), and issuing License Amendment No. 29 collected; and National Science Foundation, to Combined Licenses (COL), NPF–93 • Minimize the burden of the 4201Wilson Blvd., Arlington, VA 22230. and NPF–94. The COLs were issued to collection of information on those who South Carolina Electric & Gas Company are to respond, including through the Kyscha Slater-Williams, (SCE&G), and South Carolina Public use of appropriate automated, Program Specialist. Service Authority (the licensee), for electronic, mechanical, or other [FR Doc. 2015–23207 Filed 9–11–15; 11:15 am] construction and operation of the Virgil technological collection techniques or BILLING CODE 7555–01–P C. Summer Nuclear Station (VCSNS), VerDate Sep<11>2014 19:04 Sep 14, 2015 Jkt 235001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\15SEN1.SGM 15SEN1


Document Created: 2015-12-15 10:09:25
Document Modified: 2015-12-15 10:09:25
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesThe OMB will consider all written comments that agency receives on or before October 15, 2015.
ContactMichel Smyth by telephone at 202-693- 4129, TTY 202-693-8064, (these are not toll-free numbers) or by email at [email protected]
FR Citation80 FR 55380 
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