82_FR_11275 82 FR 11242 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Default Investment Alternatives Under Participant Directed Individual Account Plans

82 FR 11242 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Default Investment Alternatives Under Participant Directed Individual Account Plans

DEPARTMENT OF LABOR
Office of the Secretary

Federal Register Volume 82, Issue 33 (February 21, 2017)

Page Range11242-11243
FR Document2017-03359

The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Default Investment Alternatives under Participant Directed Individual Account Plans,'' 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). Public comments on the ICR are invited.

Federal Register, Volume 82 Issue 33 (Tuesday, February 21, 2017) 
[Federal Register Volume 82, Number 33 (Tuesday, February 21, 2017)]
[Notices]
[Pages 11242-11243]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03359]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Default Investment Alternatives Under 
Participant Directed Individual Account Plans

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, ``Default Investment Alternatives 
under Participant Directed Individual Account Plans,'' 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). Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before March 23, 2017.

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=201701-1210-006 (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

[[Page 11243]]

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].

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the information collection requirements specified in regulations 29 CFR 
2520.104b-1 and 2550.404c-5. More specifically, Employee Retirement 
Income Security Act of 1974 (ERISA) section 404(c), 29 U.S.C. 1104(c), 
provides that a participant or beneficiary who can hold an individual 
account under his or her pension plan and who can exercise control over 
account assets, as determined in DOL regulations, will not be treated 
as a plan fiduciary. Moreover, no other plan fiduciary will be liable 
for any loss, or due to any breach, resulting from the participant's or 
beneficiary's exercise of control over the individual account assets. 
The Pension Protection Act, Public Law 109-280, amended the ERISA by 
adding section 404(c)(5)(A), 29 U.S.C. 1104(c)(5)(A), which provides 
that a participant in an individual account plan who fails to make 
investment elections regarding his or her account assets will 
nevertheless be treated as having exercised control over those assets, 
so long as the plan provides appropriate notice and invests the assets 
in accordance with DOL regulations. The DOL, accordingly, promulgated a 
regulation to offer guidance on the types of investment vehicles that a 
plan may choose as its qualified default investment alternative (QDIA). 
The regulation also outlines two information collection requirements. 
First, it implements the statutory requirement that a plan provide an 
annual notice to each participant and beneficiary whose account assets 
could be invested in a QDIA. Second, the regulation requires a plan to 
pass any pertinent materials it receives from a QDIA to any participant 
or beneficiary with assets invested in the QDIA, as well to provide 
certain information on request. These information collections inform 
participants and beneficiaries who do not make investment elections of 
the consequences of the failure to elect investments, the ways in which 
account assets will be invested through the QDIA, and of the continuing 
opportunity to make other investment elections, including options 
available under the plan. ERISA section 404(c)(5)(A) authorizes this 
information collection. See 29 U.S.C. 1104(c)(5)(A).
    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 1210-0132.
    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 February 28, 2016. 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 October 28, 2016 (81 FR 
75157).
    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 1210-0132. 
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: Default Investment Alternatives under 
Participant Directed Individual Account Plans.
    OMB Control Number: 1210-0132.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 276,222.
    Total Estimated Number of Responses: 36,249,796.
    Total Estimated Annual Time Burden: 191,640 hours.
    Total Estimated Annual Other Costs Burden: $9,959,269.

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

     Dated: February 13, 2017.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2017-03359 Filed 2-17-17; 8:45 am]
 BILLING CODE 4510-29-P

11242 Federal Register / Vol. 82, No. 33 / Tuesday, February 21, 2017 / Notices DEPARTMENT OF LABOR Partnership Pilots (P–3) for OMB ICR Reference Number: 201609– Disconnected Youth Program National 1290–002. Office of the Secretary Evaluation information collection. More Affected Public: Individuals or specifically, this ICR seeks clearance for Households; State, Local, and Tribal Agency Information Collection four (4) data collection activities Governments; Private Sector— Activities; Submission for OMB conducted as part of the evaluation’s businesses or other for-profits and not- Review; Comment Request; implementation and systems analyses: for-profit institutions. Performance Partnership Pilots for (1) Site visit interviews; (2) focus group Total Estimated Number of Disconnected Youth Program National discussions with P3 youth participants; Respondents: 252. Evaluation (3) a survey of partner managers; and (4) Total Estimated Number of a survey of partner service providers. Responses: 252. ACTION: Notice. Total Estimated Annual Time Burden: This proposed information collection SUMMARY: The Department of Labor is subject to the PRA. A Federal agency 195 hours. (DOL) is submitting the information generally cannot conduct or sponsor a Total Estimated Annual Other Costs collection request (ICR) proposal titled, collection of information, and the public Burden: $0. ‘‘Performance Partnership Pilots for is generally not required to respond to Dated: February 14, 2017. Disconnected Youth Program National an information collection, unless it is Michel Smyth, Evaluation,’’ to the Office of approved by the OMB under the PRA Departmental Clearance Officer. Management and Budget (OMB) for and displays a currently valid OMB [FR Doc. 2017–03354 Filed 2–17–17; 8:45 am] review and approval for use in Control Number. In addition, BILLING CODE 4510–HX–P accordance with the Paperwork notwithstanding any other provisions of Reduction Act (PRA) of 1995. Public law, no person shall generally be subject comments on the ICR are invited. to penalty for failing to comply with a DEPARTMENT OF LABOR DATES: The OMB will consider all collection of information if the written comments that agency receives collection of information does not Office of the Secretary on or before March 23, 2017. display a valid Control Number. See 5 ADDRESSES: A copy of this ICR with CFR 1320.5(a) and 1320.6. For Agency Information Collection applicable supporting documentation; additional information, see the related Activities; Submission for OMB including a description of the likely notice published in the Federal Register Review; Comment Request; Default respondents, proposed frequency of on May 19, 2016 (81 FR 31664). Investment Alternatives Under response, and estimated total burden Interested parties are encouraged to Participant Directed Individual Account may be obtained free of charge from the send comments to the OMB, Office of Plans RegInfo.gov Web site at http:// Information and Regulatory Affairs at the address shown in the ADDRESSES ACTION: Notice. www.reginfo.gov/public/do/ PRAViewICR?ref_nbr=201609-1290-002 section within thirty (30) days of SUMMARY: The Department of Labor (this link will only become active on the publication of this notice in the Federal (DOL) is submitting the Employee day following publication of this notice) Register. In order to help ensure Benefits Security Administration or by contacting Michel Smyth by appropriate consideration, comments (EBSA) sponsored information telephone at 202–693–4129 (this is not should mention OMB ICR Reference collection request (ICR) titled, ‘‘Default a toll-free number) or by email at DOL_ Number 201609–1290–002. The OMB is Investment Alternatives under PRA_PUBLIC@dol.gov. particularly interested in comments Participant Directed Individual Account Submit comments about this request that: Plans,’’ to the Office of Management and by mail or courier to the Office of • Evaluate whether the proposed Budget (OMB) for review and approval Information and Regulatory Affairs, collection of information is necessary for continued use, without change, in Attn: OMB Desk Officer for DOL–OS, for the proper performance of the accordance with the Paperwork Office of Management and Budget, functions of the agency, including Reduction Act of 1995 (PRA). Public Room 10235, 725 17th Street NW., whether the information will have comments on the ICR are invited. Washington, DC 20503; by Fax: 202– practical utility; • Evaluate the accuracy of the DATES: The OMB will consider all 395–5806 (this is not a toll-free written comments that agency receives number); or by email: OIRA_ agency’s estimate of the burden of the proposed collection of information, on or before March 23, 2017. submission@omb.eop.gov. Commenters including the validity of the ADDRESSES: A copy of this ICR with are encouraged, but not required, to methodology and assumptions used; applicable supporting documentation; send a courtesy copy of any comments by mail or courier to the U.S. • Enhance the quality, utility, and including a description of the likely clarity of the information to be respondents, proposed frequency of Department of Labor-OASAM, Office of the Chief Information Officer, Attn: collected; and response, and estimated total burden Departmental Information Compliance • Minimize the burden of the may be obtained free of charge from the Management Program, Room N1301, collection of information on those who RegInfo.gov Web site at http:// 200 Constitution Avenue NW., are to respond, including through the www.reginfo.gov/public/do/ Washington, DC 20210; or by email: use of appropriate automated, PRAViewICR?ref_nbr=201701-1210-006 DOL_PRA_PUBLIC@dol.gov. electronic, mechanical, or other (this link will only become active on the sradovich on DSK3GMQ082PROD with NOTICES technological collection techniques or day following publication of this notice) FOR FURTHER INFORMATION CONTACT: other forms of information technology, or by contacting Michel Smyth by Michel Smyth by telephone at 202–693– e.g., permitting electronic submission of telephone at 202–693–4129, TTY 202– 4129 (this is not a toll-free number) or responses. 693–8064, (these are not toll-free by email at DOL_PRA_PUBLIC@dol.gov. Agency: DOL–OS. numbers) or by email at DOL_PRA_ Authority: 44 U.S.C. 3507(a)(1)(D). Title of Collection: Performance PUBLIC@dol.gov. SUPPLEMENTARY INFORMATION: This ICR Partnership Pilots for Disconnected Submit comments about this request seeks PRA authority for the Performance Youth Program National Evaluation. by mail or courier to the Office of VerDate Sep<11>2014 17:15 Feb 17, 2017 Jkt 241001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 E:\FR\FM\21FEN1.SGM 21FEN1

Federal Register / Vol. 82, No. 33 / Tuesday, February 21, 2017 / Notices 11243 Information and Regulatory Affairs, QDIA to any participant or beneficiary proposed collection of information, Attn: OMB Desk Officer for DOL–EBSA, with assets invested in the QDIA, as including the validity of the Office of Management and Budget, well to provide certain information on methodology and assumptions used; Room 10235, 725 17th Street NW., request. These information collections • Enhance the quality, utility, and Washington, DC 20503; by Fax: 202– inform participants and beneficiaries clarity of the information to be 395–5806 (this is not a toll-free who do not make investment elections collected; and number); or by email: OIRA_ of the consequences of the failure to • Minimize the burden of the submission@omb.eop.gov. Commenters elect investments, the ways in which collection of information on those who are encouraged, but not required, to account assets will be invested through are to respond, including through the send a courtesy copy of any comments the QDIA, and of the continuing use of appropriate automated, by mail or courier to the U.S. opportunity to make other investment electronic, mechanical, or other Department of Labor-OASAM, Office of elections, including options available technological collection techniques or the Chief Information Officer, Attn: under the plan. ERISA section other forms of information technology, Departmental Information Compliance 404(c)(5)(A) authorizes this information e.g., permitting electronic submission of Management Program, Room N1301, collection. See 29 U.S.C. 1104(c)(5)(A). responses. 200 Constitution Avenue NW., This information collection is subject to the PRA. A Federal agency generally Agency: DOL–EBSA. Washington, DC 20210; or by email: cannot conduct or sponsor a collection Title of Collection: Default Investment DOL_PRA_PUBLIC@dol.gov. of information, and the public is Alternatives under Participant Directed FOR FURTHER INFORMATION CONTACT: Individual Account Plans. Michel Smyth by telephone at 202–693– generally not required to respond to an information collection, unless it is OMB Control Number: 1210–0132. 4129, TTY 202–693–8064, (these are not toll-free numbers) or by email at DOL_ approved by the OMB under the PRA Affected Public: Private Sector— PRA_PUBLIC@dol.gov. and displays a currently valid OMB businesses or other for-profits and not- Control Number. In addition, for-profit institutions. SUPPLEMENTARY INFORMATION: This ICR notwithstanding any other provisions of Total Estimated Number of seeks to extend PRA authority for the law, no person shall generally be subject Respondents: 276,222. information collection requirements to penalty for failing to comply with a Total Estimated Number of specified in regulations 29 CFR collection of information that does not Responses: 36,249,796. 2520.104b–1 and 2550.404c–5. More display a valid Control Number. See 5 specifically, Employee Retirement Total Estimated Annual Time Burden: CFR 1320.5(a) and 1320.6. The DOL 191,640 hours. Income Security Act of 1974 (ERISA) obtains OMB approval for this section 404(c), 29 U.S.C. 1104(c), Total Estimated Annual Other Costs information collection under Control Burden: $9,959,269. provides that a participant or Number 1210–0132. beneficiary who can hold an individual OMB authorization for an ICR cannot Authority: 44 U.S.C. 3507(a)(1)(D). account under his or her pension plan be for more than three (3) years without Dated: February 13, 2017. and who can exercise control over renewal, and the current approval for Michel Smyth, account assets, as determined in DOL this collection is scheduled to expire on regulations, will not be treated as a plan Departmental Clearance Officer. February 28, 2016. The DOL seeks to fiduciary. Moreover, no other plan [FR Doc. 2017–03359 Filed 2–17–17; 8:45 am] extend PRA authorization for this fiduciary will be liable for any loss, or information collection for three (3) more BILLING CODE 4510–29–P due to any breach, resulting from the years, without any change to existing participant’s or beneficiary’s exercise of requirements. The DOL notes that control over the individual account DEPARTMENT OF LABOR existing information collection assets. The Pension Protection Act, requirements submitted to the OMB Office of the Secretary Public Law 109–280, amended the receive a month-to-month extension ERISA by adding section 404(c)(5)(A), while they undergo review. For Agency Information Collection 29 U.S.C. 1104(c)(5)(A), which provides additional substantive information Activities; Submission for OMB that a participant in an individual about this ICR, see the related notice Review; Comment Request; Pre- account plan who fails to make published in the Federal Register on Implementation Planning Checklist investment elections regarding his or October 28, 2016 (81 FR 75157). Report for State Unemployment her account assets will nevertheless be Interested parties are encouraged to Insurance Information Technology treated as having exercised control over send comments to the OMB, Office of Modernization Projects those assets, so long as the plan Information and Regulatory Affairs at provides appropriate notice and invests the address shown in the ADDRESSES ACTION: Notice. the assets in accordance with DOL section within thirty (30) days of regulations. The DOL, accordingly, publication of this notice in the Federal SUMMARY: The Department of Labor promulgated a regulation to offer Register. In order to help ensure (DOL) is submitting the Employment guidance on the types of investment appropriate consideration, comments and Training Administration (ETA) vehicles that a plan may choose as its should mention OMB Control Number sponsored information collection qualified default investment alternative 1210–0132. The OMB is particularly request (ICR) proposal titled, ‘‘Pre- (QDIA). The regulation also outlines two interested in comments that: Implementation Planning Checklist information collection requirements. • Evaluate whether the proposed Report for State Unemployment sradovich on DSK3GMQ082PROD with NOTICES First, it implements the statutory collection of information is necessary Insurance Information Technology requirement that a plan provide an for the proper performance of the Modernization Projects,’’ to the Office of annual notice to each participant and functions of the agency, including Management and Budget (OMB) for beneficiary whose account assets could whether the information will have review and approval for use in be invested in a QDIA. Second, the practical utility; accordance with the Paperwork regulation requires a plan to pass any • Evaluate the accuracy of the Reduction Act (PRA) of 1995. Public pertinent materials it receives from a agency’s estimate of the burden of the comments on the ICR are invited. VerDate Sep<11>2014 17:15 Feb 17, 2017 Jkt 241001 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 E:\FR\FM\21FEN1.SGM 21FEN1


Document Created: 2018-02-01 15:04:26
Document Modified: 2018-02-01 15:04:26
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 March 23, 2017.
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 Citation82 FR 11242 
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