82 FR 23981 - Proposed Collection of Information: Automatic Enrollment Individual Retirement Accounts (Auto-IRAs)

DEPARTMENT OF THE TREASURY
Bureau of the Fiscal Service

Federal Register Volume 82, Issue 99 (May 24, 2017)

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently the Bureau of the Fiscal Service within the Department of the Treasury is soliciting comments concerning Automatic Enrollment Individual Retirement Accounts (Auto- IRAs).

[Federal Register Volume 82, Number 99 (Wednesday, May 24, 2017)]
[Notices]
[Page 23981]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-10639]



[[Page 23981]]

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DEPARTMENT OF THE TREASURY

Bureau of the Fiscal Service


Proposed Collection of Information: Automatic Enrollment 
Individual Retirement Accounts (Auto-IRAs)

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995. Currently the Bureau of the Fiscal 
Service within the Department of the Treasury is soliciting comments 
concerning Automatic Enrollment Individual Retirement Accounts (Auto-
IRAs).

DATES: Written comments should be received on or before July 24, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments and requests for additional 
information to Bureau of the Fiscal Service, Bruce A. Sharp, 200 Third 
Street A4-A, Parkersburg, WV 26106-1328, or 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Automatic Enrollment Individual Retirement Accounts (Auto-
IRAs).
    OMB Number: 1530-0068.
    Abstract: Approximately one-third of private-sector employees in 
the United States lack access to retirement savings plans through their 
employers. To fill this gap, several states (or their political 
subdivisions) are establishing or considering programs that will 
encourage employees to save for their retirement, including through 
automatic enrollment individual retirement accounts and other 
approaches (collectively referred to here as Auto-IRAs). Under an Auto-
IRA program, employee contributions are deposited into an IRA and 
invested in accordance with the design of the Auto-IRA program and the 
wishes of the participant. In order to assist states in offering risk-
averse savers a principal-protected investment, the Department of the 
Treasury, Fiscal Service (Fiscal Service) will offer retirement savings 
bonds to certain state Auto-IRA retirement savings programs. To help 
the Fiscal Service determine whether it should offer or continue to 
offer the bonds for a given state Auto-IRA program, that program must 
provide documentation to Fiscal Service annually, in a form and manner 
acceptable to Fiscal Service, addressing topics such as administration; 
account monitoring; ability to transfer; withdrawals; consumer 
protection; consumer education; costs of administration borne by 
consumers; oversight; pooling; and any proposed use of the bond as a 
default investment.
    Current Actions: Extension of a currently approved collection.
    Type of Review: Regular.
    Affected Public: State, Local, and Tribal Governments.
    Estimated Number of Respondents: 5.
    Estimated Time per Respondent: 8 hours.
    Estimated Total Annual Burden Hours: 40.
    Request For Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: May 19, 2017.
Bruce A. Sharp,
Bureau Clearance Officer.
[FR Doc. 2017-10639 Filed 5-23-17; 8:45 am]
BILLING CODE 4810-AS-P