Default Investment Alternatives under Participant Directed Individual Account Plans

ICR 201311-1210-004

OMB: 1210-0132

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2013-12-02
ICR Details
1210-0132 201311-1210-004
Historical Active 201010-1210-002
DOL/EBSA 1210-AB10(Final)
Default Investment Alternatives under Participant Directed Individual Account Plans
Extension without change of a currently approved collection   No
Regular
Approved without change 02/06/2014
Retrieve Notice of Action (NOA) 12/24/2013
  Inventory as of this Action Requested Previously Approved
02/28/2017 36 Months From Approved 02/28/2014
31,100,000 0 83,358,375
201,000 0 782,000
10,800,000 0 32,116,000

This information collection relates to regulations creating standards for fiduciary relief from liability for default investment by individual account pension plans of account assets of participants and beneficiaries who fail to provide investment directions.

US Code: 29 USC 1104(c)(5)(A) Name of Law: ERISA
   PL: Pub.L. 109 - 280 624 Name of Law: Pension Protection Act of 2006
  
None

Not associated with rulemaking

  78 FR 30335 05/22/2013
78 FR 77717 12/24/2013
No

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 31,100,000 83,358,375 0 0 -52,258,375 0
Annual Time Burden (Hours) 201,000 782,000 0 0 -581,000 0
Annual Cost Burden (Dollars) 10,800,000 32,116,000 0 0 -21,316,000 0
No
No
The burden estimates in this submission have been adjusted to reflect changes in the disclosures required by the Participant-Level Fee Disclosure Rule. The pass-through provisions of the Default Investment Alternatives Rule were previously reflected in this information collection as a second information collection. They are now counted as part of the burden in the Participant-Level Fee Disclosure Rule. In addition, because data are now available that were not available during the previous submissions, this analysis includes only plans that offer auto-enrollment because this paints a more accurate picture of the affected entities. Finally, plan counts, participant counts, wage rates, and postage costs have all be updated to reflect more recent data.

$0
No
No
No
No
No
Uncollected
Chris Cosby 202 693-8540

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
12/24/2013


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