Default Investment
Alternatives under Participant Directed Individual Account
Plans
Extension without change of a currently approved collection
No
Regular
08/16/2023
Requested
Previously Approved
36 Months From Approved
08/31/2023
49,546,060
39,548,933
87,978
76,011
2,183,990
2,073,509
The Department of Labor finalized a
regulation under ERISA section 404(c)(5)(A). The regulation offers
guidance on the types of investment vehicles that plans may choose
as their ‘‘qualified default investment alternative’’ (QDIA). This
information collection requires annual notices to participants and
beneficiaries whose account assets could be invested in a
‘qualified default investment alternative’’ (QDIA) and requires
plans to pass any pertinent materials they receive from a QDIA to
those participants and beneficiaries with assets invested in the
QDIA. This information collection is necessary to inform
participants and beneficiaries, who do not make investment
elections, of the consequences of their failure to elect
investments, the ways in which their account assets will be
invested through the QDIA, and of their continuing opportunity to
make other investment elections, including options available under
the plan.
There are no program changes
for this submission. Estimates were also updated with new number of
participant-directed individual account pension plans with
auto-enrollment features and the number of participants in these
plans, which has increased the hour burden and cost burden. The
hour burden has increased by 11,967 hours and the cost burden has
increased by $110,481.
$0
No
No
No
No
No
No
No
James Butikofer 202 693-8434
Butikofer.James@dol.gov
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.