Default Investment Alternatives under Participant Directed Individual Account Plans

ICR 202306-1210-001

OMB: 1210-0132

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2023-08-08
ICR Details
1210-0132 202306-1210-001
Received in OIRA 202003-1210-007
DOL/EBSA 1210-AB10(Final)
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.

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

  88 FR 8317 02/08/2023
88 FR 55724 08/16/2023
No

1
IC Title Form No. Form Name
Annual Notice for Default Investment Alternatives under Participant Directed Individual Account Plans

  Total Request 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 49,546,060 39,548,933 0 0 9,997,127 0
Annual Time Burden (Hours) 87,978 76,011 0 0 11,967 0
Annual Cost Burden (Dollars) 2,183,990 2,073,509 0 0 110,481 0
No
No
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.
08/16/2023


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