Notice2022-05491
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Voluntary Fiduciary Correction Program
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 16, 2022
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
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<title>Federal Register, Volume 87 Issue 51 (Wednesday, March 16, 2022)</title>
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[Federal Register Volume 87, Number 51 (Wednesday, March 16, 2022)]
[Notices]
[Page 14908]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-05491]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Voluntary Fiduciary Correction Program
ACTION: Notice of availability; request for comments.
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SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval 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 the agency
receives on or before April 15, 2022.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
Comments are invited on: (1) Whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) if the information will be processed and used in a timely
manner; (3) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (4) ways to enhance the quality,
utility and clarity of the information collection; and (5) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-
693-8538, or by email at <a href="/cdn-cgi/l/email-protection#581c171407080a1907080d1a14111b183c3734763f372e"><span class="__cf_email__" data-cfemail="5a1e1516050a081b050a0f181613191a3e3536743d352c">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: This information collection arises from two
related actions: The Voluntary Fiduciary Correction Program (the VFC
Program or the Program) and Prohibited Transaction Class Exemption
(PTE) 2002-51 (the VFC Exemption or the Exemption). The Department
adopted the Program and the Exemption in order to encourage members of
the public to voluntarily correct transactions that violate (or are
suspected of violating) the fiduciary or prohibited transaction
provisions of the Employee Retirement Income Security Act of 1974
(ERISA). The information collection provisions of the Program and the
Exemption include third-party disclosures, recordkeeping, and
disclosures to the Federal government. For additional substantive
information about this ICR, see the related notice published in the
Federal Register on November 9, 2021 (86 FR 62208).
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 the OMB approves it 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
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Voluntary Fiduciary Correction Program.
OMB Control Number: 1210-0118.
Affected Public: Private Sector--Businesses or other for-profits.
Total Estimated Number of Respondents: 3,325.
Total Estimated Number of Responses: 246,918.
Total Estimated Annual Time Burden: 22,202 hours.
Total Estimated Annual Other Costs Burden: $42,175.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Dated: March 10, 2022.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2022-05491 Filed 3-15-22; 8:45 am]
BILLING CODE 4510-29-P
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