Notice2023-17623
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Default Investment Alternatives Under Participant Directed Individual Account Plans
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
August 16, 2023
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 88 Issue 157 (Wednesday, August 16, 2023)</title>
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[Federal Register Volume 88, Number 157 (Wednesday, August 16, 2023)]
[Notices]
[Page 55724]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-17623]
[[Page 55724]]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Default Investment Alternatives Under
Participant Directed Individual Account Plans
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 September 15, 2023.
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) 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; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) 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: Nicole Bouchet by telephone at 202-
693-0213, or by email at <a href="/cdn-cgi/l/email-protection#3f7b7073606f6d7e606f6a7d73767c7f5b505311585049"><span class="__cf_email__" data-cfemail="62262d2e3d3230233d3237202e2b2122060d0e4c050d14">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: 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. For additional substantive
information about this ICR, see the related notice published in the
Federal Register on February 8, 2023 (88 FR 8317).
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: Default Investment Alternatives under
Participant Directed Individual Account Plans.
OMB Control Number: 1210-0132.
Affected Public: Private Sector--Businesses or other for-profits;
Not-for-profit institutions.
Total Estimated Number of Respondents: 384,183.
Total Estimated Number of Responses: 49,546,060.
Total Estimated Annual Time Burden: 87,978 hours.
Total Estimated Annual Other Costs Burden: $2,183,990.
(Authority: 44 U.S.C. 3507(a)(1)(D).)
Nicole Bouchet,
Acting Departmental Clearance Officer.
[FR Doc. 2023-17623 Filed 8-15-23; 8:45 am]
BILLING CODE 4510-29-P
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