Notice2024-05645
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Investment Advice to Participants and Beneficiaries
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 18, 2024
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 89 Issue 53 (Monday, March 18, 2024)</title>
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[Federal Register Volume 89, Number 53 (Monday, March 18, 2024)]
[Notices]
[Pages 19361-19362]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-05645]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Investment Advice to Participants and
Beneficiaries
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 17, 2024.
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.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#d2969d9e8d8280938d8287909e9b9192b6bdbefcb5bda4"><span class="__cf_email__" data-cfemail="d692999a89868497898683949a9f9596b2b9baf8b1b9a0">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Under ERISA, providing ``investment advice''
is a fiduciary act. A fiduciary who advises participants about plan
investment opportunities that pay the adviser fees or commissions may
be subject to liability under the Employee Retirement Income Security
Act of 1974 (ERISA) prohibited transaction rules. The Pension
Protection Act of 2006 (Pub. L. 109-280) amended the ERISA and the
Internal Revenue Code (Code) to include a statutory exemption for
providing investment advice to participants and beneficiaries in self-
directed defined contribution individual account ERISA-covered plans
(Plans) and beneficiaries of individual retirement accounts, individual
retirement annuities, Archer MSAs, health savings accounts and
Coverdell education savings accounts (collectively IRAs) described in
the Code. The statutory exemption provides relief from the prohibited
transaction provisions of ERISA, and the parallel provisions of the
Code.
The information collections that are conditions of the regulation
include, third-party disclosures, recordkeeping, and audit
requirements. With one exception, the regulation does not require any
reporting or filing with the Federal government, but the designated
records must be made available upon request. The exception is the
requirement that the fiduciary adviser is required under certain
circumstances to forward the audit report which is also a required
disclosure under the regulation to the Department. For additional
substantive information about this ICR, see the related notice
published in the Federal Register on August 25, 2023 (88 FR 58312).
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.
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.
[[Page 19362]]
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: Investment Advice to Participants and
Beneficiaries.
OMB Control Number: 1210-0134.
Affected Public: Businesses or other for-profits.
Total Estimated Number of Respondents: 8,938.
Total Estimated Number of Responses: 24,698,107.
Total Estimated Annual Time Burden: 1,867,800 hours.
Total Estimated Annual Other Costs Burden: $247,377,814.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-05645 Filed 3-15-24; 8:45 am]
BILLING CODE 4510-29-P
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