Notice2024-20684
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Retirement Savings Lost and Found
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
September 12, 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 177 (Thursday, September 12, 2024)</title>
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[Federal Register Volume 89, Number 177 (Thursday, September 12, 2024)]
[Notices]
[Page 74291]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-20684]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Retirement Savings Lost and Found
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 October 15, 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#04404b485b5456455b545146484d4744606b682a636b72"><span class="__cf_email__" data-cfemail="d1959e9d8e8183908e8184939d989291b5bebdffb6bea7">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 523(a) of the Retirement Income
Security Act of 1974 (ERISA) requires the Department of Labor
(Department), in consultation with the U.S. Treasury Department, to
establish an online searchable database called the Retirement Savings
Lost and Found (Lost and Found) no later than December 29, 2024. The
Department has the sole responsibility for establishing and maintaining
the Lost and Found. The Lost and Found online searchable database will
enable individuals to locate benefits they are owed by providing them
with contact information for their plan administrator, the designated
trustee or issuer described in section 401(a)(31)(B) of the Internal
Revenue Code of 1986 (Code), or the issuer of an annuity described in
section 523(e)(3)(C) of ERISA.
Plan administrators have reported much of the information needed
for the establishment of the Lost and Found to the Internal Revenue
Service (IRS) on Form 8955-SSA (Annual Registration Statement
Identifying Separated Participants with Deferred Vested Benefits) and
its predecessor Schedule SSA to the Form 5500. However, citing concerns
under section 6103 of the Internal Revenue Code (Code), IRS has
determined it will not unconditionally authorize release of this data
to the Department for the purpose of communicating either directly with
participants and beneficiaries about retirement plans that may still
owe them retirement benefits or indirectly through the Lost and Found
online searchable database. Accordingly, the Department is proposing to
request plan administrators to voluntarily furnish the information
specified below directly to the Department. For additional substantive
information about this ICR, see the related notice published in the
Federal Register on April 16, 2024 (89 FR 26932).
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.
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: Retirement Savings Lost and Found.
OMB Control Number: 1210-0NEW.
Affected Public: Private sector, Business or other for profits.
Total Estimated Number of Respondents: 150,920.
Total Estimated Number of Responses: 150,940.
Total Estimated Annual Time Burden: 26,017 hours.
Total Estimated Annual Other Costs Burden: $0.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-20684 Filed 9-11-24; 8:45 am]
BILLING CODE 4510-29-P
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