Notice2024-22435
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Employee Retirement Income Security Act Blackout Period Notice
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
October 1, 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 190 (Tuesday, October 1, 2024)</title>
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[Federal Register Volume 89, Number 190 (Tuesday, October 1, 2024)]
[Notices]
[Page 79962]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-22435]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Employee Retirement Income Security Act
Blackout Period Notice
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 31, 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#2662696a79767467797673646a6f656642494a08414950"><span class="__cf_email__" data-cfemail="2e6a6162717e7c6f717e7b6c62676d6e4a414200494158">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The Sarbanes-Oxley Act (SOA), enacted on
July 30, 2002, amended ERISA to include a blackout period disclosure
requirement in subsection 101(i). This information collection requires
administrators of individual account pension plans (e.g., a profit
sharing plan, 401(k) type plan or money purchase pension plan) to
provide at least 30 days advance written notice to the affected
participants and beneficiaries in advance of any ``blackout period''
during which their existing rights to direct or diversify their
investments under the plan, or obtain a loan or distribution from the
plan will be temporarily suspended. The term ``blackout period'' is
generally defined as any period of more than three consecutive business
days during which time the ability of plan participants and
beneficiaries to direct or diversify investments or to obtain loans or
distributions is suspended, limited or restricted. For additional
substantive information about this ICR, see the related notice
published in the Federal Register on February 5, 2024 (89 FR 7732).
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: Employee Retirement Income Security Act
Blackout Period Notice.
OMB Control Number: 1210-0122.
Affected Public: Private sector, Business or other for profits.
Total Estimated Number of Respondents: 50,312.
Total Estimated Number of Responses: 8,045,170.
Total Estimated Annual Time Burden: 85,926 hours.
Total Estimated Annual Other Costs Burden: $244,734.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-22435 Filed 9-30-24; 8:45 am]
BILLING CODE 4510-29-P
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</html>Indexed from Federal Register on October 1, 2024.
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