98-16938. Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations

[Federal Register Volume 63, Number 122 (Thursday, June 25, 1998)]
[Notices]
[Pages 34665-34666]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16938]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, provides the general public and 
Federal agencies with an opportunity to comment on proposed and/or 
continuing collections of information in accordance with the Paperwork 
Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)). This program 
helps to ensure that requested data can be provided in the desired 
format, reporting burden (time and financial resources) is minimized, 
collection instruments are clearly understood, and the impact of 
collection requirements on respondents can be properly assessed. 
Currently, the Pension and Welfare Benefits Administration is 
soliciting comments concerning the proposed extension of a currently 
approved collection of information included in rules regarding 
participant directed individual account plans under section 404(c) of 
the Employee Retirement Income Security Act of 1974 (ERISA)

[[Page 34666]]

(29 CFR Sec. 2550.404c-1). A copy of the proposed information 
collection request can be obtained by contacting the individual listed 
below in the contact section of this notice.

DATES: Written comments must be submitted on or before August 24, 1998.
    The Department of Labor (Department) is particularly interested in 
comments which:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submissions of responses.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare 
Benefits Administration, 200 Constitution Avenue, NW, Washington, D.C. 
20210, [phone] (not a toll-free number), FAX [phone].

SUPPLEMENTARY INFORMATION: 

I. Background

    Section 404(c) of ERISA provides that if a pension plan that 
provides for individual accounts permits a participant or beneficiary 
to exercise control over assets in his account and that participant or 
beneficiary in fact exercises such control, that the participant or 
beneficiary shall not be deemed to be a fiduciary by such exercise of 
control, and that no person otherwise a fiduciary shall be liable for 
any loss or breach which results from this exercise of control.

II. Current Actions

    The Office of Management and Budget's approval of the ICR included 
in 29 CFR Sec. 2550.404c-1 will expire on September 30, 1998. This 
regulation describes circumstances under which ERISA section 404(c) 
applies to a transaction involving a participant's exercise of control 
over this or her individual account. The opportunity to exercise 
control includes the opportunity to obtain sufficient information to 
make informed decisions with respect to investment alternatives. This 
regulation describes the type and extent of information required to be 
made available to participants and beneficiaries for this purpose. In 
the absence of such disclosures, participants might not be able to make 
informed decisions about the investment of their individual accounts, 
and persons who are otherwise fiduciaries with respect to these plans 
would not be afforded relief from the fiduciary responsibility 
provisions of Title I of ERISA with respect to these transactions. For 
these reasons, the Department intends to request an extension of the 
ICR.
    Type of Review: Extension.
    Agency: Department of Labor, Pension and Welfare Benefits 
Administration.
    Title: Regulation Regarding Participant Directed Individual Account 
Plans (ERISA section 404(c) Plans).
    OMB Number: 1210-0090.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 55,747.
    Frequency: On occasion.
    Total Responses: 11,000,050.
    Estimated Total Burden Hours: 303,249.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval of the information collection request; they will also become a 
matter of public record.

    Dated: June 22, 1998.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 98-16938 Filed 6-24-98; 8:45 am]
BILLING CODE 4510-29-M