[Federal Register Volume 89, Number 190 (Tuesday, October 1, 2024)]
[Notices]
[Page 79962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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 www.reginfo.gov/public/do/PRAMain. 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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