13478 Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices 

1 29 CFR 2578.1. 

2 29 CFR 2550.404a–3. 

3 29 CFR 2520.103–13. 

may be obtained by contacting the office 

listed in the ADDRESSES section of this 

notice. 

DATES: Written comments must be 

submitted to the office shown in the 

ADDRESSES section on or before May 26, 

2009. 

ADDRESSES: Direct all written comments 

regarding the information collection 

request and burden estimates to G. 

Christopher Cosby, Office of Policy and 

Research, Employee Benefits Security 

Administration, U.S. Department of 

Labor, 200 Constitution Avenue, NW., 

Room N–5718, Washington, DC 20210. 

Telephone: (202) 693–8410, FAX (202) 

219–4333. These are not toll-free 

numbers. Comments may also be 

submitted electronically to the 

following Internet e-mail address: 

ebsa.opr@dol.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Section 104(b)(3) of ERISA and the 

regulation published at 29 CFR 

2520.104b–10 require, with certain 

exceptions, that administrators of 

employee benefit plans furnish annually 

to each participant and certain 

beneficiaries a summary annual report 

(SAR) meeting the requirements of the 

statute and regulation. The regulation 

prescribes the content and format of the 

SAR and the timing of its delivery. The 

SAR provides current information about 

the plan and assists those who receive 

it in understanding the plan’s current 

financial operation and condition. It 

also explains participants’ and 

beneficiaries’ rights to receive further 

information on these issues. 

EBSA previously submitted the 

information collection provisions in the 

regulation at 29 CFR 2520.104b–10 to 

the Office of Management and Budget 

(OMB) for review in an information 

collection request (ICR). OMB approved 

the ICR under OMB Control No. 1210– 

0040. The ICR approval is scheduled to 

expire on July 31, 2009. 

II. Desired Focus of Comments 

The Department is particularly 

interested in comments that: 

• 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 

• Evaluate whether and to what 

extent the proposed collection of 

information minimizes 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., by permitting electronic 

submissions of responses. 

III. Current Action 

This notice requests comments on an 

extension of the information collections 

in the ERISA Summary Annual Report 

regulation. After considering comments 

received in response to this notice, the 

Department intends to submit the ICR to 

OMB for continuing approval. No 

change to the existing ICR is being 

proposed or made at this time. A 

summary of the ICR and the current 

burden estimates follows: 

Type of Review: Extension of a 

currently approved collection of 

information. 

Agency: Employee Benefits Security 

Administration, Department of Labor. 

Title: ERISA Summary Annual Report 

Regulation. 

OMB Number: 1210–0040. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Respondents: 749,000. 

Responses: 228,686,000. 

Estimated Total Burden Hours: 

461,000. 

Estimated Total Burden Cost 

(Operating and Maintenance): 

$134,161,000. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the request for OMB 

approval of the ICR and will also 

become a matter of public record. 

Dated: March 23, 2009. 

Joseph S. Piacentini, 

Director, Office of Policy and Research, 

Employee Benefits Security Administration. 

[FR Doc. E9–6837 Filed 3–26–09; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Proposed Extension of Information 

Collection; Comment Request Final 

Rules and Class Prohibited 

Transaction Exemption 2006–16 

Relating to Terminated Individual 

Account Plans 

ACTION: Notice. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995 (PRA 

95) (44 U.S.C. 3506(c)(2)(A)), the 

Department of Labor (the Department) 

conducts a preclearance consultation 

program to provide the general public 

and Federal agencies with an 

opportunity to comment on proposed 

and continuing collections of 

information. This program helps to 

ensure that the data the Department 

gathers can be provided in the desired 

format, that the reporting burden on the 

public (time and financial resources) is 

minimized, that the public understands 

the Department’s collection 

instruments, and that the Department 

can accurately assess the impact of 

collection requirements on respondents. 

Pursuant to this notice, the 

Department is soliciting comments 

concerning the information collection 

provisions of final rules relating to the 

Termination of Abandoned Individual 

Account Plans,1 the Safe Harbor for 

Distributions From Terminated 

Individual Account Plans,2 the 

Terminal Report for Abandoned 

Individual Account Plans,3 and Class 

Prohibited Transaction Exemption 

2006–16, relating to the Terminal Report 

for Abandoned Individual Account 

Plans, and 2004–14, relating to 

automatic rollovers. 

A copy of the ICR may be obtained by 

contacting the office listed in the 

ADDRESSES section of this notice. 

DATES: Written comments must be 

submitted to the office shown in the 

ADDRESSES section below on or before 

May 26, 2009. 

ADDRESSES: Interested parties are 

invited to submit written comments 

regarding the information collection 

request and burden estimates to: G. 

Christopher Cosby, Office of Policy and 

Research, U.S. Department of Labor, 

Employee Benefits Security 

Administration, 200 Constitution 

Avenue, NW., Room N–5647, 

Washington, DC 20210. Telephone: 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices 13479 

(202) 693–8410; Fax: (202) 219–4745. 

These are not toll-free numbers. 

Comments may also be submitted 

electronically to ebsa.opr@dol.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Employee Benefits Security 

Administration (EBSA) has promulgated 

three regulations and a prohibited 

transaction class exemption (PTE) that 

address the problem of abandoned 

individual account pension plans. The 

abandoned plan initiative includes the 

following actions, which impose the 

following information collections: 

1. Qualified Termination 

Administrator (QTA) Regulation: The 

QTA regulation creates an orderly and 

efficient process by which a financial 

institution that holds the assets of a plan 

that is deemed to have been abandoned 

may undertake to terminate the plan 

and distribute its assets to participants 

and beneficiaries holding accounts 

under the plan, with protections and 

approval of the Department under the 

standards of the regulation. The 

regulation requires the QTA to provide 

certain notices to the Department, to 

participants and beneficiaries, and to 

the plan sponsor (or service providers to 

the plan, if necessary), and to keep 

certain records pertaining to the 

termination. 

2. Abandoned Plan Terminal Report 

Regulation: The terminal report 

regulation provides an alternative, 

simplified method for a QTA to satisfy 

the annual report requirement otherwise 

applicable to a terminating plan by 

filing a special simplified terminal 

report with the Department after 

terminating an abandoned plan and 

distributing its accounts to participants 

and beneficiaries. 

3. Terminated Plan Distribution 

Regulation: The terminated plan 

distribution regulation establishes a safe 

harbor method by which fiduciaries 

who are terminating individual account 

pension plans (whether abandoned or 

not) may select an investment vehicle to 

receive account balances distributed 

from the terminated plan when the 

participant has failed to provide 

investment instructions. The regulation 

requires the fiduciaries to provide 

advance notice to participants and 

beneficiaries of how such distributions 

will be invested, if no other investment 

instructions are provided. 

4. Abandoned Plan Class Exemption: 

The exemption permits a QTA that 

terminates an abandoned plan under the 

QTA regulation to receive payment for 

its services from the abandoned plan 

and to distribute the account balance of 

a participant who has failed to provide 

investment direction into an individual 

retirement account (IRA) maintained by 

the QTA or an affiliate. Without the 

exemption, financial institutions could 

be unable to receive payment for 

services rendered out of plan assets 

without violating ERISA’s prohibited 

transaction provisions and would 

therefore be highly unlikely to 

undertake the termination of abandoned 

plans. The exemption includes the 

condition that the QTA keep records of 

the distributions for a period of six years 

and make such records available on 

request to interested persons (including 

the Department and participants and 

beneficiaries). If a QTA wishes to be 

paid out of plan assets for services 

provided prior to becoming a QTA, the 

exemption requires that the QTA enter 

into a written agreement with a plan 

fiduciary or the plan sponsor prior to 

receiving payment and that a copy of 

the agreement be provided to the 

Department. 

5. PTE 2004–16 (Automatic Rollover 

Exemption): Also included in this ICR 

are the notice and recordkeeping 

requirements contained in PTE 2004– 

16, which permits a pension plan 

fiduciary that is a financial institution 

and is also the employer maintaining an 

individual account pension plan for its 

employees to establish, on behalf of its 

separated employees, an IRA at a 

financial institution that is either the 

employer or an affiliate, which IRA 

would receive mandatory distributions 

that the fiduciary ‘‘rolls over’’ from the 

plan when an employee terminates 

employment. 

Because all of these regulations and 

exemptions relate to terminating or 

abandoned plans and/or to distribution 

and rollover of distributed benefits for 

which no participant investment 

election has been made, the Department 

has combined the paperwork burden for 

all of these actions into one ICR. In the 

Department’s view, this combination 

allows the public to have a better 

understanding of the aggregate burden 

imposed on the public for these related 

regulatory actions. OMB approved the 

ICR under OMB control number 1210– 

0127, which is scheduled to expire on 

June 30, 2009. 

II. Desired Focus of Comments 

The Department is particularly 

interested in comments that: 

• Evaluate whether the collections of 

information are 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 

collections 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., by permitting electronic submission 

of responses. 

III. Current Action 

The Department is requesting an 

extension of the currently approved ICR 

titled Termination of Abandoned 

Individual Account Plans. The 

Department is not proposing or 

implementing changes to the regulation 

or to the existing ICR. A summary of the 

ICR and the current burden estimates 

follows: 

Type of Review: Extension of a 

currently approved collection of 

information. 

Agency: Employee Benefits Security 

Administration, Department of Labor. 

Title: Termination of Abandoned 

Individual Account Plans. 

OMB Number: 1210–0127. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Respondents: 164,240. 

Frequency of Response: On occasion. 

Responses: 164,240. 

Estimated Total Burden Hours: 7,313. 

Total Annual Cost (Operating and 

Maintenance): $997,000. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the request for OMB 

approval of the information collection 

request; they will also become a matter 

of public record. 

Dated: March 23, 2009. 

Joseph S. Piacentini, 

Director, Office of Policy and Research, 

Employee Benefits Security Administration. 

[FR Doc. E9–6838 Filed 3–26–09; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Occupational Safety and Health 

Administration 

[Docket No. OSHA–2009–0001] 

Advisory Committee on Construction 

Safety and Health (ACCSH) and 

ACCSH Work Group; Meetings 

AGENCY: Occupational Safety and Health 

Administration (OSHA), Department of 

Labor. 

mstockstill on PROD1PC66 with NOTICES