[Federal Register Volume 83, Number 3 (Thursday, January 4, 2018)]
[Notices]
[Pages 540-541]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28444]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Investment Advice Participants and 
Beneficiaries

ACTION: Notice of availability; request for comments.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Investment Advice Participants and 
Beneficiaries,'' to the Office of Management and Budget (OMB) for 
review and approval for continued use, without change, 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 agency receives 
on or before February 5, 2018.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov website at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201711-1210-001 (this link will only become active 
on the day following publication of this notice) or by contacting 
Michel Smyth by telephone at 202-693-4129, TTY 202-693-8064, (these are 
not toll-free numbers) or by email at <a href="/cdn-cgi/l/email-protection#7f3b3033202f2d3e202f2a3d33363c3f1b101351181009"><span class="__cf_email__" data-cfemail="64202b283b3436253b343126282d2724000b084a030b12">[email protected]</span></a>.
    Submit comments about this request by mail to the Office of 
Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL-
EBSA, Office of Management and Budget, Room 10235, 725 17th Street NW, 
Washington, DC 20503; by Fax: 202-395-5806 (this is not a toll-free 
number); or by email: <a href="/cdn-cgi/l/email-protection#317e7863706e4244535c584242585e5f715e5c531f545e411f565e47"><span class="__cf_email__" data-cfemail="3877716a79674b4d5a55514b4b5157567857555a165d5748165f574e">[email protected]</span></a>. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue NW, Washington, 
DC 20210; or by email: <a href="/cdn-cgi/l/email-protection#f7b3b8bba8a7a5b6a8a7a2b5bbbeb4b793989bd9909881"><span class="__cf_email__" data-cfemail="c98d868596999b8896999c8b85808a89ada6a5e7aea6bf">[email protected]</span></a>.

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129, TTY 202-693-8064, (these are not toll-free numbers) or by email 
at <a href="/cdn-cgi/l/email-protection#eaaea5a6b5bab8abb5babfa8a6a3a9aa8e8586c48d859c"><span class="__cf_email__" data-cfemail="0743484b58575546585752454b4e444763686b29606871">[email protected]</span></a>.

    Authority:  44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Investment Advice Participants and Beneficiaries information 
collection. The regulatory provision contains the following information 
collection requirements: (1) A fiduciary adviser must furnish an 
initial disclosure that provides detailed information to participants 
about an advice arrangement before initially providing investment 
advice; (2) a fiduciary adviser must annually engage an independent 
auditor to audit the investment advice arrangement for compliance with 
the regulation; (3) if the fiduciary adviser provides the investment 
advice through the use of a computer model, then--before providing the 
advice--the fiduciary adviser must obtain a written certification from 
an eligible investment expert as to the computer model's compliance 
with certain standards (e.g., applies generally accepted investment 
theories, unbiased operation, and objective criteria) set forth in the 
regulation; and (4) a fiduciary adviser must maintain records with 
respect to the investment advice provided in reliance on the regulation 
necessary to determine whether the applicable requirements of the 
regulation have been satisfied. Employee Retirement Income Security Act 
(ERISA) of 1974 sections 408(b)(14) and 408(g) authorizes this 
information collection. See 29 U.S.C. 1108(b)(14), 1108(g).
    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

[[Page 541]]

information collection, unless it is approved by the OMB under the PRA 
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 Control Number. See 5 CFR 
1320.5(a) and 1320.6. The DOL obtains OMB approval for this information 
collection under Control Number 1210-0134.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the DOL seeks to extend PRA authorization 
for this information collection for three (3) more years, without any 
change to existing requirements. The DOL notes that existing 
information collection requirements submitted to the OMB receive a 
month-to-month extension while they undergo review. For additional 
substantive information about this ICR, see the related notice 
published in the Federal Register on May 22, 2017 (82 FR 23303).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within thirty (30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0134. 
The OMB is particularly interested in comments that:
    <bullet> 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;
    <bullet> 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;
    <bullet> Enhance the quality, utility, and clarity of the 
information to be collected; and
    <bullet> 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 submission of responses.
    Agency: DOL-EBSA.
    Title of Collection: Investment Advice Participants and 
Beneficiaries.
    OMB Control Number: 1210-0134.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 9,946.
    Total Estimated Number of Responses: 21,501,930.
    Total Estimated Annual Time Burden: 2,340,981 hours.
    Total Estimated Annual Other Costs Burden: $278,939,750.

    Authority:  44 U.S.C. 3507(a)(1)(D).

Seleda Perryman,
Assistant Departmental Clearance Officer.
[FR Doc. 2017-28444 Filed 1-3-18; 8:45 am]
 BILLING CODE 4510-29-P


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