Agency Information Collection Activities; Submission for OMB Review; Comment Request; Voluntary Fiduciary Correction Program

• Published date: 16 March 2022
• Citation: 87 FR 14908
• Record Number: 2022-05491
• Section: Notices
• Court: Labor Department

Federal Register, Volume 87 Issue 51 (Wednesday, March 16, 2022)

[Federal Register Volume 87, Number 51 (Wednesday, March 16, 2022)]
                [Notices]
                [Page 14908]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2022-05491]
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                DEPARTMENT OF LABOR
                Agency Information Collection Activities; Submission for OMB
                Review; Comment Request; Voluntary Fiduciary Correction Program
                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 April 15, 2022.
                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.
                 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) if the information will be processed and used in a timely
                manner; (3) 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; (4) ways to enhance the quality,
                utility and clarity of the information collection; and (5) 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.
                FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-
                693-8538, or by email at [email protected].
                SUPPLEMENTARY INFORMATION: This information collection arises from two
                related actions: The Voluntary Fiduciary Correction Program (the VFC
                Program or the Program) and Prohibited Transaction Class Exemption
                (PTE) 2002-51 (the VFC Exemption or the Exemption). The Department
                adopted the Program and the Exemption in order to encourage members of
                the public to voluntarily correct transactions that violate (or are
                suspected of violating) the fiduciary or prohibited transaction
                provisions of the Employee Retirement Income Security Act of 1974
                (ERISA). The information collection provisions of the Program and the
                Exemption include third-party disclosures, recordkeeping, and
                disclosures to the Federal government. For additional substantive
                information about this ICR, see the related notice published in the
                Federal Register on November 9, 2021 (86 FR 62208).
                 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: Voluntary Fiduciary Correction Program.
                 OMB Control Number: 1210-0118.
                 Affected Public: Private Sector--Businesses or other for-profits.
                 Total Estimated Number of Respondents: 3,325.
                 Total Estimated Number of Responses: 246,918.
                 Total Estimated Annual Time Burden: 22,202 hours.
                 Total Estimated Annual Other Costs Burden: $42,175.
                (Authority: 44 U.S.C. 3507(a)(1)(D))
                 Dated: March 10, 2022.
                Mara Blumenthal,
                Senior PRA Analyst.
                [FR Doc. 2022-05491 Filed 3-15-22; 8:45 am]
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