ERISA section 404(c) provides that, where a pension plan with individual accounts permits a participant or beneficiary (P or B) to exercise control over assets in his account and the P or B does so, the P or B will not be deemed to be a fiduciary by such actions and that no person otherwise a fiduciary shall be liable for any loss or breach which results from this exercise of control, if certain conditions are met.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Regulation Regarding Participant Directed Individual Account Plans -- ERISA Section 404(c) Plans