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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1210-0133
ICR Reference No:
201002-1210-004
Status:
Historical Inactive
Previous ICR Reference No:
200710-1210-001
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
1210-AB08-zA13
Title:
Interim Final Amendment of ERISA section 408(b)(2) Regulation
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Preapproved
Conclusion Date:
05/20/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/02/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2013
36 Months From Approved
Responses
1,193,951
0
0
Time Burden (Hours)
1,694,000
0
0
Cost Burden (Dollars)
3,899,852
0
0
Abstract:
The Interim Final Employee Retirement Income Security Act of 1974 (ERISA) section 408(b)(2) regulation would provide relief for certain arrangements between plans and service providers that ERISA section 406(a)(1)(C) otherwise proscribes. To obtain this relief, the arrangement between a plan and a service provider must satisfy several criteria: the services must be necessary for the establishment or operation of the plan and the plan may pay no more than reasonable compensation for the services. The Department is also issuing a prohibited transaction class exemption in conjunction with the interim final rule. The class exemption grants plan fiduciaries relief from liability for a prohibited transaction resulting from the service providers failure to comply with section 408(b)(2). The Department recognizes that a plan fiduciary may on occasion unknowingly conclude a contract or arrangement that does not meet the requirements of the regulation for relief under ERISA section 408(b)(2), in the reasonable belief that the service provider has already divulged the requisite information. This act would constitute a prohibited transaction by both the service provider and the plan fiduciary, but for the availability of the proposed class exemption. Under the interim final rule, for a contract or arrangement to be reasonable, a potential service provider must disclose to a plan in writing certain information before the plan may enter into, extend, or renew the contract or arrangement. Failure to comply with the proposed regulation would result in a prohibited transaction both under ERISA section 406(a) (1) (C) and under section 4975(c) (1) (C) of the Internal Revenue Code.
Authorizing Statute(s):
US Code:
29 USC 1108
Name of Law: Employee Retirement Income Security Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1210-AB08
Final or interim final rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
72 FR 70988
12/13/2007
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Interim Final Rule and Exemption Disclosure Notices
Proposed Class Exemption Notice to Department of Labor
Proposed Class Exemption Notice to Service Providers
ICR Summary of Burden
Total Request
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
1,193,951
0
0
1,193,951
0
0
Annual Time Burden (Hours)
1,694,000
0
0
1,694,000
0
0
Annual Cost Burden (Dollars)
3,899,852
0
0
3,899,852
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The hour and cost burden result from new information collection requirements.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Chris Cosby 202 693-8540
Common Form ICR:
No
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
03/02/2010
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