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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:
1210-0040
ICR Reference No:
201205-1210-001
Status:
Historical Active
Previous ICR Reference No:
200907-1210-002
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
Title:
Employee Retirement Income Security Act Summary Annual Report Requirement
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
12/21/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/03/2012
Terms of Clearance:
The Department has revised its burden estimates to accurately capture burden associated with distributing reports electronically.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2015
36 Months From Approved
12/31/2012
Responses
169,000,000
0
156,047,000
Time Burden (Hours)
2,300,000
0
2,142,100
Cost Burden (Dollars)
58,300,000
0
46,551,000
Abstract:
Employee Retirement Income Security Act of 1974 section 104(b)(3) and regulations codified at 29 CFR 2520.104b-10 require employee benefit plans to furnish a summary of the plan's annual report to participants and specified beneficiaries for purposes of disclosure of basic financial information.
Authorizing Statute(s):
US Code:
29 USC 1024(b)(3)
Name of Law: Employee Retirement Income Security Act of 1974
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 20650
04/05/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 46524
08/03/2012
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
ERISA Summary Annual Report Requirement
ICR Summary of Burden
Total Approved
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
169,000,000
156,047,000
0
0
12,953,000
0
Annual Time Burden (Hours)
2,300,000
2,142,100
0
0
157,900
0
Annual Cost Burden (Dollars)
58,300,000
46,551,000
0
0
11,749,000
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Department has revised some of the assumptions used to estimate burden hours and costs for this ICR, which results in revised estimates as compared with the 2009 submission. The primary cost increase results from an increase in the number of plans, participants, and policy-holders relative to the 2009 submission. Additionally, the Department reverted back to its previous methodology for calculating postage costs. Historically, the Department has assumed that all plans pay the standard postage rate. For the 2009 submission, the Department attempted a more sophisticated measure, which included a factor for plans that pay the bulk postage rate; however, this approach is inconsistent with most of the Department's estimates, and there is minimal evidence that the approach resulted in a more accurate measure of the actual costs. Data on plans using the bulk rate is difficult to obtain, so the 2009 methodology really resulted in a shift from a certain minor overstatement of postage costs to a measure with more uncertainty that may have understated costs. Therefore, the Department reverted back to its previous methodology for this submission.
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
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:
08/03/2012
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