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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:
201208-1210-001
Status:
Historical Inactive
Previous ICR Reference No:
201206-1210-001
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
1210-AB08-zA13
Title:
ERISA section 408(b)(2) 2012 Guide Proposal Regulation
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
08/26/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/12/2014
Terms of Clearance:
The information collection requirements associated with this proposed rule are not approved at this time. EBSA will resubmit this collection at the final rule stage and respond to any comments.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2015
36 Months From Approved
05/31/2015
Responses
1,274,255
0
1,274,255
Time Burden (Hours)
1,643,941
0
1,643,941
Cost Burden (Dollars)
4,199,584
0
4,199,584
Abstract:
The prohibited transaction described in section 406(a)(1)(C) of ERISA generally prohibits the furnishing of goods, services, or facilities between a plan and a party in interest to the plan. Because ERISA defines any person furnishing services to the plan as a "party in interest" to the plan, a service relationship between a plan and a service provider would constitute a prohibited transaction under section 406(a)(1)(C) in the absence of relief. Section 408(b)(2) of ERISA provides relief, however, for service contracts or arrangements if the contract or arrangement is "reasonable," if the services are necessary for the establishment or operation of the plan, and if no more than "reasonable" compensation is paid for the services. The Department published a final rule in the Federal Register on February 3, 2012 (77 FR 5632). The final rule requires reasonable contracts or arrangements between employee pension benefit plans and certain providers of services to such plans to include specified information to assist plan fiduciaries in assessing the reasonableness of the compensation paid for services and the conflicts of interest that may affect a service provider's performance of services. The proposed amendment to the final rule would require covered service providers to furnish a guide to assist plan fiduciaries in reviewing the information required by the final rule.
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
Proposed rulemaking
79 FR 13949
03/12/2014
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 13949
03/12/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Class Exemption Notice to Department of Labor, EBSA
Class Exemption Notice to Providers
Disclosure Notices
Guide Requirement
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
This proposed amendment to the Department's final regulation would require covered service providers to furnish a guide to assist plan fiduciaries in reviewing the information required by the final rule. The Department believes that the proposed rule will increase the accessibility of information and enhance plan fiduciaries' understanding of the information received from covered service providers. Decrees in burden is due to lower burden in subsequent years. There were high start of costs in the initial year.
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:
03/12/2014
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