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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:
202212-1210-002
Status:
Historical Active
Previous ICR Reference No:
202003-1210-005
Agency/Subagency:
DOL/EBSA
Agency Tracking No:
Title:
Employee Retirement Income Security Act Summary Annual Report Requirement
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/28/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/24/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2026
36 Months From Approved
07/31/2023
Responses
178,211,549
0
166,349,812
Time Burden (Hours)
1,068,322
0
1,184,526
Cost Burden (Dollars)
18,423,119
0
24,358,345
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
PL:
Pub.L. 116 - 94 O
Name of Law: The Setting Every Community up For Retirement Act
Citations for New Statutory Requirements:
PL: Pub.L. 116 - 94 O Name of Law: The Setting Every Community up for Retirement Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1210-AB97
Final or interim final rulemaking
88 FR 11793
02/24/2023
Federal Register Notices & Comments
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
178,211,549
166,349,812
0
2
11,861,735
0
Annual Time Burden (Hours)
1,068,322
1,184,526
23,215
0
-139,419
0
Annual Cost Burden (Dollars)
18,423,119
24,358,345
0
0
-5,935,226
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:
Adjustments to the burden estimates result from updated estimates on the number of plans and policyholders affected by the regulations and increases in wage rates. These new estimates are also the result of adjustments to the estimate of the share of SARs assumed to be distributed electronically. Furthermore, these estimates also consider a one-time burden to make changes to the SAR reflecting requirements resulting from changes made in response to the SECURE Act.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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?
No
Agency Contact:
James Butikofer 202 693-8434 Butikofer.James@dol.gov
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:
02/24/2023
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