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View ICR - OIRA Conclusion

OMB Control No: 1210-0118	ICR Reference No: 202208-1210-001
Status: Active	Previous ICR Reference No: 202201-1210-008
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Voluntary Fiduciary Correction Program
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 03/10/2025
	Date Received in OIRA: 01/15/2025
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2028	36 Months From Approved	05/31/2025
Responses	59,991	0	246,918
Time Burden (Hours)	7,696	0	22,202
Cost Burden (Dollars)	22,423	0	42,175

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	59,991	246,918	-186,927
Annual Time Burden (Hours)	7,696	22,202	-14,506
Annual Cost Burden (Dollars)	22,423	42,175	-19,752

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 is amending the VFC Program by accepting bulk applications from service providers and adding a Self-Correction Component. The Department is adding the following forms: Model Notice to Interested Persons and the Self-Correction Component Record Retention Checklist. These changes will expand the accessibility of the Program and reduce burden. The Department is also proposing to amend PTE 2002-51 to allow self-correctors to take advantage of the exemption, as well as other improvements to the exemption to encourage greater use of the Program. The Department has also updated the data inputs, labor wage rates, and mailing costs. As a result, the number of responses has decreased by $186,927, the hour burden has decreased by 14,506 hours, and the cost burden has decreased by $19,752.

Annual Cost to Federal Government: $1,326,495

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

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