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OMB Control No: 1210-0166	ICR Reference No: 202404-1210-001
Status: Active	Previous ICR Reference No: 202108-1210-004
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Pension Benefit Statement
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 without change	Conclusion Date: 10/02/2024
	Date Received in OIRA: 08/16/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2027	36 Months From Approved	10/31/2024
Responses	447,584,067	0	410,933,333
Time Burden (Hours)	162	0	19,675
Cost Burden (Dollars)	471,237,675	0	498,958,393

Abstract: Section 105(a) of the Employee Retirement Income Security Act (ERISA) requires administrators of defined contribution plans and defined benefit plans to provide periodic pension benefit statements to participants and certain beneficiaries. If a defined contribution plan permits participants and beneficiaries to direct their own investments, benefit statements must be provided at least once each quarter. If the defined contribution plan does not permit participants and beneficiaries to direct their own investments, benefit statements must be provided at least once each year. In the case of defined benefit plans, benefit statements generally must be provided at least once every three years. Section 105(a)(2)(A)(i)(I) requires a benefit statement to indicate the participant's or beneficiary's “total benefits accrued.” On December 20, 2019, ERISA section 105 was amended by section 203 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). As amended, ERISA section 105 requires, in relevant part, that “a lifetime income disclosure . . . be included in only one pension benefit statement provided to participants of defined contribution plans during any one 12-month period.” A lifetime income disclosure “shall set forth the lifetime income stream equivalent of the total benefits accrued with respect to the participant or beneficiary.” A lifetime income stream equivalent means the amount of monthly payments the participant or beneficiary would receive if the total accrued benefits of such participant or beneficiary were used to provide a single life annuity and a qualified joint and survivor annuity.

Authorizing Statute(s): US Code: 29 USC 1104 Name of Law: Employee Retirement Income Security Act of 1974

Citations for New Statutory Requirements: PL: Pub.L. 116 - 94 O Name of Law: Consolidated Appropriations Act, 2021

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:
	89 FR 7732	02/05/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 66742	08/16/2024
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
Pension Benefit Statement

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	447,584,067	410,933,333	36,650,734
Annual Time Burden (Hours)	162	19,675	-19,513
Annual Cost Burden (Dollars)	471,237,675	498,958,393	-27,720,718

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 used data from the 2021 Form 5500 to update the number of defined contribution plans and the number of defied benefit plans, as well as the number of participants in those plans and the number of recordkeepers. The labor rates have also been updated and some costs have been adjusted for inflation. As a result, the annual number of respondents has increased by 43,248 respondents, and the annual number of responses has increased by 36,650,734 responses. Additionally, the transitional, start-up costs have been removed and as a result, the annual hour burden has decreased by 19,513 hours, and the annual cost burden has decreased by $27,720,718.

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

View ICR - OIRA Conclusion