Pub. L. 108-218 amended section 101(f)
of ERISA to require plan administrators of a defined benefit plan
which is a multiemployer plan to each plan year furnish a plan
funding notice to each plan participant and beneficiary, to each
labor organization representing such participants or beneficiaries,
to each employer that has an obligation to contribute under the
plan, and to the Pension Benefit Guaranty Corporation. In August
2006, section 501(a) of the Pension Protection Act of 2006
(PPA)expanded the annual notice requirement to single-employer
defined benefit plans. Section 501(c) of the PPA directs the
Department to publish a model of the notice required by section
101(f) of ERISA, as amended, not later than one year after the date
of enactment of the PPA. Recently, concerns have been expressed
about the imminent compliance date of the new annual funding notice
requirements, the absence of regulatory guidance from the
Department, and the cost and burdens attendant to annual funding
notice compliance efforts prior to the adoption of annual funding
notice regulations and the issuance of model annual funding notices
by the Department. In recognition of the foregoing, on February 10,
2009, the Department issued a Field Assistance Bulletin 2009-1 (the
FAB) concerning the disclosure requirements mandated by the PPA,
which provides model notices. The FAB addresses the need for
interim guidance pending the adoption of regulations or other
guidance under section 101(f) of ERISA by providing that pending
further guidance, the Department will, as a matter of enforcement
policy, treat a plan administrator as satisfying the requirements
of section 101(f), if the administrator complies with the guidance
contained in the FAB (and appropriately uses a completed model
notice) and has acted in accordance with a good faith, reasonable
interpretation of those requirements with respect to matters not
specifically addressed in the FAB. The Department is revising its
information collection under OMB Control Number 1210-0126 to
reflect the issuance of the FAB at this time.
US Code:
29
USC 1021(f) Name of Law: Employee Retirement Income Security
Act of 1974
US Code: 29 USC 1021(f) Name of Law: Employee
Retirement Income Security Act of 1974
The increase in burden occured
due to the extension of the requirement to provide annual funding
notices to administrators of single-employer defined benefit plans
enacted by the Pension Protection Act of 2006 (PPA).
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:
(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;
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.
FundingNotice(AFN)SS2009FAB.doc
Annual Funding Notice for Defined Benefit Pension Plans