Voluntary Fiduciary Correction Program

ICR 200904-1210-001

OMB: 1210-0118

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2009-04-08
Supplementary Document
2009-04-08
IC Document Collections
IC ID
Document
Title
Status
13494 Modified
ICR Details
1210-0118 200904-1210-001
Historical Active 200805-1210-005
DOL/EBSA
Voluntary Fiduciary Correction Program
Extension without change of a currently approved collection   No
Regular
Approved without change 06/15/2009
Retrieve Notice of Action (NOA) 05/07/2009
  Inventory as of this Action Requested Previously Approved
06/30/2012 36 Months From Approved 06/30/2009
76,242 0 11,790
6,863 0 5,625
273,403 0 109,000

The program provides a method for voluntary correction of specified types of transactions that violate (or are suspected of violating) the prohibited transaction provisions of ERISA and for securing the Department's assurance that it will take no further action with respect to the corrected transaction. The exemption relieves applicants who make corrections under the Program of penalties under section 4975 of under the Internal Revenue Code under specified conditions.

US Code: 29 USC 1132 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  74 FR 4979 01/28/2009
74 FR 21403 05/07/2009
No

1
IC Title Form No. Form Name
Voluntary Fiduciary Correction Program

  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 76,242 11,790 0 0 64,452 0
Annual Time Burden (Hours) 6,863 5,625 0 0 1,238 0
Annual Cost Burden (Dollars) 273,403 109,000 0 0 164,403 0
No
No
The Department expects an increase in applications under the Program based on increasing public awareness of the Program and its benefits. Therefore, the number of estimated respondents has been increased from 1,250 to 1,525, and the total annual hours requested have been increased from 5,625 to 6,863. The Department also has revised the wage and postal rates.

$0
No
No
Uncollected
Uncollected
No
Uncollected
Chris Cosby 202 693-8540

  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:
 
 
 
 
 
 
 
    (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.
05/07/2009


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