Requirements of a Bona Fide Thrift or Savings Plan (29 C.F.R. Part 547) and Requirements of a Bona Fide Profit-Sharing Plan or Trust (29 C.F.R. Part 549)

ICR 201003-1235-013

OMB: 1235-0013

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2008-09-24
ICR Details
1235-0013 201003-1235-013
Historical Active 200511-1215-001
DOL/WHD
Requirements of a Bona Fide Thrift or Savings Plan (29 C.F.R. Part 547) and Requirements of a Bona Fide Profit-Sharing Plan or Trust (29 C.F.R. Part 549)
Extension without change of a currently approved collection   No
Regular
Approved without change 03/12/2010
Retrieve Notice of Action (NOA) 03/12/2010
  Inventory as of this Action Requested Previously Approved
11/30/2011 36 Months From Approved
633,000 0 818,000
352 0 3
0 0 0

This information collection applies to employers claiming the overtime exemption available under section 7(e)(3)(b) of the Fair Labor Standards Act. Specifically, in calculating an employee's regular rate of pay, an employer need not include contributions made to a bona fide thrift or savings plan or a bona fide profit-sharing plan or trust -- as defined in 29 CFR Parts 547 and 549. Employers are required to communicate, or make available to the employees, the terms of the bona fide thrift or savings plan and bona fide profit-sharing plan or trust, and retain certain records.

US Code: 29 USC 207(e)(3)(b) Name of Law: Fair Labor Standards Act
  
None

Not associated with rulemaking

  73 FR 39725 07/10/2008
73 FR 57668 10/03/2008
No

  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 633,000 818,000 0 0 -185,000 0
Annual Time Burden (Hours) 352 3 0 0 349 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The DOL has increased the estimated burden hours by 349 hours due to a more accurate methodology that accounts separately for the recordkeeping and third-party disclosures covered under this control number. The number of respondents increased from 818,000 to 844,000, because the DOL estimates that this is the number of employers covered by the FLSA. The number of responses, however, decreased from 818,000 to 633,000, because these are one-time, not annual, notices.

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Michel Smyth 202 693-0638 [email protected]

  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.
10/03/2008


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