In accordance
with 5 CFR 1320, OMB is withholding approval of the revision at
this time. Prior to publication of the final rule, the agency must
provide to OMB a summary of all comments related to the new
information collection (disclosure) requirements and any changes
made in response to these comments.
Inventory as of this Action
Requested
Previously Approved
10/31/2012
36 Months From Approved
02/28/2013
49,171,095
0
49,171,095
1,093,173
0
1,093,173
21,630,572
0
21,630,572
Pub. L. 108-218 amended section 101(f)
of ERISA to require plan administrators of a defined benefit plan
which is a multi-employer 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 issuing a
proposed regulation that incorporates the guidance provided in the
FAB and contains guidance on other issues related to the annual
funding notice requirement.
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 Departments estimate of
the hour and cost burden associated with this information
collection has decreased since the last submission. The overall
burden of the rule also has been reduced, because the number of
defined benefit pension plans that are subject to the information
collection has decreased. While the Department increased the time
required to complete some tasks (actuarial) and updated wage rates,
the number of participants and beneficiaries in defined benefit
pension requiring a notice, as reported by the PBGC, has fallen by
about five million individuals since the previous estimate was
completed.
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.
AnnualFundingNotice(AFN)SS2010NPRM.doc
Annual Funding Notice for Defined Benefit Pension Plans