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.
table that charts list comparision
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 DepartmentÂs 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