Termination of Abandoned Individual Account Plans

Forms and Documents

Document	Type	Status	Availability
PRASSAbandonedPlan12clean.doc	Supporting Statement A	Uploaded 2012-07-25	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
13509	Termination of Abandoned Individual Account Plans		Modified

ICR Details

OMB Control No: 1210-0127	ICR Reference No: 201205-1210-003
Status: Historical Active	Previous ICR Reference No: 200906-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Termination of Abandoned Individual Account Plans
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/12/2012
	Date Received in OIRA: 07/31/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2015	36 Months From Approved	09/30/2012
Responses	3,102,640	0	100
Time Burden (Hours)	109,800	0	7,433
Cost Burden (Dollars)	1,088,000	0	3,366,300

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Abstract: This collection contains disclosure, recordkeeping, and reporting requirements associated with EBSA's abandoned plan program, which allows plan custodians to wind up plans that have been abandoned due to significant business events, such as bankruptcies, mergers, acquisitions, and other similar transactions affecting the status of an employer.

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Authorizing Statute(s): US Code: 29 USC 1104 Name of Law: ERISA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 20650	04/05/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 45379	07/31/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Termination of Abandoned Individual Account Plans

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ICR Summary of Burden

	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	3,102,640	100	0	0	3,102,540	0
Annual Time Burden (Hours)	109,800	7,433	0	0	102,367	0
Annual Cost Burden (Dollars)	1,088,000	3,366,300	0	0	-2,278,300	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Department has revised the ICR to account for increases in wage rates and made several changes in estimates based on updated Form 5500 numbers and filing statistics. The usage of the abandoned plans component of the program has increased significantly since the last update-based on application numbers, the Department now estimates that the number of plans taking advantage of the program has more than tripled (up to 330 plans/year). The Department has changed its methodology and included the burden associated with the "Safe Harbor for Distributions from Terminated Individual Account Plans" (29 CFR 2550.404a-3) as hour burden rather than cost burden, which was the primary driver of the hour burden increase and cost burden reduction.

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Annual Cost to Federal Government: $12,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 07/31/2012

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