The information
collection requirements associated with this proposed rule are not
approved at this time. EBSA will resubmit this collection at the
final rule stage and respond to any comments.
Inventory as of this Action
Requested
Previously Approved
03/31/2015
36 Months From Approved
05/31/2015
1,274,255
0
1,274,255
1,643,941
0
1,643,941
4,199,584
0
4,199,584
The prohibited transaction described
in section 406(a)(1)(C) of ERISA generally prohibits the furnishing
of goods, services, or facilities between a plan and a party in
interest to the plan. Because ERISA defines any person furnishing
services to the plan as a "party in interest" to the plan, a
service relationship between a plan and a service provider would
constitute a prohibited transaction under section 406(a)(1)(C) in
the absence of relief. Section 408(b)(2) of ERISA provides relief,
however, for service contracts or arrangements if the contract or
arrangement is "reasonable," if the services are necessary for the
establishment or operation of the plan, and if no more than
"reasonable" compensation is paid for the services. The Department
published a final rule in the Federal Register on February 3, 2012
(77 FR 5632). The final rule requires reasonable contracts or
arrangements between employee pension benefit plans and certain
providers of services to such plans to include specified
information to assist plan fiduciaries in assessing the
reasonableness of the compensation paid for services and the
conflicts of interest that may affect a service provider's
performance of services. The proposed amendment to the final rule
would require covered service providers to furnish a guide to
assist plan fiduciaries in reviewing the information required by
the final rule.
US Code:
29
USC 1108 Name of Law: Employee Retirement Income Security
Act
This proposed amendment to the
Department's final regulation would require covered service
providers to furnish a guide to assist plan fiduciaries in
reviewing the information required by the final rule. The
Department believes that the proposed rule will increase the
accessibility of information and enhance plan fiduciaries'
understanding of the information received from covered service
providers. Decrees in burden is due to lower burden in subsequent
years. There were high start of costs in the initial year.
$0
No
No
No
No
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.
408b2 guide SS 2-4-2014.doc
Guide Requirement