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