Section 104 and 4065 of ERISA require
plan administrators to file an annual report containing the
information described in section 103 of ERISA. The Form 5500
provides a standard format for fulfilling that
requirement.
President Obama signed
the “Cooperative and Small Employer Charity Pension Flexibility Act
(the CSEC Act),” on April 7, 2014. Section 104(c) of the CSEC Act
amends section 103 of the Employee Retirement Income Security Act
by adding a new subparagraph (g), which requires all multiple
employer plans to submit with their Form 5500 Annual Report (1) a
list of contributing employers and (2) a good faith estimate of the
percentage of total contributions made by such participating
employers during the plan year. The Form 5500 Annual Report is a
collection of information subject to the Paperwork Reduction Act
(OMB Control #1210-0110), which currently is scheduled to expire on
May 31, 2016. The Department received clearance from OMB for the
2014 Form 5500 on March 27, 2014 (ICR Reference Number
201403-1210-001). The Department seeks approval of revisions to
Form 5500 to reflect the changes enacted in CSEC Act. The multiple
employer reporting requirements under the CSEC Act apply to plan
years beginning after December 31, 2013, thus creating an immediate
need for changes to the Form 5500. Without these changes, filers
would have no uniform way to comply with the new requirements under
the CSEC Act. The use of normal Paperwork Reduction Act clearance
procedures would likely disrupt or prevent the statutorily mandated
collection of information in time for plan year 2014 filings.
Therefore, in accordance with 5 CFR 1320.13, the Department is
hereby requesting emergency clearance from OMB to issue the revised
Form 5500 and Form 5500-SF within thirty (30) days after the
Department submits the revised information collection request for
the Form 5500 to OMB.
US Code:
29
USC 1023 Name of Law: Employee Retirement Income Security Act
of 1974
PL: Pub.L. 109 - 280 1103(b) Name of Law:
Pension Protection Act of 2006
PL: Pub.L. 113 - 97 104(c) Name of Law: The Cooperative and Small
Employer Charity Pension Flexibility Act
Form 5500 Schedule MB, Form 5500 Schedule SB, Form 5500
Schedule D, Form 5500 Schedule G, Form 5500 Schedule H, Form
5500-SF, Form 5500 Schedule R, Form 5500, Form 5500 Schedule A,
Form 5500 Schedule C, Form 5500 Schedule I
The Department is revising the
ICR to reflect the hour burden associated with the CSEC Act
amendments.
$6,900,000
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.