Focus Groups for Evaluating the Effectiveness of Employee Retirement Income Security Act Section 408(b)(2) Disclosure Requirements

Forms and Documents

Document Name	Status
408(b)2 Focus Group Selection 7-15-2014.docx Supplementary Document	2014-12-04
EBSA 408(b)(2) Recommended Sites 07.28.2014.doc Supplementary Document	2014-12-04
408(b)2 Focus Group SS 11-25-2014.docx Supporting Statement A	2014-12-03
EBSA Focus Group Protocol Informed Consent 11 23 2014.docx Supplementary Document	2014-11-25
Approval.pdf Supplementary Document	2014-09-24
408(b)2 Focus Group SS part B 8-26-2014.docx Supporting Statement B	2014-09-10
EBSA Recruitment Letter 07.28.2014.doc Supplementary Document	2014-08-21

IC Document Collections

IC ID	Document Title	Status
212715	Focus Groups Evalulating the Effectiveness of the 408(b)2 Regulations Other-Focus Group Script	New

ICR Details

OMB Control No: 1210-0154	ICR Reference No: 201408-1210-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Focus Groups for Evaluating the Effectiveness of Employee Retirement Income Security Act Section 408(b)(2) Disclosure Requirements
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/16/2015
	Date Received in OIRA: 12/05/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2018	36 Months From Approved
Responses	85	0	0
Time Burden (Hours)	128	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Employee Retirement Income Security Act (ERISA) requires plan fiduciaries, when selecting and monitoring service providers and plan investments, to act prudently and solely in the interest of the plan's participants and beneficiaries. Responsible plan fiduciaries also must ensure that arrangements with their service providers are "reasonable" and that only "reasonable" compensation is paid for services. Fundamental to the ability of fiduciaries to discharge these obligations is obtaining information sufficient to enable them to make informed decisions about an employee benefit plan's services, the costs of such services, and the service providers. In February 2012, EBSA issued the ERISA section 408(b)(2) final regulations, which require covered service providers ("CSPs") to ERISA-covered pension plans to provide specified information to assist responsible plan fiduciaries ("RPFs") 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. This ICR is designed to explore current practices and effects of EBSA's final 408(b)(2) regulation and to gather information about the need for a guide, summary, or similar tool to help RPFs navigate through and understand the disclosures. EBSA intends to use information collected from the focus groups to: (1) assess responsible plan fiduciaries' experience in receiving the 408(b)(2) regulation's required disclosures; (2) assess the effectiveness of these disclosures in helping plan fiduciaries make decisions; (3) determine how well plan fiduciaries understood the disclosures, especially in the small plan marketplace (100 participants or less); and (4) evaluate whether, and how, a guide, summary, or similar tool would help fiduciaries understand the disclosures. The focus group results will be used to inform and support the Department's notice of final rulemaking for the guide requirement.

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Authorizing Statute(s): None

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:
	79 FR 14085	03/12/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 72213	12/05/2014
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Focus Groups Evalulating the Effectiveness of the 408(b)2 Regulations

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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	85	0	0	85	0	0
Annual Time Burden (Hours)	128	0	0	128	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: This is a new information collection, conducting focus groups to evaluate effectiveness of ERISA section 408(b)(2) regulations and to help determine if fiduciaries need additional assistance.

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Annual Cost to Federal Government: $119,611

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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: 12/05/2014

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