Employee Retirement Income Security Act Section 408(b)(2) Regulation

Forms and Documents

Document	Type	Status	Availability
408(b)(2) PRA 3-18-2015.docx	Supporting Statement A	Uploaded 2015-03-18	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
198747	Class Exemption Notice to Department of Labor, EBSA		Modified
198746	Class Exemption Notice to Providers		Modified
182236	Disclosure Notices		Modified

ICR Details

OMB Control No: 1210-0133	ICR Reference No: 201503-1210-002
Status: Historical Active	Previous ICR Reference No: 201206-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No: 1210-AB08-zA13
Title: Employee Retirement Income Security Act Section 408(b)(2) Regulation
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: 05/18/2015
	Date Received in OIRA: 03/31/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2018	36 Months From Approved	05/31/2015
Responses	1,472,000	0	1,274,255
Time Burden (Hours)	1,040,000	0	1,643,941
Cost Burden (Dollars)	1,336,000	0	4,199,584

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Abstract: The Department published a final rule under ERISA section 408(b)(2) in the Federal Register on February 3, 2012 (77 FR 5632). Under the final rule, for a contract or arrangement to be "reasonable," certain service providers must disclose specified information to a pension plan, in writing, before the plan may enter into, extend, or renew the contract or arrangement. The Department's final regulation retains the basic structure of the proposal and interim final rule by requires covered service providers to satisfy certain disclosure requirements in order to qualify for the statutory exemption for services under ERISA section 408(b)(2).

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Authorizing Statute(s): US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act
  

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 61903	10/15/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 17079	03/31/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Class Exemption Notice to Providers
Class Exemption Notice to Department of Labor, EBSA
Disclosure Notices

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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	1,472,000	1,274,255	0	0	197,745	0
Annual Time Burden (Hours)	1,040,000	1,643,941	0	0	-603,941	0
Annual Cost Burden (Dollars)	1,336,000	4,199,584	0	0	-2,863,584	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: Adjustments are made to reflect the absence of unique burden and costs that occur within the first year a new rule becomes effective. Evaluating whether existing current disclosure practices and documents comply with new regulations is an example of burden which occurs only during the first year. The final rule was published in the Federal Register on February 3, 2012 (77 FR 5632). In addition, the Department uses new estimates for the number of plans, service providers, and associated administrative services based on updated Form 5500 data. Wage rates used in the Department's estimates were adjusted using the best available information.

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Annual Cost to Federal Government: $0

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: 03/31/2015

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