This ICR seeks to extend PRA authority
for the Annual Funding Notice for Defined Benefit Pension Plans
information collection. Employee Retirement Income Security Act of
1974 (ERISA) section 101(f) sets forth the requirements applicable
to furnishing defined benefit plan annual funding notices to the
Pension Benefit Guarantee Corporation, each plan participant and
beneficiary, each labor organization representing such participants
or beneficiaries, and each employer obligated to make contributions
to a multiemployer plan. An annual funding notice must
include—among other things—the plan’s funding percentage, a
statement of the value of the plan’s assets and liabilities and a
description of how the plan’s assets are invested as of specific
dates, and a description of the benefits under the plan that are
eligible to be guaranteed by the PBGC. ERISA sections 101(f) and
102 authorize this information collection. See 29 U.S.C. 1021(f),
1022.
US Code:
29
USC 1021(f) Name of Law: Employee Retirement Income Security
Act of 1974
The Department’s estimate of
the hour and cost burden associated with this information
collection has changed as a result of updated inputs. The number of
defined benefit plans and plan participants has decreased since the
last submission, while the share of notices distributed
electronically, the cost of labor, and the cost of postage has
increased. This has produced a reduction in the number of notices
sent, the number of paper notices sent, and the accompanying cost
burden. The Department has revised its assumption on the time
necessary for a clerical worker to process paper notices from one
minute per paper notice to two minutes per paper notice. This
change aligned this ICR with the Department’s assumption in similar
ICRs and increased the estimated hour burden.
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.
AnnualFundingNotice(AFN) 4-18-18.docx
Annual Funding Notice for Defined Benefit Pension Plans