Regulations Governing the Performance of Actuarial Services under the Employee Retirement Income Security Act of 1974 (20 CFR 901)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Form 5434 FORM 5434, Application for Enrollment	Form and Instruction	Modified	Available
Form 5434-A Form 5434-A - Joint Board for the Enrollment of Actuaries Application for Renewal of Enrollment	Form and Instruction	Modified	Available
1545-0951 ss 2019.docx	Supporting Statement A	Uploaded 2020-08-11	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39888	FORM 5434, Application for Enrollment	Form and Instruction	Modified
206370	20 CFR 901 - Regulations Governing the Performance of Actuarial Services Under the Employee Retirement Income Security Act of 1972		Unchanged
206369	Form 5434-A - Joint Board for the Enrollment of Actuaries Application for Renewal of Enrollment	Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0951	ICR Reference No: 201909-1545-003
Status: Active	Previous ICR Reference No: 201607-1545-019
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Regulations Governing the Performance of Actuarial Services under the Employee Retirement Income Security Act of 1974 (20 CFR 901)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 08/11/2020
	Date Received in OIRA: 12/27/2019
Terms of Clearance: supporting statement burden hours clarified during review

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2023	36 Months From Approved	08/31/2020
Responses	6,166	0	10,100
Time Burden (Hours)	2,233	0	4,200
Cost Burden (Dollars)	0	0	0

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Abstract: The information relates to the granting of enrollment status to actuaries admitted (licensed) by the Joint Board for the Enrollment of Actuaries to perform actuarial services under the Employee Retirement Income Security Act of 1974. Form 5434 is used to apply for enrollment to perform actuarial services and Form 5434-A is used to renew enrollment every three years to perform actuarial services under (ERISA). The information is used by the Joint Board for the Enrollment of Actuaries to determine the eligibility of the applicant to perform actuarial services. The regulations require that records be kept that verify satisfaction of requirements, and certificates of completion education requirements.

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Authorizing Statute(s): US Code: 29 USC 1241 Name of Law: Joint Board for the Enrollment of Actuaries
   US Code: 26 USC 7805 Name of Law: Rules and regulations
  

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:
	84 FR 48217	09/12/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 71531	12/27/2019
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
20 CFR 901 - Regulations Governing the Performance of Actuarial Services Under the Employee Retirement Income Security Act of 1972
FORM 5434, Application for Enrollment	Form 5434	Joint Board for the Enrollment of Actuaries Application for Enrollment
Form 5434-A - Joint Board for the Enrollment of Actuaries Application for Renewal of Enrollment	5434-A	Joint Board for the Enrollment of Actuaries Application for Renewal of Enrollment

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ICR Summary of Burden

table that charts list 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	6,166	10,100	0	0	-3,934	0
Annual Time Burden (Hours)	2,233	4,200	0	0	-1,967	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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: There are no changes to the forms or regulations at his time. However, the agency is updating the number of respondents based on its most recent filing data. Form 5434 response/respondents estimates have been decreased by 1,600 (from 2,000 to 400), for an overall annual burden reduction of 1,600 hours (2,000 hours to 400). Form 5434-A response/respondents estimates have been decreased by 2,334 hours (4,000 to 1,666) for an overall annual burden decrease of 700 hours (1,200 to 833). The regulation estimates remain the same 4,100 response/respondents and 1,000 hours. These changes result in an overall decrease in burden (4,200 hours to 1,900) and responses/respondents from 10,100 to 6,166).

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Annual Cost to Federal Government: $10,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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? No

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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: 12/27/2019

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