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
In accordance with Executive
Order 13847, the Department finalized a new safe harbor for the use
of electronic media by administrators of retirement plans covered
by ERISA. This amendment enables plan administrators to furnish
documents to plan participants and beneficiaries by means of
electronic delivery if they have electronic addresses and if they
do not opt out of electronic delivery. This rule creates cost
savings by increasing the number of electronically delivered
documents, thereby reducing printing and mailing costs. This cost
savings is reflected in the lower estimated costs for materials and
postage reflected in Item 13 above. Estimates were also updated
with new data and statistics.
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.
1210-0126 SS AnnualFundingNotice(AFN) 04-22-2020 (clean).docx
Annual Funding Notice for Defined Benefit Pension Plans