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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
30-day FRN (1210-0133) published.pdf	Supplementary Document	Uploaded 2021-06-24	Repair queued
60-day FRN (1210-0133) published.pdf	Supplementary Document	Uploaded 2021-06-16	Repair queued
1205-0133 Supporting Statement updated 6.11.21.docx	Supporting Statement A	Uploaded 2021-06-11	Repair queued

IC Document Collections

Information collection document groups

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: 202103-1210-001
Status: Historical Active	Previous ICR Reference No: 201803-1210-003
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: 08/02/2021
Retrieve Notice of Action (NOA)	Date Received in OIRA: 06/24/2021
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2024	36 Months From Approved	08/31/2021
Responses	1,643,991	0	1,483,062
Time Burden (Hours)	1,134,055	0	1,045,680
Cost Burden (Dollars)	258,506	0	1,251,649

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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:
	86 FR 16787	03/31/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 33371	06/24/2021
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
Class Exemption Notice to Department of Labor, EBSA
Class Exemption Notice to Providers
Disclosure Notices

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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	1,643,991	1,483,062	0	0	160,929	0
Annual Time Burden (Hours)	1,134,055	1,045,680	0	0	88,375	0
Annual Cost Burden (Dollars)	258,506	1,251,649	0	0	-993,143	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: The hour and cost burden estimates have been updated to reflect the most current data available regarding the number of plans and service providers in the retirement universe, as well as updated labor cost rates, and postage rates. As an estimate of the number of notices sent electronically the same assumption is used as for the 29 C.F.R. § 2520.104b-31 additional safe harbor for plan administrators to use electronic media, as a default, to furnish disclosures to participants and beneficiaries of pension benefit plans subject to ERISA. This estimate is used as a proxy for the percent of disclosures sent to plan fiduciaries.

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Annual Cost to Federal Government: $0

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.     No

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.     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? 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: 06/24/2021

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