Requirements of a Bona Fide Thrift or Savings Plan and Requirements of a Bona Fide Profit-Sharing Plan or Trust

ICR 202103-1235-001

OMB: 1235-0013

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-04-02
Supplementary Document
2021-04-02
Supplementary Document
2021-03-23
ICR Details
1235-0013 202103-1235-001
Received in OIRA 201705-1235-001
DOL/WHD
Requirements of a Bona Fide Thrift or Savings Plan and Requirements of a Bona Fide Profit-Sharing Plan or Trust
Extension without change of a currently approved collection   No
Regular 04/29/2021
  Requested Previously Approved
36 Months From Approved 06/30/2021
2,127,369 985,807
1,182 548
0 0

This information collection applies to employers claiming the overtime exemption available under section 7(e)(3)(b) of the Fair Labor Standards Act. Specifically, in calculating an employee's regular rate of pay, an employer need not include contributions made to a bona fide thrift or savings plan or a bona fide profit-sharing plan or trust -- as defined in 29 CFR Parts 547 and 549. Employers are required to communicate, or make available to the employees, the terms of the bona fide thrift or savings plan and bona fide profit-sharing plan or trust, and retain certain records.

US Code: 29 USC 211(c) Name of Law: Fair Labor Standards Act
   US Code: 29 USC 207(e)(3)(b) Name of Law: Fair Labor Standards Act
  
None

Not associated with rulemaking

  85 FR 68934 10/30/2020
86 FR 22713 04/29/2021
No

  Total Request 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 2,127,369 985,807 0 0 1,141,562 0
Annual Time Burden (Hours) 1,182 548 0 0 634 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There is an increase in burden due to an increase in the number of firms as well as an increase in the number of firms offering defined contribution plan retirement benefits and an increase in the percentage of those defined contribution plans that come in the form of savings or thrift plans since the last reporting period. In addition, there was an increase in wages and a 17 percent overhead cost factored in. Another reason for the increase in burden is due to a change in data source – the Department now uses a BLS source with the most current numbers to calculate the disclosure rate as opposed to Census Data.

$0
No
    No
    No
No
No
No
No
Robert Waterman 202 693-0805 [email protected]

  No

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.
04/29/2021


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