Voluntary Fiduciary Correction Program

Forms and Documents

Document	Type	Status	Availability
1210-0118 VFCP SS 3-8-22.docx	Supporting Statement A	Uploaded 2022-03-08	Missing upstream
FAQ 9-18.pdf	Supplementary Document	Uploaded 2018-09-11	Missing upstream

IC Document Collections

IC ID	Collection	Type	Status	Form
13494	Voluntary Fiduciary Correction Program	Other-PTE 2002-51	Modified

ICR Details

OMB Control No: 1210-0118	ICR Reference No: 202201-1210-008
Status: Received in OIRA	Previous ICR Reference No: 201809-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Voluntary Fiduciary Correction Program
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/16/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2022
Responses	246,918	207,209
Time Burden (Hours)	22,202	7,295
Cost Burden (Dollars)	42,175	551,111

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Abstract: The program provides a method for voluntary correction of specified types of transactions that violate (or are suspected of violating) the prohibited transaction provisions of ERISA and for securing the Department's assurance that it will take no further action with respect to the corrected transaction. The exemption relieves applicants who make corrections under the Program of penalties under section 4975 of under the Internal Revenue Code under specified conditions.

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Authorizing Statute(s): US Code: 29 USC 1132 Name of Law: Employee Retirement Income Security Act of 1974
  

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 62208	11/09/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 14908	03/16/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Voluntary Fiduciary Correction Program	NA	VCFP Model Application Form

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ICR Summary of Burden

	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	246,918	207,209	0	0	39,709	0
Annual Time Burden (Hours)	22,202	7,295	0	0	14,907	0
Annual Cost Burden (Dollars)	42,175	551,111	0	0	-508,936	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: When the Department calculates burden estimates for the information collections contained in the VFC Program, it uses the experience of the three most recent fiscal years data are available. There are no plan size restrictions regarding which plans are permitted to participate in the VFC Program; however, the plans that participate in the VFC Program tend to be small. Average usage from FY 2018 to FY 2020 increased relative to the preceding period. Additionally, the burden of the outside service providers is now counted toward the hour burden. Finally, the Department has revised the wage and postal rates and updated the Federal burden to reflect increased labor rates. As a result, the total hour burden and the equivalent cost of the total hour burden has increased and the total cost burden has decreased.

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Annual Cost to Federal Government: $1,529,000

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.     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: 03/16/2022

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