Defined Benefit Plan Annual Funding Notice

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1210-0126 Supporting Statement Annual Funding Notice 2023.docx	Supporting Statement A	Uploaded 2023-08-07	Repair queued
FAB 2023-01_Clearance Draft 04-17-2023.docx	Supplementary Document	Uploaded 2023-04-24	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
38427	Annual Funding Notice for Defined Benefit Pension Plans	Other-Model Notice	Modified
205885	MAP-21	Other-MAP-21 Guidance Document	Modified

ICR Details

OMB Control No: 1210-0126	ICR Reference No: 202306-1210-002
Status: Received in OIRA	Previous ICR Reference No: 202304-1210-002
Agency/Subagency: DOL/EBSA	Agency Tracking No: 1210-AB10 (Final)
Title: Defined Benefit Plan Annual Funding Notice
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: 08/11/2023

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2023
Responses	58,201,069	65,526,626
Time Burden (Hours)	166,067	197,336
Cost Burden (Dollars)	5,758,314	7,080,504

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Abstract: The Multiemployer Pension Reform Act of 2014 (MPRA), Public Law 113-235 (2014), added new disclosure requirements to section 101(f)(2)(B) of ERISA relating to the new multiemployer funding classification of “critical and declining status.” A plan is in critical and declining status if it is in critical status and is projected to become insolvent with 15 years (or within 20 years if a special rule applies). MPRA requires the annual funding notice of critical and declining status plans to include the projected date of insolvency; a clear statement that such insolvency may result in benefit reductions; and a statement describing whether the plan sponsor has taken legally permitted actions to prevent insolvency. These requirements were added to the final regulation and the multiemployer plan model notice to reflect the MPRA amendments to ERISA section 101(f) and are included in the hour burden to complete that notice. MPRA requires the annual funding notice of critical and declining status plans to include the projected date of insolvency; a clear statement that such insolvency may result in benefit reductions; and a statement describing whether the plan sponsor has taken legally permitted actions to prevent insolvency. These requirements were added to the final regulation and the multiemployer plan model notice to reflect the MPRA amendments to ERISA section 101(f). On February 2, 2015, the Department published final rules implementing ERISA section 101(f). As required by statute, the final rule requires the plan administrator of a defined benefit pension plan that is subject to the Pension Benefit Guaranty Corporation's Insurance Program to furnish a funding notice annually to participants, beneficiaries, labor organizations representing such participants or beneficiaries, employers obligated to make contributions to a multiemployer plan, and the Pension Benefit Guaranty Corporation (PBGC). Large plans must furnish the notice by the 120th day following the end of the plan year to which the notice relates. A small plan may furnish a funding notice on or before the due date, with extensions, of the plan's Form 5500 Annual Return/Report filed with the Department. As required by Section 101(f) of the Employee Retirement Income Security Act of 1974, an annual notice of the plan's funded status to the plan's participants and beneficiaries and other specified interested parties (each labor organization representing such participants or beneficiaries, each employer that has an obligation to contribute under the plan, and the Pension Benefit Guaranty Corporation) is required to be disclosed.

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Authorizing Statute(s): US Code: 29 USC 1021(f) 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:
	88 FR 8317	02/08/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 54667	08/11/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Annual Funding Notice for Defined Benefit Pension Plans
MAP-21

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ICR Summary of Burden

table that charts list 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	58,201,069	65,526,626	0	0	-7,325,557	0
Annual Time Burden (Hours)	166,067	197,336	0	0	-31,269	0
Annual Cost Burden (Dollars)	5,758,314	7,080,504	0	0	-1,322,190	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 number of single-employer and multiemployer defined benefit plans, the number of participants and beneficiaries receiving benefits, wage rates, mailing cost, and electronic disclosure rate have been updated in accordance with the most current available data. As a result, the number of responses has decreased by 7,325,557, the hour burden has decreased by 31,269 hours, and the cost burden has decreased by $1,322,190.

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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: 08/11/2023

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