Extension without change of a currently approved collection
No
Regular
08/11/2023
Requested
Previously Approved
36 Months From Approved
08/31/2023
58,201,069
65,526,626
166,067
197,336
5,758,314
7,080,504
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.
US Code:
29
USC 1021(f) Name of Law: Employee Retirement Income Security
Act of 1974
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.
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 Supporting Statement Annual Funding Notice 2023.docx
Annual Funding Notice for Defined Benefit Pension Plans