Employee Retirement Income
Security Act of 1974 Technical Release 1991-1
Extension without change of a currently approved collection
No
Regular
10/01/2024
Requested
Previously Approved
36 Months From Approved
11/30/2024
119,718
18,419
4,011
623
3,744
839
Section 101(e) of ERISA establishes
notice requirements that must be satisfied before an employer may
transfer excess assets from a defined benefit pension plan to a
retiree health benefit account, as permitted under the conditions
set forth in section 420 of the Internal Revenue Code of 1986, as
amended (the Code). The notice requirements of ERISA section 101(e)
are two-fold. First, subsection (e)(1) requires plan administrators
to provide advance written notification of such transfers to
participants and beneficiaries. Second, subsection (e)(2)(A)
requires employers to provide advance written notification of such
transfers to the Secretaries of Labor and the Treasury, the plan
administrator, and each employee organization representing
participants in the plan. Both notices must be given at least 60
days before the transfer date. The two subsections prescribe the
information to be included in each type of notice and further give
the Secretary of Labor the authority to prescribe how notice to
participants and beneficiaries must be given, and how any
additional reporting requirements are deemed necessary. On May 8,
1991, the Department published ERISA Technical Release 91-1, to
provide guidance on how to satisfy the notice requirements
prescribed by ERISA section 101(e). The Technical Release made two
changes in the statutory requirements for the second type of
notice. First, it required the notice to include a filing date and
the intended asset transfer date. Second, it simplified the
statutory filing requirements by providing that filing with the
Department of Labor would be deemed sufficient notice to both the
Department and the Department of the Treasury as required under the
statute.
US Code:
29
USC 1021(e) Name of Law: Employee Retirement Income Security
Act of 1974
The Department has updated its
data inputs and assumptions. Specifically, the average number of
participants and beneficiaries increased due to the addition of one
new plan with a large number of participants. Furthermore, the wage
rates and mailing costs have increased. In addition, there was a
change to EBSA’s assumption regarding electronic transmission of
the disclosures for DC plans and IRAs from 92.7 percent to 96.1
percent. As a result, the annual number of responses has increased
by 101,299 responses, the hour burden has increased by 3,388 hours,
and the cost burden has increased by $2,905.
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.
1210-0084 SS ERISA Technical Release 91-1 8-26-24.docx
30-day FRN (1210-0084) published.pdf
ERISA Technical Release 91-1