Employee Retirement Income Security Act Blackout Period Notice

Forms and Documents

Document	Type	Status	Availability
1210-0122 SS Notice of Blackout Period Under ERISA 8-19-2024.docx	Supporting Statement A	Uploaded 2024-08-19	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
13502	Employee Retirement Income Security Act Blackout Period Notice		Modified

ICR Details

OMB Control No: 1210-0122	ICR Reference No: 202407-1210-005
Status: Received in OIRA	Previous ICR Reference No: 202107-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Employee Retirement Income Security Act Blackout Period 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: 10/01/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2024
Responses	8,045,170	7,409,220
Time Burden (Hours)	85,926	88,905
Cost Burden (Dollars)	244,734	324,524

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Abstract: The Sarbanes-Oxley Act (SOA), enacted on July 30, 2002, amended ERISA to include a blackout period disclosure requirement in subsection 101(i). This information collection requires administrators of individual account pension plans (e.g., a profit sharing plan, 401(k) type plan or money purchase pension plan) to provide at least 30 days advance written notice to the affected participants and beneficiaries in advance of any “blackout period” during which their existing rights to direct or diversify their investments under the plan, or obtain a loan or distribution from the plan will be temporarily suspended. The term “blackout period” is generally defined as any period of more than three consecutive business days during which time the ability of plan participants and beneficiaries to direct or diversify investments or to obtain loans or distributions is suspended, limited or restricted.

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Authorizing Statute(s): US Code: 29 USC 1021(i), 1135 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:
	89 FR 7732	02/05/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 79962	10/01/2024
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
Employee Retirement Income Security Act Blackout Period Notice

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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	8,045,170	7,409,220	0	0	635,950	0
Annual Time Burden (Hours)	85,926	88,905	0	0	-2,979	0
Annual Cost Burden (Dollars)	244,734	324,524	0	0	-79,790	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 Department has revised its estimate, as compared to the 2021 submission, to reflect the current number of defined contribution plans, and the current number of defined contribution plan participants and beneficiaries. Labor rates and mailing and materials costs have also been updated. 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 number of responses has increased, while the hour and cost burden has decreased from the previous submission. Specifically, the number of responses has increased by 635,950, while the hour burden decreased by 2,979 hours and the cost burden decreased by $95,478.

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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: 10/01/2024

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