Employee Retirement Income Security Act Summary Annual Report Requirement

Forms and Documents

Document Name	Status
SARss2012.docx Supporting Statement A	2012-12-10

IC Document Collections

IC ID	Document Title	Status
13341	ERISA Summary Annual Report Requirement Other-Model Form	Modified

ICR Details

OMB Control No: 1210-0040	ICR Reference No: 201205-1210-001
Status: Historical Active	Previous ICR Reference No: 200907-1210-002
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Employee Retirement Income Security Act Summary Annual Report Requirement
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/21/2012
	Date Received in OIRA: 08/03/2012
Terms of Clearance: The Department has revised its burden estimates to accurately capture burden associated with distributing reports electronically.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2015	36 Months From Approved	12/31/2012
Responses	169,000,000	0	156,047,000
Time Burden (Hours)	2,300,000	0	2,142,100
Cost Burden (Dollars)	58,300,000	0	46,551,000

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Abstract: Employee Retirement Income Security Act of 1974 section 104(b)(3) and regulations codified at 29 CFR 2520.104b-10 require employee benefit plans to furnish a summary of the plan's annual report to participants and specified beneficiaries for purposes of disclosure of basic financial information.

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Authorizing Statute(s): US Code: 29 USC 1024(b)(3) 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:
	77 FR 20650	04/05/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 46524	08/03/2012
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
ERISA Summary Annual Report Requirement

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ICR Summary of Burden

	Total Approved	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	169,000,000	156,047,000	0	0	12,953,000	0
Annual Time Burden (Hours)	2,300,000	2,142,100	0	0	157,900	0
Annual Cost Burden (Dollars)	58,300,000	46,551,000	0	0	11,749,000	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 some of the assumptions used to estimate burden hours and costs for this ICR, which results in revised estimates as compared with the 2009 submission. The primary cost increase results from an increase in the number of plans, participants, and policy-holders relative to the 2009 submission. Additionally, the Department reverted back to its previous methodology for calculating postage costs. Historically, the Department has assumed that all plans pay the standard postage rate. For the 2009 submission, the Department attempted a more sophisticated measure, which included a factor for plans that pay the bulk postage rate; however, this approach is inconsistent with most of the Department's estimates, and there is minimal evidence that the approach resulted in a more accurate measure of the actual costs. Data on plans using the bulk rate is difficult to obtain, so the 2009 methodology really resulted in a shift from a certain minor overstatement of postage costs to a measure with more uncertainty that may have understated costs. Therefore, the Department reverted back to its previous methodology for this submission.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

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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: 08/03/2012

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