Requirements of a Bona Fide Thrift or Savings Plan (29 C.F.R. Part 547) and Requirements of a Bona Fide Profit-Sharing Plan or Trust (29 C.F.R. Part 549)
Requirements of a Bona Fide
Thrift or Savings Plan (29 C.F.R. Part 547) and Requirements of a
Bona Fide Profit-Sharing Plan or Trust (29 C.F.R. Part 549)
Extension without change of a currently approved collection
This information collection applies to
employers claiming the overtime exemption available under section
7(e)(3)(b) of the Fair Labor Standards Act. Specifically, in
calculating an employee's regular rate of pay, an employer need not
include contributions made to a bona fide thrift or savings plan or
a bona fide profit-sharing plan or trust -- as defined in 29 CFR
Parts 547 and 549. Employers are required to communicate, or make
available to the employees, the terms of the bona fide thrift or
savings plan and bona fide profit-sharing plan or trust, and retain
certain records.
The DOL has increased the
estimated burden hours by 349 hours due to a more accurate
methodology that accounts separately for the recordkeeping and
third-party disclosures covered under this control number. The
number of respondents increased from 818,000 to 844,000, because
the DOL estimates that this is the number of employers covered by
the FLSA. The number of responses, however, decreased from 818,000
to 633,000, because these are one-time, not annual, notices.
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Michel Smyth 202 693-0638
smyth.michel@dol.gov
No
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.