ERISA Summary Annual Report Requirement

Forms and Documents

Document Name	Status
SARss2009.doc Supporting Statement A	2009-07-08

IC Document Collections

IC ID	Document Title	Status
13341	ERISA Summary Annual Report Requirement	Modified

ICR Details

OMB Control No: 1210-0040	ICR Reference No: 200907-1210-002
Status: Historical Active	Previous ICR Reference No: 200605-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: ERISA 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 without change	Conclusion Date: 08/25/2009
	Date Received in OIRA: 07/14/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	36 Months From Approved	08/31/2009
Responses	156,047,000	0	228,686,000
Time Burden (Hours)	2,142,100	0	461,000
Cost Burden (Dollars)	46,551,000	0	134,161,000

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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:
	74 FR 13477	03/27/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 34036	07/14/2009
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	156,047,000	228,686,000	0	0	-72,639,000	0
Annual Time Burden (Hours)	2,142,100	461,000	0	0	1,681,100	0
Annual Cost Burden (Dollars)	46,551,000	134,161,000	0	0	-87,610,000	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 2006 submission. Some of the changes have increased burden, while others have reduced burden. The following describes the specific changes. First, the Department has decided to assume that all affected plans will use their own resources to comply with these information collection requirements. This assumption has not increased or decreased the estimated burden, but has shifted some of the burden from a cost burden (Item 13) to an hour burden (Item 12). Second, the underlying data regarding the number of plan-respondents has been updated to reflect the most recent available information derivable from the Form 5500 Series filings (from the 2006 plan year). This has permitted a more accurate and slightly lower estimate of the number of plans likely to be subject to the SAR regulation in any year. Changes in the data collected through the Form 5500 further have permitted a more accurate count of these plans. Likewise, labor rates have been updated to reflect the most recent wage estimates. The increase in labor costs has increased the equivalent cost burden estimates given in Question 12. Third, the Department has significantly reduced its estimate of the number of SARs sent annually to participants. Previously, we had included health care plan dependents in our count of participants. We now believe this to be an error due to the fact that the regulation requires plans to send a copy of the SAR only to each policy holder. This change greatly reduced the estimated time and cost burden on the plans. Finally, the Department has decreased the estimated annual cost burden on plans, by assuming that plans which have more than 1,000 participants will utilize a bulk mail postage rate to send the SARs to policy holders. Previously, we had assumed that all plans sent SARs to participants using the standard postage rate. This change reduced the estimated cost burden on the plan. Overall, the hour burden has increased by 1.7 million hours, but was offset by a reduction in the cost burden by $87.6 million.

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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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

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: 07/14/2009

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