Section 1460 of the Small Business Job
Protection Act of 1996 (Pub. L. 104-188) added a new Section 401(c)
to ERISA to establish requirements for "Transition Policies" issued
before December 31, 1998, to employee benefit plans, under which
plan assets are held in the insurer's general account. The
regulation at 29 CFR 2550-.401(c)requires financial information to
be provided to the plan policyholder when the policy is first
issued, annually, and upon request.
US Code:
29
USC 1104(c) Name of Law: Employee Retirement Income Security
Act of 1974
The hour and cost burdens have
been adjusted based on updated information about the numbers of
existing Transition Policies.
$0
No
No
No
No
No
Uncollected
Chris Cosby 202
693-8540
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.