The Department published a final rule
under ERISA section 408(b)(2) in the Federal Register on February
3, 2012 (77 FR 5632). Under the final rule, for a contract or
arrangement to be "reasonable," certain service providers must
disclose specified information to a pension plan, in writing,
before the plan may enter into, extend, or renew the contract or
arrangement. The Department's final regulation retains the basic
structure of the proposal and interim final rule by requires
covered service providers to satisfy certain disclosure
requirements in order to qualify for the statutory exemption for
services under ERISA section 408(b)(2).
US Code:
29
USC 1108 Name of Law: Employee Retirement Income Security
Act
The hour and cost burden
estimates have been updated to reflect the most current data
available regarding the number of plans and service providers in
the retirement universe, as well as updated labor cost rates,
postage rates, and assumptions regarding the use of electronic
transmission.
$0
No
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.