Consent to Receive Employee Benefit Plan Disclosures Electronically

ICR 202003-1210-002

OMB: 1210-0121

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-04-22
IC Document Collections
ICR Details
1210-0121 202003-1210-002
Active 201801-1210-001
DOL/EBSA 1210-AB10(Final)
Consent to Receive Employee Benefit Plan Disclosures Electronically
Revision of a currently approved collection   No
Regular
Approved without change 08/17/2020
Retrieve Notice of Action (NOA) 05/27/2020
  Inventory as of this Action Requested Previously Approved
08/31/2023 36 Months From Approved 05/31/2021
82,853,832 0 4,792,744
1,567,541 0 19,709
21,441,854 0 239,637

Regulations at 29 CFR 2520.104b-1 and 2520.107-1 govern the use of electronic technologies to satisfy information disclosure and recordkeeping requirements under Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Generally, consent is required to be obtained prior to providing disclosures electronically to participants and beneficiaries at a location other than the workplace.

US Code: 29 USC 1024(b) Name of Law: Employee Income Security Act of 1974
  
None

1210-AB90 Final or interim final rulemaking 85 FR 31884 05/27/2020

No

1
IC Title Form No. Form Name
Consent To Receive Employee Benefit Plan Disclosures Electronically

  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 82,853,832 4,792,744 0 78,061,088 0 0
Annual Time Burden (Hours) 1,567,541 19,709 0 1,547,832 0 0
Annual Cost Burden (Dollars) 21,441,854 239,637 0 21,202,217 0 0
Yes
Miscellaneous Actions
No
In accordance with Executive Order 13847, the Department finalized a new safe harbor for the use of electronic media by administrators of retirement plans covered by ERISA. This amendment enables plan administrators to furnish covered documents to covered individuals by means of electronic delivery if they have electronic addresses and if they do not opt out of electronic delivery. Cost increases reflect the creation a website by some plans and the creation and distribution of notices to notify participants of the changes. This rule creates cost savings by increasing the number of electronically delivered documents, thereby reducing printing, mailing, and postage costs. This cost savings is reflected in the lower estimated costs for materials and postage reflected in Item 13 of documents covered under the related ICRs. The requirement for retirement plan administrators to furnish to participants and beneficiaries with a notice of internet availability of these disclosures increases the costs of this ICR.

$0
No
    No
    No
No
No
No
No
James Butikofer 202 693-8434 Butikofer.James@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.
05/27/2020


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