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
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.