Defined Benefit Plan Annual Funding Notice

ICR 202003-1210-003

OMB: 1210-0126

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-04-22
IC Document Collections
ICR Details
1210-0126 202003-1210-003
Active 201803-1210-002
DOL/EBSA 1210-AB10(Final)
Defined Benefit Plan Annual Funding Notice
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 08/31/2021
65,526,626 0 69,453,490
197,336 0 712,917
7,080,504 0 20,739,596

This ICR seeks to extend PRA authority for the Annual Funding Notice for Defined Benefit Pension Plans information collection. Employee Retirement Income Security Act of 1974 (ERISA) section 101(f) sets forth the requirements applicable to furnishing defined benefit plan annual funding notices to the Pension Benefit Guarantee Corporation, each plan participant and beneficiary, each labor organization representing such participants or beneficiaries, and each employer obligated to make contributions to a multiemployer plan. An annual funding notice must include—among other things—the plan’s funding percentage, a statement of the value of the plan’s assets and liabilities and a description of how the plan’s assets are invested as of specific dates, and a description of the benefits under the plan that are eligible to be guaranteed by the PBGC. ERISA sections 101(f) and 102 authorize this information collection. See 29 U.S.C. 1021(f), 1022.

US Code: 29 USC 1021(f) Name of Law: Employee Retirement Income Security Act of 1974
  
None

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

No

2
IC Title Form No. Form Name
Annual Funding Notice for Defined Benefit Pension Plans
MAP-21

  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 65,526,626 69,453,490 0 -3,926,864 0 0
Annual Time Burden (Hours) 197,336 712,917 0 -515,581 0 0
Annual Cost Burden (Dollars) 7,080,504 20,739,596 0 -13,659,092 0 0
No
Yes
Miscellaneous Actions
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 documents to plan participants and beneficiaries by means of electronic delivery if they have electronic addresses and if they do not opt out of electronic delivery. This rule creates cost savings by increasing the number of electronically delivered documents, thereby reducing printing and mailing costs. This cost savings is reflected in the lower estimated costs for materials and postage reflected in Item 13 above. Estimates were also updated with new data and statistics.

$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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