Disclosures by Insurers to General Account Policyholders

Forms and Documents

Document Name	Status
29 U.S. Code § 1104 - Fiduciary duties.pdf Supplementary Document	2021-09-27
30-day FRN (1210-0114) published.pdf Supplementary Document	2021-09-27
60-day FRN (1210-0114) published.pdf Supplementary Document	2021-09-27
1210-0114 (Harris Trust) Supporting Statement 2021 7-16-2021 (clean).docx Supporting Statement A	2021-07-19

IC Document Collections

IC ID	Document Title	Status
13479	Disclosures by Insurers to General Account Policyholders	Modified

ICR Details

OMB Control No: 1210-0114	ICR Reference No: 202107-1210-005
Status: Received in OIRA	Previous ICR Reference No: 201805-1210-003
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Disclosures by Insurers to General Account Policyholders
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/27/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2021
Responses	26,981	27,009
Time Burden (Hours)	114,670	114,789
Cost Burden (Dollars)	10,792	10,128

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Abstract: 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.

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Authorizing Statute(s): US Code: 29 USC 1104(c) Name of Law: Employee Retirement Income Security Act of 1974
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 16787	03/31/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 53350	09/27/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Disclosures by Insurers to General Account Policyholders

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ICR Summary of Burden

	Total Request	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	26,981	27,009	0	0	-28	0
Annual Time Burden (Hours)	114,670	114,789	0	0	-119	0
Annual Cost Burden (Dollars)	10,792	10,128	0	0	664	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The hour and cost burdens have been adjusted based on updated information about the numbers of existing Transition Policies, and an increase in wage rates. More specifically, Form 5500 data suggest the number of policy holders who would receive these notices has dropped from 27,009 to 26,981.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/27/2021

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