Voluntary Fiduciary Correction Program

ICR 202201-1210-008

OMB: 1210-0118

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-03-08
Supplementary Document
2018-09-11
IC Document Collections
IC ID
Document
Title
Status
13494 Modified
ICR Details
1210-0118 202201-1210-008
Received in OIRA 201809-1210-003
DOL/EBSA
Voluntary Fiduciary Correction Program
Extension without change of a currently approved collection   No
Regular 03/16/2022
  Requested Previously Approved
36 Months From Approved 04/30/2022
246,918 207,209
22,202 7,295
42,175 551,111

The program provides a method for voluntary correction of specified types of transactions that violate (or are suspected of violating) the prohibited transaction provisions of ERISA and for securing the Department's assurance that it will take no further action with respect to the corrected transaction. The exemption relieves applicants who make corrections under the Program of penalties under section 4975 of under the Internal Revenue Code under specified conditions.

US Code: 29 USC 1132 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  86 FR 62208 11/09/2021
87 FR 14908 03/16/2022
No

1
IC Title Form No. Form Name
Voluntary Fiduciary Correction Program NA VCFP Model Application Form

  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 246,918 207,209 0 0 39,709 0
Annual Time Burden (Hours) 22,202 7,295 0 0 14,907 0
Annual Cost Burden (Dollars) 42,175 551,111 0 0 -508,936 0
No
No
When the Department calculates burden estimates for the information collections contained in the VFC Program, it uses the experience of the three most recent fiscal years data are available. There are no plan size restrictions regarding which plans are permitted to participate in the VFC Program; however, the plans that participate in the VFC Program tend to be small. Average usage from FY 2018 to FY 2020 increased relative to the preceding period. Additionally, the burden of the outside service providers is now counted toward the hour burden. Finally, the Department has revised the wage and postal rates and updated the Federal burden to reflect increased labor rates. As a result, the total hour burden and the equivalent cost of the total hour burden has increased and the total cost burden has decreased.

$1,529,000
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.
03/16/2022


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