Abandoned Individual Account Plan Termination

ICR 202201-1210-009

OMB: 1210-0127

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-03-08
IC Document Collections
IC ID
Document
Title
Status
13509 Modified
ICR Details
1210-0127 202201-1210-009
Received in OIRA 202012-1210-008
DOL/EBSA
Abandoned Individual Account Plan Termination
Extension without change of a currently approved collection   No
Regular 03/16/2022
  Requested Previously Approved
36 Months From Approved 04/30/2022
1,134,752 1,014,463
47,902 37,680
58,989 562,225

This collection contains disclosure, recordkeeping, and reporting requirements associated with EBSA's abandoned plan program, which allows plan custodians to wind up plans that have been abandoned due to significant business events, such as bankruptcies, mergers, acquisitions, and other similar transactions affecting the status of an employer.

US Code: 29 USC 1104 Name of Law: Employee Retirement Income Security Act
  
None

Not associated with rulemaking

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

  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 1,134,752 1,014,463 0 0 120,289 0
Annual Time Burden (Hours) 47,902 37,680 0 0 10,222 0
Annual Cost Burden (Dollars) 58,989 562,225 0 0 -503,236 0
No
No
The Department has revised its cost estimates to account for increases in wage rates, increase in the usage of the Abandoned Plans Program, as well as an increase in the number of terminating plans. Additionally, the burden of an outside QTA is now counted toward the hour burden. As a result, the total hour burden and the equivalent cost of the total hour burden has increased, whereas the total cost burden has decreased.

$54,210
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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