Registration Requirements to
Serve as a Pooled Plan Provider to Pooled Employer Plans
Extension without change of a currently approved collection
No
Regular
11/24/2023
Requested
Previously Approved
36 Months From Approved
12/31/2023
142
2,813
71
1,676
0
0
The Setting Every Community Up for
Retirement Enhancement Act of 2019 (the SECURE Act) was designed to
improve retirement coverage as well as the ability of individuals
to manage important retirement-related risks. Specifically, the
Secure Act requires Section 101 of the SECURE Act requires a
“pooled plan provider” to register with the Labor Department and
the Treasury Department before beginning operations as a pooled
plan provider. Specifically, Section 101 of the SECURE Act amends
section 3(2) of the Employee Retirement Income Security Act (ERISA)
to eliminate the commonality of interest requirement for
establishing certain individual account plans, or “pooled employer
plans,” that meet specific requirements. Among these requirements,
plans must designate a “pooled plan provider” to serve as a named
fiduciary and as the plan administrator. Further, section 101 of
the SECURE Act requires pooled plan providers to register with the
Department of Labor (the Department) and the Department of the
Treasury (Treasury) before beginning operations. The statute
expressly provides a separate authorization for the Department to
require additional information.
PL:
Pub.L. 116 - 94 101 Name of Law: Setting Every Community Up for
Retirement Enhancement Act
PL: Pub.L. 116 - 94 101 Name of Law: Setting
Every Community Up for Retirement Enhancement Act
In the previous information
collection, the Department estimated the number of Form PR filings
based on the Form M-1 data. In the current information collection,
the Department has used the actual number of Form PR filings, as
the data is now available. The Department has also removed the
first-year costs that was associated with the previous information
collection. In addition, the Department had updated the wage rates.
As a result, the number of responses has decreased by 2,671
responses and the hour burden has decreased by 1,605 hours.
$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.