Employee Retirement Income Security Act Blackout Period Notice

ICR 202407-1210-005

OMB: 1210-0122

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2024-08-19
IC Document Collections
ICR Details
1210-0122 202407-1210-005
Received in OIRA 202107-1210-001
DOL/EBSA
Employee Retirement Income Security Act Blackout Period Notice
Extension without change of a currently approved collection   No
Regular 10/01/2024
  Requested Previously Approved
36 Months From Approved 11/30/2024
8,045,170 7,409,220
85,926 88,905
244,734 324,524

The Sarbanes-Oxley Act (SOA), enacted on July 30, 2002, amended ERISA to include a blackout period disclosure requirement in subsection 101(i). This information collection requires administrators of individual account pension plans (e.g., a profit sharing plan, 401(k) type plan or money purchase pension plan) to provide at least 30 days advance written notice to the affected participants and beneficiaries in advance of any “blackout period” during which their existing rights to direct or diversify their investments under the plan, or obtain a loan or distribution from the plan will be temporarily suspended. The term “blackout period” is generally defined as any period of more than three consecutive business days during which time the ability of plan participants and beneficiaries to direct or diversify investments or to obtain loans or distributions is suspended, limited or restricted.

US Code: 29 USC 1021(i), 1135 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  89 FR 7732 02/05/2024
89 FR 79962 10/01/2024
No

1
IC Title Form No. Form Name
Employee Retirement Income Security Act Blackout Period Notice

  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 8,045,170 7,409,220 0 0 635,950 0
Annual Time Burden (Hours) 85,926 88,905 0 0 -2,979 0
Annual Cost Burden (Dollars) 244,734 324,524 0 0 -79,790 0
No
No
The Department has revised its estimate, as compared to the 2021 submission, to reflect the current number of defined contribution plans, and the current number of defined contribution plan participants and beneficiaries. Labor rates and mailing and materials costs have also been updated. In addition, there was a change to EBSA’s assumption regarding electronic transmission of the disclosures for DC plans and IRAs from 92.7 percent to 96.1 percent. As a result, the number of responses has increased, while the hour and cost burden has decreased from the previous submission. Specifically, the number of responses has increased by 635,950, while the hour burden decreased by 2,979 hours and the cost burden decreased by $95,478.

$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.
10/01/2024


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