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
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.