Registration for EFAST-2 Credentials

ICR 202408-1210-001

OMB: 1210-0117

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2024-08-19
Supplementary Document
2024-08-09
IC Document Collections
ICR Details
1210-0117 202408-1210-001
Received in OIRA 202107-1210-002
DOL/EBSA
Registration for EFAST-2 Credentials
Extension without change of a currently approved collection   No
Regular 10/01/2024
  Requested Previously Approved
36 Months From Approved 11/30/2024
91,723 248,985
30,574 82,995
0 0

The Employee Retirement Income Security Act of 1974 (ERISA) section 104 requires administrators of employee benefits plans (pension and welfare plans) and employers sponsoring certain fringe benefit plans and other plans of deferred compensation to file returns/reports annually with the Secretary of Labor concerning the financial condition and operation of plans. Reporting requirements are satisfied by filing the Form 5500 in accordance with its instructions and the related regulations. Form 5500 filings are processed under the ERISA Filing Acceptance System 2 (EFAST-2), which is designed to simplify and expedite the receipt and processing of the Form 5500 by relying on internet-based forms and electronic filing technologies. In order to file electronically, employee benefit plan Filing authors, Schedule authors, Filing signers, Form 5500 transmitters, and entities developing software to complete and/or transmit the Form 5500 are required to register for EFAST-2 credentials through the EFAST2 website. The information requested for registration includes: Applicant type (Filing Author, Filing Signer, Schedule Author, Transmitter, or software developer); mailing address; fax number (optional); email address; company name, contact person; and daytime telephone number. Registrants must also provide an answer to a challenge question (“What is your date of birth?” or “Where is your place of birth?”), which enables users to retrieve forgotten credentials. In addition, registrants must accept a Privacy Agreement; PIN Agreement; and, under penalty of perjury, a Signature Agreement.

US Code: 29 USC 1024 Name of Law: Employee Income Retirement Secuity Act of 1974 (ERISA)
  
None

Not associated with rulemaking

  89 FR 7732 02/05/2024
89 FR 79963 10/01/2024
No

1
IC Title Form No. Form Name
Registration for EFAST-2 Credentials

  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 91,723 248,985 0 0 -157,262 0
Annual Time Burden (Hours) 30,574 82,995 0 0 -52,421 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The burden estimates declined due to a decrease in the number of applications for electronic signatures. Additionally, the Department now utilizes Login.gov for EFAST-2 account sign-in and, as such, no longer receives requests for forgotten credentials which has further reduced the burden for this ICR. Also, applicants must only register for an electronic signature the first year they submit a Form 5500 through EFAST-2. In subsequent Form 5500 submissions, they can reuse the signature they previously obtained. Therefore, the Department expects applications to continue to decline over time. In this information collection, the number of responses has decreased by 157,262 responses and the hour burden has decreased by 52,421 hours.

$0
No
    No
    Yes
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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