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)
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.