Notice2023-27965
Agency Information Collection Activities; Comment Request; Information Collections: Requirements of a Bona Fide Thrift Savings Plan and Requirements of a Bona Fide Profit-Sharing Plan or Trust
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 20, 2023
Issuing agencies
Labor DepartmentWage and Hour Division
Abstract
The Department of Labor (Department) is soliciting comments concerning a proposed extension of the information collection request (ICR) titled "Requirements of a Bona Fide Thrift Savings Plan and Requirements of a Bona Fide Profit-Sharing Plan or Trust." This comment request is part of continuing Departmental efforts to reduce paperwork and respondent burden in accordance with the Paperwork Reduction Act of 1995 (PRA). This program helps to ensure that requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirements on respondents can be properly assessed. A copy of the proposed information request can be obtained by contacting the office listed below in the FOR FURTHER INFORMATION CONTACT section of this Notice.
Full Text
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<title>Federal Register, Volume 88 Issue 243 (Wednesday, December 20, 2023)</title>
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[Federal Register Volume 88, Number 243 (Wednesday, December 20, 2023)]
[Notices]
[Pages 88126-88127]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-27965]
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DEPARTMENT OF LABOR
Wage and Hour Division
Agency Information Collection Activities; Comment Request;
Information Collections: Requirements of a Bona Fide Thrift Savings
Plan and Requirements of a Bona Fide Profit-Sharing Plan or Trust
AGENCY: Wage and Hour Division, Department of Labor.
ACTION: Notice.
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SUMMARY: The Department of Labor (Department) is soliciting comments
[[Page 88127]]
concerning a proposed extension of the information collection request
(ICR) titled ``Requirements of a Bona Fide Thrift Savings Plan and
Requirements of a Bona Fide Profit-Sharing Plan or Trust.'' This
comment request is part of continuing Departmental efforts to reduce
paperwork and respondent burden in accordance with the Paperwork
Reduction Act of 1995 (PRA). This program helps to ensure that
requested data can be provided in the desired format, reporting burden
(time and financial resources) is minimized, collection instruments are
clearly understood, and the impact of collection requirements on
respondents can be properly assessed. A copy of the proposed
information request can be obtained by contacting the office listed
below in the FOR FURTHER INFORMATION CONTACT section of this Notice.
DATES: Written comments must be submitted to the office listed in the
ADDRESSES section below on or before February 20, 2024.
ADDRESSES: You may submit comments identified by Control Number 1235-
0013, by either one of the following methods: Email:
<a href="/cdn-cgi/l/email-protection#a5f2ede1f5f7e4e6cac8c8c0cbd1d6e5c1cac98bc2cad3"><span class="__cf_email__" data-cfemail="3d6a75796d6f7c7e5250505853494e7d595251135a524b">[email protected]</span></a>; Mail, Hand Delivery, Courier: Division of
Regulations, Legislation, and Interpretation, Wage and Hour, U.S.
Department of Labor, Room S-3502, 200 Constitution Avenue NW,
Washington, DC 20210. Instructions: Please submit one copy of your
comments by only one method. All submissions received must include the
agency name and Control Number identified above for this information
collection. Commenters are strongly encouraged to transmit their
comments electronically via email or to submit them by mail early.
Comments, including any personal information provided, become a matter
of public record. They will also be summarized and/or included in the
request for Office of Management and Budget (OMB) approval of the
information collection request.
FOR FURTHER INFORMATION CONTACT: Robert Waterman, Division of
Regulations, Legislation, and Interpretation, Wage and Hour Division,
U.S. Department of Labor, Room S-3502, 200 Constitution Avenue NW,
Washington, DC 20210; telephone: (202) 693-0406 (this is not a toll-
free number). Alternative formats are available upon request by calling
1-866-487-9243. If you are deaf, hard of hearing, or have a speech
disability, please dial 7-1-1 to access telecommunications relay
services.
SUPPLEMENTARY INFORMATION:
I. Background
This extension is for the Requirements of a Bona Fide Thrift or
Savings Plan and Requirements of a Bona Fide Profit-Sharing Plan or
Trust information collection. The information collection requirements
apply to employers claiming the overtime exemption available under Fair
Labor Standards Act section 7(e)(3)(b), 29 U.S.C. 207(e)(3)(b).
Specifically, in calculating an employee's regular rate of pay, an
employer need not include contributions made to a bona fide thrift or
savings plan or a bona fide profit-sharing plan or trust--as defined in
regulations 29 CFR parts 547 and 549. An employer is required to
communicate, or to make available to its employees, the terms of the
bona fide thrift, savings, or profit-sharing plan or trust and to
retain certain records. Fair Labor Standards Act section 11(c)
authorizes this information collection. See 29 U.S.C. 211(c).
Interested parties are encouraged to send comments to the
Department at the address shown in the ADDRESSES section within 60 days
of publication of this notice in the Federal Register. To help ensure
appropriate consideration, comments should reference OMB Control Number
1235-0013.
II. Review Focus
The Department of Labor is particularly interested in comments
which:
<bullet> Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected;
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
<bullet> Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submissions of responses.
III. Current Actions
The Department of Labor seeks an approval for the extension of this
information collection to ensure effective administration of the FLSA
as it relates to the Requirements of a Bona Fide Thrift Savings Plan
and Requirements of a Bona Fide Profit-Sharing Plan or Trust.
Type of Review: Extension.
Agency: Wage and Hour Division.
Title: Requirements of a Bona Fide Thrift Savings Plan and
Requirements of a Bona Fide Profit-Sharing Plan or Trust.
OMB Control Number: 1235-0013.
Affected Public: Business or other for-profit, non-profits.
Total Respondents: 3,254,524.
Total Annual Responses: 4,393,607.
Estimated Total Burden Hours: 2,441.
Estimated Time per Response: 2 seconds.
Frequency: On occasion.
Total Burden Costs: $134,914.
Total Burden Cost (capital/startup): $0.
Total Burden Cost (operation/maintenance): $0.
Dated: December 15, 2023.
Amy Hunter,
Director, Division of Regulations, Legislation, and Interpretation.
[FR Doc. 2023-27965 Filed 12-19-23; 8:45 am]
BILLING CODE 4510-27-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.