Notice2024-05646
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Alternative Method of Compliance for Certain Simplified Employee Pensions
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
March 18, 2024
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
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<title>Federal Register, Volume 89 Issue 53 (Monday, March 18, 2024)</title>
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[Federal Register Volume 89, Number 53 (Monday, March 18, 2024)]
[Notices]
[Pages 19359-19360]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-05646]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Alternative Method of Compliance for Certain
Simplified Employee Pensions
ACTION: Notice of availability; request for comments.
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SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
of 1995 (PRA). Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that the agency
receives on or before April 17, 2024
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#82c6cdceddd2d0c3ddd2d7c0cecbc1c2e6edeeace5edf4"><span class="__cf_email__" data-cfemail="e2a6adaebdb2b0a3bdb2b7a0aeaba1a2868d8ecc858d94">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 110 of ERISA relieves sponsors of
certain Simplified Employee Pensions (SEPs) from ERISA's Title I
reporting
[[Page 19360]]
and disclosure requirements by prescribing an alternative method of
compliance. These SEPs are, for purposes of this information
collection, referred to as ``non-model SEPs'' because they exclude
those SEPs which are created through use of Internal Revenue Service
(IRS) Form 5305-SEP, and those SEPs in which the employer influences
the employees as to their choice of IRAs to which employer
contributions will be made, and that also prohibit withdrawals by
participants.
This information collection requirement generally requires timely
written disclosure to employees eligible to participate in non-model
SEPs, including specific information concerning: participation
requirements; allocation formulas for employer contributions;
designated contact persons for further information; and, for employer
recommended IRAs, specific terms of the IRAs such as rates of return
and any restrictions on withdrawals. Moreover, general information is
required that provides a clear explanation of: the operation of the
non-model SEP; participation requirements and any withdrawal
restrictions; and the tax treatment of the SEP-related IRA.
Furthermore, statements must be provided that inform participants of:
any other IRAs under the non-model SEP other than that to which
employer contributions are made; any options regarding rollovers and
contributions to other IRAs; descriptions of IRS disclosure
requirements to participants and information regarding social security
integration (if applicable); and timely notification of any amendments
to the terms of the non-model SEP. For additional substantive
information about this ICR, see the related notice published in the
Federal Register on August 25, 2023 (88 FR 58312).
Comments are invited on: (1) whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
This information collection is subject to the PRA. A Federal agency
generally cannot conduct or sponsor a collection of information, and
the public is generally not required to respond to an information
collection, unless the OMB approves it and displays a currently valid
OMB Control Number. In addition, notwithstanding any other provisions
of law, no person shall generally be subject to penalty for failing to
comply with a collection of information that does not display a valid
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Alternative Method of Compliance for Certain
Simplified Employee Pensions.
OMB Control Number: 1210-0034.
Affected Public: Businesses or other for-profits.
Total Estimated Number of Respondents: 35,560.
Total Estimated Number of Responses: 67,930.
Total Estimated Annual Time Burden: 21,227 hours.
Total Estimated Annual Other Costs Burden: $2,066.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-05646 Filed 3-15-24; 8:45 am]
BILLING CODE 4510-29-P
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