Notice2024-18322
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Pension Benefit Statement
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
August 16, 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 159 (Friday, August 16, 2024)</title>
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[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Notices]
[Pages 66742-66743]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-18322]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Pension Benefit Statement
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 September 16, 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#c1858e8d9e9193809e9194838d888281a5aeadefa6aeb7"><span class="__cf_email__" data-cfemail="e3a7acafbcb3b1a2bcb3b6a1afaaa0a3878c8fcd848c95">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 105(a) of the Employee Retirement
Income Security Act (ERISA) requires administrators of defined
contribution plans and defined benefit plans to provide periodic
pension benefit statements to participants and certain beneficiaries.
If a defined contribution plan permits participants and beneficiaries
to direct their own investments, benefit statements must be provided at
least once each quarter. If the defined contribution plan does not
permit participants and beneficiaries to direct their own investments,
benefit statements must be provided at least once each year. In the
case of defined benefit plans, benefit statements generally must be
provided at least once every three years. Section 105(a)(2)(A)(i)(I)
requires a benefit statement to indicate the participant's or
beneficiary's ``total benefits accrued.''
On December 20, 2019, ERISA section 105 was amended by section 203
of the Setting Every Community Up for Retirement Enhancement Act of
2019 (SECURE Act). As amended, ERISA section 105 requires, in relevant
part, that ``a lifetime income disclosure . . . be included in only one
pension benefit statement provided to participants of defined
contribution plans during any one 12-month period.'' A lifetime income
disclosure ``shall set forth the lifetime income stream equivalent of
the total benefits accrued with respect to the participant or
beneficiary.'' A lifetime income stream equivalent means the amount of
monthly payments the participant or beneficiary would receive if the
total accrued benefits of such participant or beneficiary were used to
provide a single life annuity and a qualified joint and survivor
annuity. For additional substantive information about this ICR, see the
related notice published in the Federal Register on February 5, 2024
(89 FR 7732).
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
[[Page 66743]]
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: Pension Benefit Statement.
OMB Control Number: 1210-0166.
Affected Public: Private sector, Business or other for profits.
Total Estimated Number of Respondents: 765,124.
Total Estimated Number of Responses: 447,584,067.
Total Estimated Annual Time Burden: 163 hours.
Total Estimated Annual Other Costs Burden: $471,237,675.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-18322 Filed 8-15-24; 8:45 am]
BILLING CODE 4510-29-P
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