Notice2025-04070
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Definition of Plan Assets-Participant Contributions
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 14, 2025
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
<html>
<head>
<title>Federal Register, Volume 90 Issue 49 (Friday, March 14, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 49 (Friday, March 14, 2025)]
[Notices]
[Pages 12179-12180]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-04070]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Definition of Plan Assets--Participant
Contributions
ACTION: Notice of availability; request for comments.
-----------------------------------------------------------------------
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 14, 2025.
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#a8ece7e4f7f8fae9f7f8fdeae4e1ebe8ccc7c486cfc7de"><span class="__cf_email__" data-cfemail="22666d6e7d7270637d7277606e6b6162464d4e0c454d54">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The Department's regulation at 29 CFR
2510.3-102 states that monies that a participant pays to, or has
withheld by, an employer for contribution to an employee benefit plan
become ``plan assets'' for purposes of Title I of ERISA and the related
prohibited transaction provisions of the Internal Revenue Code (the
Code) as of the earliest date on which such monies can be reasonably
segregated from the employer's general assets.
The regulation also establishes specific maximum time limits for
contributions becoming plan assets that apply to employee pension
benefit plans (with a special rule for SIMPLE IRA plans) and employee
welfare benefit plans. The regulation sets a maximum time limit of 15
business days following the end of the month in which the participant
contribution amounts are received or withheld by the employer. The
regulation includes a procedure through which an employer receiving or
withholding participant contributions for an employee pension benefit
plan may obtain a 10-business-day extension of the 15-day maximum time
period for contributions received or withheld in a single month if
certain requirements, including information collection requirements,
are met.
The regulation requires, among other things, that the employer
provide written notice to plan participants within five business days
after the end of the extension period and the employer's transfer of
the contributions to the plan, for which the employer elected to take
the extension that month. The notice must explain why the employer
could not transfer the participant contributions within the maximum
time period, state that the participant contributions in question
[[Page 12180]]
have in fact been transmitted to the plan, and provide the date on
which this was done. The employer must also provide a copy of the
participant notice to the Secretary, along with a certification that
the notice was distributed to participants and that the other
requirements under the extension procedure were met, within five
business days after the end of the extension period. For additional
substantive information about this ICR, see the related notice
published in the Federal Register on July 9, 2024 (89 FR 56416).
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: Definition of Plan Assets--Participant
Contributions.
OMB Control Number: 1210-0100.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 251.
Total Estimated Number of Responses: 251.
Total Estimated Annual Time Burden: 12 hours.
Total Estimated Annual Other Costs Burden: $201.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-04070 Filed 3-13-25; 8:45 am]
BILLING CODE 4510-29-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on March 14, 2025.
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.