Notice2025-13657
Agency Information Collection Activities; Notification of Public
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
July 21, 2025
Effective
September 2, 2025
Issuing agencies
Labor DepartmentEmployee Benefits Security Administration
Abstract
The Department of Labor (the Department), in accordance with the Paperwork Reduction Act, is providing the general public and Federal agencies with notice of the discontinuance of a collection of information under control number 1210-0114, "Plan Assets"--Insurance Company General Accounts.
Full Text
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<title>Federal Register, Volume 90 Issue 137 (Monday, July 21, 2025)</title>
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[Federal Register Volume 90, Number 137 (Monday, July 21, 2025)]
[Notices]
[Page 34299]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13657]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Agency Information Collection Activities; Notification of Public
AGENCY: Employee Benefits Security Administration (EBSA), Department of
Labor.
ACTION: Discontinuance of an Information Collection.
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SUMMARY: The Department of Labor (the Department), in accordance with
the Paperwork Reduction Act, is providing the general public and
Federal agencies with notice of the discontinuance of a collection of
information under control number 1210-0114, ``Plan Assets''--Insurance
Company General Accounts.
DATES: Existing collection of information will be discontinued if the
final rule at 90 FR 28009 becomes effective on September 2, 2025.
SUPPLEMENTARY INFORMATION:
I. Current Actions
The Department published a Direct Final Rule (final rule) on July
1, 2025 (90 FR 28009) which would remove 29 CFR 2550.401c-1 from the
Code of Federal Regulations. The final rule is effective September 2,
2025, unless significant adverse comments are received by July 31,
2025. When effective, the final rule will remove regulatory provisions
that contain collection-of-information requirements that have been
reviewed and approved by the Office of Management and Budget (OMB)
under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501 et
seq.) and OMB's regulations at 5 CFR part 1320. The existing
collection-of-information requirements were approved under OMB Control
Number 1210-0114. OMB last renewed its approval of the requirements on
October 22, 2024.
The regulation being removed, 29 CFR 2550.401c-1, imposes specific
requirements on insurers that are parties to Transition Policies in
order to ensure that the fiduciaries acting on behalf of plans have
adequate information and understanding of how the Transition Policies
work. The information collection requirement contained within 29 CFR
2550.401c-1 requires that an insurer that issues and maintains a
Transition Policy to or for the benefit of an employee benefit plan
must disclose to the plan fiduciary, initially upon issuance of the
policy and on an annual basis, to the extent that the policy is not a
guaranteed benefit policy: (1) the methods by which income and expenses
of the insurer's general account are allocated to the policy, the
actual annual return to the plan, and other pertinent information; (2)
the extent to which alternative arrangements supported by the assets of
the insurer's separate accounts are available; (3) any rights under the
policy to transfer funds to a separate account and the terms governing
such right; and (4) the extent to which support by assets of the
insurer's separate accounts might pose differing risks to the plan.
When 29 CFR 2550.401c-1 is removed, the underlying requirements for
the information collections would no longer exist. In EBSA's most
recent supporting statement for the information collection requirements
contained in 29 CFR 2550.401c-1, subject to uncertainty, the estimated
burden on employers is 112,498 hours, and a cost burden of $960. When
effective, the final rule would therefore remove the burden and
associated costs in those amounts.
Signed at Washington, DC, this 14th day of July 2025.
Janet Dhillon,
Acting Assistant Secretary, Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. 2025-13657 Filed 7-18-25; 8:45 am]
BILLING CODE 4510-29-P
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</html>Indexed from Federal Register on July 21, 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.