The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, “Alternative Method of Compliance for Certain Simplified Employee Pensions,” to the Office of Management and Budget (OMB) for review and approval for continued use in accordance with the Paperwork Reduction Act (PRA) of 1995 (Pub. L. 104-13, 44 U.S.C. chapter 35).
Submit comments on or before August 26, 2011.
A copy of this ICR with applicable supporting documentation; including a description of the likely respondents, proposed frequency of response, and estimated total burden may be obtained from the RegInfo.gov Web site, http://www.reginfo.gov/public/do/PRAMain, on the day following publication of this notice or by contacting Michel Smyth by telephone at 202-693-4129 (this is not a toll-free number) or sending an e-mail to DOL_PRA_PUBLIC@dol.gov.
Submit comments about this request to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for the Department of Labor, Employee Benefits Security Administration (EBSA), Office of Management and Budget, Room 10235, Washington, DC 20503, Telephone: 202-395-6929/Fax: 202-395-6881 (these are not toll-free numbers), e-mail: OIRA_submission@omb.eop.gov.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Michel Smyth by telephone at 202-693-4129 (this is not a toll-free number) or by e-mail at DOL_PRA_PUBLIC@dol.gov.End Further Info End Preamble Start Supplemental Information
The alternative disclosure arrangement established through regulations 29 CFR 2520.104-49 relieves a sponsor of a non-model Simplified Employee Pension (SEP) of most of the reporting and disclosure requirements under Employee Retirement Income Security Act (ERISA) Title I. In addition, the disclosure requirements set forth in the regulation ensure that an administrator of a non-model SEP provides participants with specific written information concerning the SEP. This information collection requirement generally requires timely written disclosure to employees eligible to participate in a non-model SEP, including specific information concerning: Participation requirements; allocation formulas for employer contributions; designated contact persons for further information; and, for employer recommended Individual Retirement Accounts (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 U.S. Department of the Treasury, Internal Revenue Service 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.
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 it is approved by the OMB under the PRA 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 if the collection of information does not Start Printed Page 44962display a valid OMB control number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under OMB Control Number 1219-0034. The current OMB approval is scheduled to expire on July 31, 2011; however, it should be noted that existing information collection requirements submitted to the OMB receive a month-to-month extension while they undergo review. For additional information, see the related notice published in the Federal Register on April 22, 2011 (76 FR 22728).
Interested parties are encouraged to send comments to the OMB, Office of Information and Regulatory Affairs at the address shown in the ADDRESSES section within 30 days of publication of this notice in the Federal Register. In order to help ensure appropriate consideration, comments should reference OMB Control Number 1210-0034. The OMB is particularly interested in comments that:
- 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;
- 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;
- Enhance the quality, utility, and clarity of the information to be collected; and
- 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 submission of responses.
Agency: Employee Benefits Security Administration (EBSA).
Title of Collection: Alternative Method of Compliance for Certain Simplified Employee Pensions.
OMB Control Number: 1219-0034.
Affected Public: Private Sector—Businesses or other for-profits.
Total Estimated Number of Respondents: 36,000.
Total Estimated Number of Responses: 68,000.
Total Estimated Annual Burden Hours: 21,000.
Total Estimated Annual Other Costs Burden: $23,000.Start Signature
Dated: July 21, 2011.
Departmental Clearance Officer.
[FR Doc. 2011-18936 Filed 7-26-11; 8:45 am]
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