Submission for OMB Review: Comment Request, 22374-22375 [05-8544]

Agencies

• Office of the Secretary
• DEPARTMENT OF LABOR

[Federal Register Volume 70, Number 82 (Friday, April 29, 2005)]
[Notices]
[Pages 22374-22375]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-8544]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review: Comment Request

April 20, 2005.
    The Department of Labor (DOL) has submitted the following public 
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 (Pub. L. 104-13, 44 U.S.C. chapter 35). A copy of 
this ICR, with applicable supporting documentation, may be obtained by 
contacting the Darrin King on 202-693-4129 (this is not a toll-free 
number) or e-mail: king.darrin@dol.gov.
    Comments should be sent to Office of Information and Regulatory 
Affairs, Attn: OMB Desk Officer for the Employee Benefits Security 
Administration (EBSA), Office of Management and Budget, Room 10235, 
Washington, DC 20503, 202-395-7316 (this is not a toll-free number), 
within 30 days from the date of this publication in the Federal 
Register.
    The OMB is particularly interested in comments which:
     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.
    Type of Review: Extension of currently approved collection.
    Title: Alternative Method of Compliance for Certain Simplified 
Employee Pensions.
    OMB Number: 1210-0034.
    Frequency: On occasion.
    Type of Response: Third party disclosure.
    Affected Public: Business or other for-profit; not-for-profit 
institutions; and individuals or households.
    Number of Respondents: 35,660.
    Number of Annual Responses: 103,590.
    Estimated Time Per Response: 30 minutes to prepare a disclosure 
statement and 3 minutes to distribute a disclosure statement.
    Total Burden Hours: 21,227.
    Total Annualized capital/startup costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $25,813.
    Description: Section 110 of ERISA authorizes the Secretary to 
prescribe alternative methods of compliance with the reporting and 
disclosure requirements of Title I of the Employee Retirement Income 
Security Act of 1974 (ERISA) for pension plans. Simplified Employee 
Pensions (SEPs) are established in section 408(k) of the Internal 
Revenue Code of 1986 (the Code). Although SEPs are primarily a

[[Page 22375]]

development of the Code subject to its requirements, SEPs are also 
pension plans subject to the reporting and disclosure requirements of 
Title I of ERISA.
    The regulation at 29 CFR 2520.104-49 provides relief to sponsors of 
certain SEPs from ERISA's Title I reporting 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 prohibits 
withdrawals by participants. The alternative disclosure arrangement 
provided through this regulation relieves sponsors of non-model SEPs of 
most of the reporting and disclosure requirements under Title I of 
ERISA. Also, the disclosure requirements set forth in the regulation 
ensure that administrators of non-model SEPs provide participants with 
specific written information concerning SEPs. 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.

Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. 05-8544 Filed 4-28-05; 8:45 am]
BILLING CODE 4510-29-P