Agency Information Collection Activities; Submission for OMB Review; Comment Request; Alternative Method of Compliance for Certain Simplified Employee Pensions, 8220-8221 [2021-02325]

Agencies

• DEPARTMENT OF LABOR

[Federal Register Volume 86, Number 22 (Thursday, February 4, 2021)]
[Notices]
[Pages 8220-8221]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02325]


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DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Alternative Method of Compliance for Certain 
Simplified Employee Pensions

ACTION: Notice of availability; request for comments.

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SUMMARY: The Department of Labor (DOL) is submitting this 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 agency receives 
on or before March 8, 2021.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    Comments are invited on: (1) Whether the collection of information 
is necessary for the proper performance of the functions of the 
Department,

[[Page 8221]]

including whether the information will have practical utility; (2) if 
the information will be processed and used in a timely manner; (3) 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; (4) ways to enhance the quality, utility and 
clarity of the information collection; and (5) 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.

FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-
693-8538, or by email at [email protected].

SUPPLEMENTARY INFORMATION: Section 110 of ERISA (29 U.S.C. 1030) 
authorizes the Secretary of Labor 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 by section 
408(k) of the Internal Revenue Code of 1986 (the Code). Although SEPs 
are primarily a 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 disclosure requirements set forth 
in the regulation ensure that administrators of non-model SEPs provide 
participants with specific written information concerning SEPs. This 
ICR 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. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on October 20, 2020 (85 FR 
66580).
    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: Alternative Method of Compliance for Certain 
Simplified Employee Pensions.
    OMB Control Number: 1210-0034.
    Affected Public: Private Sector-- Businesses or other for-profits.
    Total Estimated Number of Respondents: 35,660.
    Total Estimated Number of Responses: 67,930.
    Total Estimated Annual Time Burden: 21,227 hours.
    Total Estimated Annual Other Costs Burden: $3,223.

    Authority: 44 U.S.C. 3507(a)(1)(D).

    Dated: January 28, 2021.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2021-02325 Filed 2-3-21; 8:45 am]
BILLING CODE 4510-29-P