Agency Information Collection Activities; Submission for OMB Review; Comment Request; Alternative Method of Compliance for Certain Simplified Employee Pensions, 19359-19360 [2024-05646]

Agencies

• DEPARTMENT OF LABOR

[Federal Register Volume 89, Number 53 (Monday, March 18, 2024)]
[Notices]
[Pages 19359-19360]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05646]


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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 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 17, 2024

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.

FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at [email protected].

SUPPLEMENTARY INFORMATION: Section 110 of ERISA relieves sponsors of 
certain Simplified Employee Pensions (SEPs) from ERISA's Title I 
reporting

[[Page 19360]]

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 prohibit withdrawals by 
participants.
    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. For additional substantive 
information about this ICR, see the related notice published in the 
Federal Register on August 25, 2023 (88 FR 58312).
    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: Alternative Method of Compliance for Certain 
Simplified Employee Pensions.
    OMB Control Number: 1210-0034.
    Affected Public: Businesses or other for-profits.
    Total Estimated Number of Respondents: 35,560.
    Total Estimated Number of Responses: 67,930.
    Total Estimated Annual Time Burden: 21,227 hours.
    Total Estimated Annual Other Costs Burden: $2,066.

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

Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-05646 Filed 3-15-24; 8:45 am]
BILLING CODE 4510-29-P