Agency Information Collection Activities; Submission for OMB Review; Comment Request; Pension Benefit Statement, 66742-66743 [2024-18322]

Agencies

• DEPARTMENT OF LABOR

[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Notices]
[Pages 66742-66743]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18322]


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DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Pension Benefit Statement

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 September 16, 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 105(a) of the Employee Retirement 
Income Security Act (ERISA) requires administrators of defined 
contribution plans and defined benefit plans to provide periodic 
pension benefit statements to participants and certain beneficiaries. 
If a defined contribution plan permits participants and beneficiaries 
to direct their own investments, benefit statements must be provided at 
least once each quarter. If the defined contribution plan does not 
permit participants and beneficiaries to direct their own investments, 
benefit statements must be provided at least once each year. In the 
case of defined benefit plans, benefit statements generally must be 
provided at least once every three years. Section 105(a)(2)(A)(i)(I) 
requires a benefit statement to indicate the participant's or 
beneficiary's ``total benefits accrued.''
    On December 20, 2019, ERISA section 105 was amended by section 203 
of the Setting Every Community Up for Retirement Enhancement Act of 
2019 (SECURE Act). As amended, ERISA section 105 requires, in relevant 
part, that ``a lifetime income disclosure . . . be included in only one 
pension benefit statement provided to participants of defined 
contribution plans during any one 12-month period.'' A lifetime income 
disclosure ``shall set forth the lifetime income stream equivalent of 
the total benefits accrued with respect to the participant or 
beneficiary.'' A lifetime income stream equivalent means the amount of 
monthly payments the participant or beneficiary would receive if the 
total accrued benefits of such participant or beneficiary were used to 
provide a single life annuity and a qualified joint and survivor 
annuity. For additional substantive information about this ICR, see the 
related notice published in the Federal Register on February 5, 2024 
(89 FR 7732).
    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

[[Page 66743]]

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: Pension Benefit Statement.
    OMB Control Number: 1210-0166.
    Affected Public: Private sector, Business or other for profits.
    Total Estimated Number of Respondents: 765,124.
    Total Estimated Number of Responses: 447,584,067.
    Total Estimated Annual Time Burden: 163 hours.
    Total Estimated Annual Other Costs Burden: $471,237,675.

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

Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-18322 Filed 8-15-24; 8:45 am]
BILLING CODE 4510-29-P