98-16089. Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations; Summary Annual Report Requirement Under the Employee Retirement Income Security Act of 1974 (ERISA)

[Federal Register Volume 63, Number 116 (Wednesday, June 17, 1998)]
[Notices]
[Page 33095]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16089]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations; Summary Annual Report 
Requirement Under the Employee Retirement Income Security Act of 1974 
(ERISA)

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, provides the general public and 
Federal agencies with an opportunity to comment on proposed and/or 
continuing collections of information in accordance with the Paperwork 
Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)). This program 
helps to ensure that requested data can be provided in the desired 
format, reporting burden (time and financial resources) is minimized, 
collection instruments are clearly understood, and the impact of 
collection requirements on respondents can be properly assessed. 
Currently, the Pension and Welfare Benefits Administration is 
soliciting comments concerning the proposed extension of a currently 
approved collection of information, the Summary Annual Report 
Requirement under the Employee Retirement Income Security Act of 1974 
(ERISA). A copy of the proposed information collection request can be 
obtained by contacting the individual listed below in the contact 
section of this notice.

DATES: Written comments must be submitted on or before August 17, 1998.

    The Department of Labor (Department) 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 submissions of responses.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare 
Benefits Administration, 200 Constitution Avenue, NW, Washington, D.C. 
20210, [phone] (not a toll-free number), FAX [phone].

SUPPLEMENTARY INFORMATION: 

I. Background

    Section 104(b)(3) of ERISA and regulations published in 29 CFR 
2520.104b-10 require, with certain exceptions, that administrators of 
employee benefit plans furnish participants and beneficiaries annually 
with material which fairly summarizes the information included in the 
plan's latest annual report. The regulation prescribes the format for 
the summary annual report (SAR), and requires that the SAR be provided 
within nine months after the close of the plan year.
    The SAR is required to be provided to plan participants and 
beneficiaries to ensure that they are informed concerning the financial 
operation and condition of their plans. These disclosures to plan 
participants assist the Department in its enforcement responsibilities 
by providing participants with sufficient information to exercise their 
rights under ERISA.

II. Current Actions

    The Department of Labor, Pension and Welfare Benefits 
Administration, intends to request that the Office of Management and 
Budget extend the approval of the ICR included in the SAR regulation 
published at 29 CFR 2520.104b-10 beyond its September 30, 1998 
expiration date. The basic requirement for summarizing the annual 
report for participants is established by ERISA section 104(b)(3), 
while the regulation offers specific guidance on the statutory 
requirement so that participants may be adequately and timely informed 
concerning the financial operation and condition of their benefit 
plans.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: ERISA Summary Annual Report Requirement.
    OMB Number: 1210-0040.
    Affected Public: Business or other for-profit, Not-for-profit 
institutions, Individuals.
    Total Respondents: 794,205.
    Frequency: Annually.
    Total Responses: 222,320,138.
    Estimated Total Burden Hours: 5,878,021.
    Total Annual Cost (operating and maintenance): $83.7 million.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval of the information collection request; they will also become a 
matter of public record.

    Dated: June 11, 1998.
Gerald B. Lindrew,
Deputy Director, Pension and Welfare Benefits Administration, Office of 
Policy and Research.
[FR Doc. 98-16089 Filed 6-16-98; 8:45 am]
BILLING CODE 4510-29-M