[Federal Register: August 24, 2004 (Volume 69, Number 163)]
[Notices]
[Page 52033-52034]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24au04-87]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment; Proposed Extension of Information Collection;
Comment Request; Form 5500 Annual Return/Report of Employee Benefit
Plan
ACTION: Notice.
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SUMMARY: The Department of Labor, as part of its continuing effort to
reduce paperwork and respondent burden, conducts a preclearance
consultation program to provide the general public and Federal agencies
with an opportunity to comment on proposed and continuing collections
of information in accordance with the Paperwork Reduction Act of 1995
(PRA 95). 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 Employee Benefits Security
Administration (EBSA) is soliciting comments on the proposed extension
of Form 5500 Annual Return/Report of Employee Benefit Plan. The
Internal Revenue Service (IRS) published its preclearance notice
related to the Form 5500 and schedules on April 8, 2004 (69 FR 18681).
A copy of the proposed information collection request (ICR) can be
obtained by contacting the office listed below in the addresses section
of this notice. Although the 2004 Form 5500 is not yet available, it is
not expected at this time to differ materially from the 2003 Form 5500.
Informational copies of the 2004 Form 5500 and schedules, as well
as the 2004 Form 5500 and schedules when they are finalized, are
available for downloading and viewing on the EFAST Web site: http://www.efast.dol.gov.
Official hand print forms are also made available as
part of the annual mailing of the Form 5500 package. The hand print
forms, schedules and instructions are available by calling: 1-800-TAX-
FORM (1-800-829-3676).
DATES: Written comments must be submitted to the office listed in the
addresses section below on or before October 25, 2004.
ADDRESSES: Interested parties are invited to submit written comments
regarding the collection of information. Send comments to Mr. Gerald B.
Lindrew, Office of Policy and Research, U.S. Department of Labor,
Employee Benefits Security Administration, 200 Constitution Avenue,
NW., Room N-5647, Washington, DC 20210. Telephone: (202) 693-8410 Fax:
(202) 693-4745 (These are not toll-free numbers). All comments will be
shared between the Agencies.
SUPPLEMENTARY INFORMATION:
I. Background
Under Titles I and IV of the Employee Retirement Income Security
Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986,
as amended (the Code), pension and other employee benefit plans are
generally required to file annual returns/reports concerning, among
other things, the financial condition and operations of the plan. These
annual reporting requirements can be satisfied by filing the Form 5500
in accordance with its instructions and related regulations. The Form
5500 is the primary source of information concerning the operation,
funding, assets and investments of pension and other employee benefit
plans. In addition to being an important disclosure document for plan
participants and beneficiaries, the Form 5500 is a compliance and
research tool for EBSA, the Pension Benefit Guarantee Corporation
(PBGC), and the IRS, and a source of information for other federal
agencies, Congress, and the private sector for use in assessing
employee benefit, tax, and economic trends and policies.
The 1999 and later Forms 5500 are available in two different
formats. Both have the same data elements, but provide filers with a
choice of formats for preparing the form. The formats are referred to
as ``machine print'' and ``hand print.'' EFAST, the computerized system
for processing the Form 5500, is designed to accept only approved
machine print and hand print forms. Several vendors offer EFAST-
approved computer software that may be used to complete the 2000 and
later versions of either the machine print or the hand print Form 5500.
Filers completing the Form 5500 by hand or typewriter must use the
official government-produced hand print forms because the EFAST system
uses optical character recognition technology to scan the data
[[Page 52034]]
entries on the specially designed forms that enable the computer to
read the forms.
The hand print forms can be filed only on paper by mail or approved
private delivery services. The machine print forms may be printed out
and filed on paper by mail or approved private delivery service,
transmitted on-line via modem, or transferred to floppy disks, tapes,
or CD-ROMs and filed via mail or approved private delivery service.
Electronic filers submitting via modem must use approved EFAST
transmitters. Additional information concerning EFAST filing
requirements may be found on the EFAST website, or by calling 1-866-
463-3278 Monday through Friday from 8 a.m. to 8 p.m. Eastern Time.
II. Review Focus
The Department of Labor (Department) is particularly interested in
comments that:
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.
III. Current Actions
The Agencies intend to request an extension of the currently
approved ICR. Although the 2004 Form 5500 Series is not yet available,
the Agencies will not be making program changes that would be material
for purposes of this ICR.
Agency: Department of Labor, Employee Benefits Security
Administration.
Title: Form 5500 Annual Return/Report of Employee Benefit Plan.
Type of Review: Extension of currently approved collections.
OMB Numbers: 1210-0110 (EBSA).
Affected Public: Individuals or households; business or other for-
profit; not-for-profit institutions.
Form Number: Form 5500.
Total Respondents: 863,682.
Total Responses: 863,682.
Frequency of Response: Annually.
Estimated Burden Hours: 1,847,163 for EBSA.
Estimated Burden Cost (Operating and Maintenance): $546,789,000 for
EBSA.
Comments submitted in response to this request 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: August 18, 2004.
Joseph Piacentini,
Acting Director, Office of Policy and Research, Employee Benefits
Security Administration.
[FR Doc. 04-19315 Filed 8-23-04; 8:45 am]
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