Would Providing SARs Really Help Participants?

OMB is asking advisers and retirement industry providers for comments about the necessity of providing Summary Annual Reports to participants, and the burden it might create for industry professionals.

The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has sent an information collection request (ICR) titled, “Employee Retirement Income Security Act Summary Annual Report Requirement,” to the Office of Management and Budget (OMB) for review and approval for continued use, without change. The requirement is set to expire at the end of December.

Interested parties are encouraged to send comments to the OMB.

The OMB 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 submission of responses.

More information about how to obtain the ICR and how to send comments to the OMB is here.