Proposed Collection; Comment Request

ACTION:

Notice.

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/or continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA95) (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 Employment Standards Administration is soliciting comments concerning the proposed extension collection: “Requirements of a Bona Fide Profit Sharing Plan or Trust; and Requirements of a Bona Fide Thrift or Savings Plan.” A copy of the proposed information collection request can be obtained by contacting the office listed below in the ADDRESSES section of this Notice.

DATES:

Written comments must be submitted to the office listed in the ADDRESSES section below on or before November 26, 2002.

ADDRESSES:

Ms. Patricia A. Forkel, U.S. Department of Labor, 200 Constitution Ave., NW., Room S-3201, Washington, DC 20210, telephone (202) 693-0339, fax (202) 693-1451, E-mail pforkel@fenix2.dol-esa.gov. Please use only one method of transmission for comments (mail, fax, or E-mail).

SUPPLEMENTARY INFORMATION:

I. Background

Section 7(e)(3)(b) of the Fair Labor Standards Act (FLSA) permits the exclusion from an employee's regular rate of pay, payments on behalf of an employee to a “bona-fide” profit-sharing plan, and a “bona-fide” thrift or savings plan. Regulations 29 CFR part 549 set forth the requirements of a bona fide profit-sharing plan or trust, and Regulations 29 CFR part 547 set forth the requirements of a bona fide thrift or savings plan. This clearance involves employer maintenance of records of such plans. This information collection is currently approved for use through February 28, 2003.

II. Review Focus

The Department of Labor 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.

III. Current Actions

The Department of Labor seeks the extension of approval to collect this information in order to determine whether a given thrift or savings plan or a profit-sharing plan or trust is in compliance with section 7(e)(3). There is no change in this information collection since the last OMB clearance.

Type of Review: Extension.

Agency: Employment Standards Administration.

Title: Requirements of a Bona Fide Thrift or Savings Plan, and Requirements of a Bona Fide Profit-Sharing Plan.

OMB Number: 1215-0119.

Affected Public: Individuals or households; Businesses or other for-profit; Not-for-profit institutions; State, Local or Tribal Government.

Total Respondents: 462,000.

Frequency: Recordkeeping only.

Total Responses: 462,000.

Estimated Total Burden Hours (Recordkeeping): 2.

Total Burden Cost (capital/startup): $0.

Total Burden Cost (operating/maintenance): $  .

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.