Since 2018, Wrangle, an Ascensus company, has had its own DOL validated and approved Form 5500 and Summary Annual Report software. This comes with the benefit of receiving updates to those Forms directly from the DOL. While this doesn’t happen very often, it does come with the responsibility of following the guidance of the DOL on various protocols such as on the recent participants’ disclosure notices.
We received the official word on June 25th from the EFAST Contact Center to make minor updates to the Summary Annual Report format. The update is to include the Paperwork Reduction Act statement which includes the Office of Management and Budget’s (OMB) control number and expiration date, the required PRA burden statement and the Department’s web address. We realize that this extra wording may create confusion. However, we like to think of the additional passage as an essential stamp of approval by the OMB which is part of the executive office that oversees the performance of federal agencies, and administers the federal budget.
For those of you who are curious of what the wording entails we have posted it below. All SARs going forward will include this notice. There is no requirement to go back in time and add this language to the Summary Annual Report, however, you may add this copy to any undistributed SARs if you so choose.
According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13) (PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department notes that a Federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, and displays a currently valid OMB control number, and the public is not required to respond to a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 44 U.S.C. 3512.
The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the OMB Control Number 1210-0040.
OMB Control Number 1210-0040 (expires 06/30/2023)
Ironically we wrote about OMB reviewing the usage of the SAR for going forward in early June. See link . With the change to the SAR’s copy, we have our answer. With the renewal date of 6/30/2022, one can very much expect that the SAR will be a requirement for the next three years.
For any questions and concerns on the changes to the SAR please contact Ann McAdam first at amcadam@wrangle5500.com . She will do her best to assist or redirect to the appropriate person.