89 FR 23090 — Amendment to Prohibited Transaction Class Exemption 84-14 for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption) ERISAFinal Rules (FR)Apr 3, 2024
…tation
118. The hour burden is estimated as: (1 application × 3 hours) = 3 hours. A labor cost of $535.85 is applied for an outside legal professional. The equivalent cost is estimated as: (1 application × 3 hours × $535.85 outside legal professional labor) = $1,608 rounded to $1,600.
Back to Citation
119.
87 FR 4520…
89 FR 32260 — Amendment to Prohibited Transaction Exemption 2020-02 ERISAFinal Rules (FR)Apr 25, 2024related by meaning
nancial Institutions can structure their policies and procedures, which should assist Senior Executive Officers in making the required certifications. Several commenters specifically raised concerns with the proposed requirement that the Financial Institution has filed (or will file timely, including extensions) Form 5…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…nt of defined contribution rollovers.[476] The Department estimates that 2.2 million rollovers and $535 billion in assets will be affected by the rollover disclosure in the amendments to PTE 2020-02.[477]
These figures are overestimates because they include some rollovers from non-ERISA plans and because they are based…
89 FR 4662 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications ERISAFinal Rules (FR)Jan 24, 2024★ strong match
…side legal professional takes to prepare the application by one hour per plan at a billing rate of $535.85 per hour.[32] This results in a per plan cost of $535.85 and a total annual cost increase of $11,253 for the 21 plans assumed to apply. Both the outside fiduciary and appraiser or other service provider are assume…
81 FR 43430 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Catch-Up Adjustments ERISAFinal Rules (FR)Jul 1, 2016
…400 penalty by the inflation adjustment factor for 2001 of 1.33842, which resulted in a penalty of $535 (rounded to the nearest dollar).
89 FR 32302 — Amendment to Prohibited Transaction Exemption 84-24 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…t Producer and two hours for a legal professional at an insurer, resulting in an hour burden of 173,535 hours and an equivalent cost of $28.7 million.[106]
Table 14—Hour Burden and Equivalent Cost Associated With the Recordkeeping Requirement
Activity
Year 1
Subsequent years
Burden hours
Equivalent burden cost
Burden h…
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…& Dana P. Goldman,
Overpaying for Prescription Drugs: The Copay Clawback,
(2018),
https://schaeffer.usc.edu/research/overpaying-for-prescription-drugs/.)
Back to Citation
183.
Megan Thompson (2018), W
hy a Patient Paid a $285 Copay for a $40 Drug, https://www.pbs.org/newshour/health/why-a-patient-paid-a-285-copa…
75 FR 8796 — Civil Penalties Under ERISA Section 502(c)(8) ERISAFinal Rules (FR)Feb 26, 2010related by meaning
or or representative thereof; or
(iii) By mailing a copy to the last known address of the plan sponsor or representative thereof.
( printed page 8801) (2) If service is accomplished by certified mail, service is complete upon mailing. If service is by regular mail, service is complete upon receipt by the addressee. Whe…
82 FR 5373 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2017 ERISAFinal Rules (FR)Jan 18, 2017
….302(c)(2)(i)
$134
$136.
§ 726.302(c)(2)(i)
268
272.
§ 726.302(c)(2)(i)
402
409.
§ 726.302(c)(2)(i)
535
544.
§ 726.302(c)(4)
August 1, 2016
January 13, 2017.
§ 726.302(c)(4)
$134
ERISARegulationsJan 1, 2017related by meaning
(i)(3)(ii) (ii) Upon receipt by the delivery service, if accomplished using a “designated private delivery service” within the meaning of 26 U.S.C. 7502(f);
(i)(3)(iii) (iii) Upon transmittal, if transmitted in a manner specified in the notice of intent to assess a penalty as a method of transmittal to be accorded such…
ERISARegulationsSep 1, 2017related by meaning
(c)(1)(x) (x) Preemption of State law. Nothing in this section shall be construed to supersede any provision of State law that governs disclosures by parties that provide the services described in this section, except to the extent that such law prevents the application of a requirement of this section.
(c)(1)(xi) (xi)…
88 FR 75979 — Proposed Amendment to Prohibited Transaction Exemption 2020-02 ERISAProposed Rules (FR)Proposed Nov 3, 2023related by meaning
utes] × $63.45 = $793.
Back to Citation
65.
5 U.S.C. 601
et seq.
Back to Citation
66.
5 U.S.C. 601(2), 603(a);
see5 U.S.C. 551.
Back to Citation
67. Public Law 104-4, 109 Stat. 48 (Mar. 22, 1995).
Back to Citation
68.
Reorganization Plan No. 4 of 1978 (5 U.S.C. App. 1 (2018)) generally transferred the authority of …
ERISARegulationsJan 1, 2017related by meaning
(i)(3)(ii) (ii) Upon receipt by the delivery service, if accomplished using a “designated private delivery service” within the meaning of 26 U.S.C. 7502(f);
(i)(3)(iii) (iii) Upon transmittal, if transmitted in a manner specified in the notice of intent to assess a penalty as a method of transmittal to be accorded such…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…ords would take.
This results in a total annual cost of $4.5 million associated with recordkeeping.[535]
Summary of Total Cost for the Proposed Amendments to PTE 84-24
The Department estimates that in order to meet the additional conditions of the amended PTE 84-24, affected entities would incur a total cost of $18.1 m…
90 FR 3667 — Prohibited Transaction Exemption (PTE) 2002-51 To Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program ERISAFinal Rules (FR)Jan 15, 2025related by meaning
e exemptions pursuant to Code section 4975 was transferred to the Secretary of Labor.
Back to Citation
10.
Both terms are defined in a new section V. Back to Citation
11.
See
e.g.,
29 CFR 2520.102-2(c)(2) regarding summary plan descriptions.
Back to Citation
12.
See
2022 VFC Program proposed revisions, section D, “…
85 FR 55219 — Fiduciary Duties Regarding Proxy Voting and Shareholder Rights ERISAProposed Rules (FR)Proposed Sep 4, 2020
…on costs, excluding cost savings that could occur if the permitted practices are used, could reach $535,217,964. The cost savings from the permitted practices are discussed later. However, the Department fully expects that most of these potential costs will not be realized, because plans will use the permitted practice…
88 FR 76032 — Proposed Amendment to Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, and 86-128 ERISAProposed Rules (FR)Proposed Nov 3, 2023related by meaning
rm × 5.8 percent paper) + (11,000 Annual Statement × 5.8 percent paper) + (11,000 Report of Commissions Paid × 5.8 percent paper) = 1,943 disclosures. Back to Citation
52.
5 U.S.C. 601
et seq.
Back to Citation
53.
5 U.S.C. 601(2), 603(a); see also 5 U.S.C. 551.
Back to Citation
54.
Public Law 104-4, 109 Stat. 48 (Ma…
ERISAProposed Rules (FR)Proposed Jul 21, 2016
…ncluding changes to Schedules of Assets and Reportable Transactions) and Eliminate Schedule I
$57.6
535.4
115.1
114.6
$502
Schedule C
12.9
116.6
82.4
100.2
128
DFE Reporting Changes (Including changes to Schedule D)
−10.1
−94.2
61.1
8.9
−1,137
Schedule E
2.5
22.0
0.0
6.7
374
Completion of lines 1-5 on Form 5500 and lin…
ERISARegulationsJan 1, 2017related by meaning
For 502(c)(6) civil penalty proceedings, this section shall apply in lieu of § 18.10 of this title.
ERISARegulationsJan 1, 2017related by meaning
(j) (j) Liability.
(j)(1) (1) If more than one person is responsible as administrator for the failure to file the annual report, all such persons shall be jointly and severally liable with respect to such failure.
(j)(2) (2) Any person against whom a civil penalty has been assessed under section 502(c)(2) pursuant to a…