The Department of Labor (DOL) is seeking approval from the Office of Management and Budget (OMB) for a request related to Simplified Employee Pensions (SEPs) compliance. This information collection aims to ensure that employees participating in SEPs receive timely and specific written information about their plans, such as participation requirements and employer contribution details. The public is invited to comment on whether this information collection is necessary and useful, and the DOL seeks authorization for this request to be valid for three years. Public comments can be submitted until March 8, 2021.
Simple Explanation
The Department of Labor wants to make sure that people who have special retirement plans called Simplified Employee Pensions (SEPs) get clear details about them. They're asking the public for their thoughts on this, and if approved, this plan would be in place for three years.