The Department of Labor (DOL) is seeking approval from the Office of Management and Budget (OMB) for an information collection request related to the definition of "plan assets" involving participant contributions to employee benefit plans. This request is being managed by the Employee Benefits Security Administration (EBSA) and is part of adhering to the Paperwork Reduction Act. The regulation details the timeframes within which contributions must become plan assets and outlines the requirements for employers who need an extension to meet these deadlines. The DOL invites public comments on various aspects of this information collection, including its necessity, utility, and potential burden on businesses.
Simple Explanation
The Department of Labor wants to know how employers take care of money people put into retirement plans. They're asking for help from another government group and want people to tell them if they think the questions are hard or if more help is needed.