Requirements of a Bona Fide Thrift or Savings Plan (29 C.F.R. Part 547) and Requirements of a Bona Fide Profit-Sharing Plan or Trust (29 C.F.R. Part 549)
ICR 201110-1235-001 · OMB 1235-0013 · Historical Active
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1235-0013 can be found here:
Requirements of a Bona Fide Thrift or Savings Plan (29 C.F.R. Part 547) and Requirements of a Bona Fide Profit-Sharing Plan or Trust (29 C.F.R. Part 549)
Extension without change of a currently approved collection
This information collection applies to employers claiming the overtime exemption available under section 7(e)(3)(b) of the Fair Labor Standards Act. Specifically, in calculating an employee's regular rate of pay, an employer need not include contributions made to a bona fide thrift or savings plan or a bona fide profit-sharing plan or trust -- as defined in 29 CFR Parts 547 and 549. Employers are required to communicate, or make available to the employees, the terms of the bona fide thrift or savings plan and bona fide profit-sharing plan or trust, and retain certain records.
The DOL has decreased the number of annual responses from 633,000 to 589,500 due to updated census data that showed an increase in affected businesses and updated National Compensation Survey data that showed a lower level of retirement plan participation than previously assumed. Taking these adjustments into account the Department has decreased the estimated burden hours by 24 hours.
$0
No
No
No
No
No
Uncollected
Mary Ziegler 202 693-0517
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
1235-0013ss(20111117).doc
Requirements of a Bona Fide Thrift or Savings Plan (29 CFR Part 547) and Requirements of a Bona Fide Profit-Sharing Plan or Trust (29 CFR Part 549)