Revenue Procedure 2007-XX, Substitute Mortality Tables for single Employer Defined Benefit Plans

Forms and Documents

Document Name	Status
jct x-38-06 HR4 102 112.background.doc Supplementary Document	2007-04-17
Rev. Proc. 2007-XX Substitute Mortality.doc Supplementary Document	2007-04-17
Rev. Proc. 2007-XX.Sup.doc Supporting Statement A	0000-00-00

IC Document Collections

IC ID	Document Title	Status
179690	Substitute Mortality Tables for Single Employer Defined Benefit Plans	New

ICR Details

OMB Control No: 1545-2073	ICR Reference No: 200704-1545-030
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: LM-1545-XXXX-030
Title: Revenue Procedure 2007-XX, Substitute Mortality Tables for single Employer Defined Benefit Plans
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/27/2007
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/10/2007
	Date Received in OIRA: 04/19/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2007	6 Months From Approved
Responses	450	0	0
Time Burden (Hours)	25,400	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This revenue procedure describes the process for obtaining a letter ruling as to the acceptability of substitute mortality tables under section 430(h)(3)(C) of the Code.

Emergency Justfication: Although the annual, general revenue procedure on EP and EO letter rulings has a valid OMB control number, this specialized revenue procedure is a result of a legislative mandate and generates additional and unanticipated collections of information under the Paperwork Reduction Act of 1995. Section 430(h)(3) of the Code, as added by Congress in the Pension Protection Act of 2006, describes the prerequisites for substitute mortality tables that must be followed. Among the criteria is the requirement in section 430(h)(3)(C)(v)(I) that the submission must be made at least 7 months before the first day of the first plan year that the particular substitute mortality table is applicable. Accordingly, if a plan seeks a ruling as to the acceptability of a substitute mortality table, the submission must be made before June 1, 2007. Section 430 is applicable for plan years beginning on or after January 1, 2008. An affected, eligible employer may rely on a ruling on an actual substitute mortality table for 10 years. Moreover, absent the attached revenue procedure affected, eligible employers would, in the ordinary course of the their businesses, take the time, energy and effort to create substitute mortality tables because the reduced costs in funding their defined benefit plans may far exceed the costs involved in the creation of substitute mortality tables. The revenue procedure provides a method for affected, eligible employers to obtain assurance as to the acceptability of their substitute mortality tables, and therefore, substantial savings.

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Authorizing Statute(s): US Code: 26 USC 430 Name of Law: Minimum funding standards for single-employer defined benefit pension plan
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Substitute Mortality Tables for Single Employer Defined Benefit Plans

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	450	0	0	450	0	0
Annual Time Burden (Hours)	25,400	0	0	25,400	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: New Revenue Procedure.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 04/19/2007

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