Notice - Special Rules Relating to Funding Relief for Single-Employer Pension Plans under PRA 2010 and Notice - Funding Relief for Multiemployer Defined Benefit Plans under PRA 2010

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
194688	Notice - Special Rules Relating to Funding Relief for Single-Employer Pension Plans under PRA 2010 and Notice - Funding Relief for Multiemployer Defined Benefit Plans under PRA 2010	Modified

ICR Details

OMB Control No: 1545-2196	ICR Reference No: 201011-1545-013
Status: Historical Active	Previous ICR Reference No: 201009-1545-066
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Notice - Special Rules Relating to Funding Relief for Single-Employer Pension Plans under PRA 2010 and Notice - Funding Relief for Multiemployer Defined Benefit Plans under PRA 2010
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/19/2010
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/19/2010
	Date Received in OIRA: 11/17/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2011	6 Months From Approved	04/30/2011
Responses	49,420	0	35,600
Time Burden (Hours)	30,530	0	26,700
Cost Burden (Dollars)	0	0	0

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Abstract: One notice provides guidance in the form of questions and answers for sponsors of multiemployer defined benefit plans with respect to the special funding rules under § 431(b)(8), as added by section 211(a)(2) of the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010), Pub. L. No.111 192. One notice provides guidance on the special rules relating to funding relief for single-employer defined benefit pension plans (including multiple employer defined benefit pension plans) under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010), Pub. L. No.111-192.

Emergency Justfication: Taxpayers must receive the guidance outlined in these notices as soon as possible. Failure to adhere to these guidelines could result in an adverse financial impact on the taxpaying public and hinder the mission of the IRS. The new Statute is already in effect, and will also affect the filings of Form 5500, schedule SB, for 2009 plan year, due October 15, 2010. Thus, we are requesting an emergency Paperwork Reduction Act review by October 1, 2010.

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Authorizing Statute(s): US Code: 26 USC 431(b)(8) Name of Law: Minimum funding standards for multiemployer plans
   US Code: 26 USC 436 Name of Law: Funding-based limits on benefits and benefit accruals under single-employer plans
   PL: Pub.L. 111 - 192 211(a)(2) Name of Law: Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010
   US Code: 26 USC 430 Name of Law: Minimum funding standards for single-employer defined benefit pension plans
  

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
	Other Documents for OIRA Review

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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
Notice - Special Rules Relating to Funding Relief for Single-Employer Pension Plans under PRA 2010 and Notice - Funding Relief for Multiemployer Defined Benefit Plans under PRA 2010

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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	49,420	35,600	0	0	13,820	0
Annual Time Burden (Hours)	30,530	26,700	0	0	3,830	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: One notice provides guidance in the form of questions and answers for sponsors of multiemployer defined benefit plans with respect to the special funding rules under § 431(b)(8), as added by section 211(a)(2) of the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010), Pub. L. No.111 192. One notice provides guidance on the special rules relating to funding relief for single-employer defined benefit pension plans (including multiple employer defined benefit pension plans) under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010), Pub. L. No.111-192. Changes are being made to more accurately reflect burden. For Special Rules Relating to Funding Relief for Single-Employer Pension Plans under PRA 2010, the estimated total number of respondents is 34,100 plans. The estimated total annual reporting and/or recordkeeping burden is 25,700 hours. The information collected in Q&A N-6, Q&A N-7, and Q&A T 1(c) applies only to single-employer defined benefit plans covered by the PBGC. For this information, the estimated total number of respondents is 13,820 plans. The estimated annual burden per respondent/recordkeeper is 15 minutes. The estimated total annual reporting and/or recordkeeping burden is 3,455 hours. And for Funding Relief for Multiemployer Defined Benefit Plans under PRA 2010, the estimated total number of respondents for 2010 and 2011 is 1,500. The estimated annual burden per respondent varies from 45 minutes to 65 minutes, depending on individual circumstances, with an estimated average of 55 minutes. The estimated total annual reporting and/or recordkeeping burden is 1,375 hours.

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Annual Cost to Federal Government: $0

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 11/17/2010

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