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
ICR 201011-1545-013 · OMB 1545-2196 · Historical Active
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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
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.
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.
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
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.
$0
No
No
No
No
No
Uncollected
Diane Bloom 2022839545
Reginfo record details
No
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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