Annual Return/Report of Employee Benefit Plan

Forms and Documents

Document Name	Status
Form Schedule A Annual Return/Report of Employee Benefit Plan Form	Modified
Summary of changes 2012 version.pdf Justification for No Material/Nonsubstantive Change	2011-12-02

IC Document Collections

IC ID	Document Title	Status
40957	Annual Return/Report of Employee Benefit Plan Form	Modified

ICR Details

OMB Control No: 1545-1610	ICR Reference No: 201112-1545-005
Status: Historical Active	Previous ICR Reference No: 201105-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Annual Return/Report of Employee Benefit Plan
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/29/2012
	Date Received in OIRA: 02/24/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2014	01/31/2014	01/31/2014
Responses	780,000	0	780,000
Time Burden (Hours)	358,601	0	321,000
Cost Burden (Dollars)	102,000,000	0	102,000,000

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Abstract: Form 5500 is an annual information return filed by employee benefit plans. The IRS uses this information to determine if the plan appears to be operating properly as required under the law or whether the plan should be audited.

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Authorizing Statute(s): US Code: 26 USC 6058 Name of Law: Information required in connection with certain plans of deferred compensation
   PL: Pub.L. 109 - 280 1 Name of Law: The Pension Protection Act of 2006 (PPA)
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 33386	06/11/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 66828	10/29/2010
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
Annual Return/Report of Employee Benefit Plan	Schedule C, Schedule D, 5500, Schedule A , Sch MB (Form 5500), Schedule G, Schedule H, Schedule I, Schedule R , Sch SB (Form 5500), 5500-SF	Insurance Information ,   Service Provider Information ,   DFE/Participating Plan Information ,   Financial Transaction Schedules ,   Financial Information ,   Financial Information - Small Plan ,   Retirement Plan Information ,   Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information ,   Annual Return/Report of Employee Benefit Plan ,   Single-Employer Defined Benefit Plan Actuarial Information ,   Short Form Annual Return/Report of Small Employee Bennefit Plan

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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	780,000	780,000	0	0	0	0
Annual Time Burden (Hours)	358,601	321,000	0	37,601	0	0
Annual Cost Burden (Dollars)	102,000,000	102,000,000	0	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: Form 5500 is an annual information return filed by employee benefit plans. The following changes have been made to the 2012 version of collect effort: 1. Authority to add optional trust information Section 6033(a) requires every organizations exempt from taxation under section 501(a) to file an annual return. Trust information was previously included on the Schedule P, authorized by section 6033(a). As part of the switch to electronic filing of the Form 5500, Announcement 2007-63 eliminated Schedule P effective for the 2006 and later plan years (2005 Plan Year for Form 5500-EZ filers). IRS suggests adding the name of the trust and the trust's EIN on the 2012 the Forms 5500. 2. Authority to add optional Preparer information Preparer information was optional in Form 5500 in 2008 and previous years and was removed from Form 5500 in 2009. Section 7701(a)(36) of the Code defines the tax return preparer as any person who prepares for compensation, or who employs one or more persons to prepare for compensation, any tax return or claim for refund, or substantial portion of such return or claim . The Small Business and Work Opportunity Tax Act of 2007, Pub. L. No. 110-28, 121 Stat. 190, extend the application of the income tax return preparer penalties to all tax return preparers. Revenue Procedure 2009-7, 2009-3 I.R.B.313, clarifies that Form 5500 preparers (including Form 5500-EZ and Form 5500-SF) are the tax return preparers. Treasury regulations under section 6109 of the Code, require these preparers to furnish PTINs and signatures in filing for tax returns for purposes of the Internal Revenue Code. Although, Notice 2011-6 temporarily exempts Forms 5500 from PTIN requirements, Treasury regulations require all paid tax return preparers to obtain the PTINs. Therefore, IRS proposed to include optional Preparer Information in Forms 5500 for purposes of compliance with the Internal Revenue Code, Treasury regulations, and operations. It is estimated that these changes will result in a burden increase of 37,601 hours per year.

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Annual Cost to Federal Government: $3,032,900

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: 02/24/2012

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