Revenue Procedure 2015-XX (Master and Prototype and Volume Submitter Plans) (previously Rev. Proc. 2011-49 & 2005-16)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supporting Statement 2 For 2011-49Update 040615 (2).doc	Supporting Statement A	Uploaded 2015-05-01	Available
2015-XX let rev proc draft 4-16-2015 doc(checked).docx	Supplementary Document	Uploaded 2015-04-29	Available
RP 2011-49.pdf	Supplementary Document	Uploaded 2011-10-17	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
43885	Revenue Procedure 2015-XX (Master and Prototype and Volume Submitter Plans) (previously Rev. Proc. 2011-49 & 2005-16)		Modified

ICR Details

OMB Control No: 1545-1674	ICR Reference No: 201504-1545-011
Status: Historical Active	Previous ICR Reference No: 201110-1545-047
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Revenue Procedure 2015-XX (Master and Prototype and Volume Submitter Plans) (previously Rev. Proc. 2011-49 & 2005-16)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 05/04/2015
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/21/2015
	Date Received in OIRA: 05/04/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2015	6 Months From Approved	01/31/2016
Responses	340,765	0	325,800
Time Burden (Hours)	988,290	0	1,058,850
Cost Burden (Dollars)	0	0	0

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Abstract: This revenue procedure modifies Rev. Proc. 2011-49, 2011-44 I.R.B. 608. Rev. Proc. 2011-49 sets forth the procedures for issuing opinion and advisory letters regarding the acceptability under §§ 401 and 403(b) of the form of pre-approved plans (that it, master and prototype (M&P) and volume submitter (VS) plans. Rev. Proc. 2011-49 provided that the procedures for applying for opinion and advisory letters will be updated from time to time. This revenue procedure expands the scope of the pre-approved program to include defined benefit plans containing cash balance features and defined contribution plans containing employee stock ownership plan (ESOP) features. Plans with these types of features have been previously excluded from the pre-approved program. This revenue procedure also reflects changes that were made to the determination letter program to eliminate features that were of limited usefulness to sponsors and to improve program efficiency by reducing the time it takes to process determination letter requests.

Emergency Justfication: Rev. Proc. 2015-xx, modifies Rev. Proc. 2011-49, 2011-44 I.R.B. 608 and is guidance that is an essential part of an administrative priority to eliminate burdens on employers and the Service with respect to TE/GE’s Employee Plans determination letter program. Due to a lack of resources, the current individually designed plan program is unsustainable and the Commissioner has approved significant changes to the program that will reduce the number of instances under which employers maintaining individually designed plans may submit for a determination letter. A concurrent effort is being made to encourage and facilitate the use of pre-approved plans in order to enable more employers to obtain reliance that their plans are qualified. A critical part of this effort includes issuing Rev. Proc. 2015-xx, which expands current pre-approved plan program availability to two additional types of retirement plans – Employee Stock Ownership Plans (ESOPs) and cash balance plans. The current deadline for submission under the program is June 30, 2015, and Rev. Proc. 2015-xx extends this deadline until October 30, 2015. Sponsors of these plans need several months of lead time after release of the revenue procedure to prepare their submissions. If clearance of the procedure is delayed, in addition to delaying this high profile program covering over 30,000 employer sponsored retirement plans, separate guidance would need to be issued ASAP that would extend the submission deadline. We ask that OMB approve the collection of information on an expedited basis. The Employee Plans Division of the IRS and the Chief Counsel’s Office of the IRS have consulted with stakeholders in drafting the guidance in order to take all practicable steps to minimize the burden of the collection of information. In fact, the revenue procedure is a renewal of an existing program and does not create any new paperwork burden. Prior efforts to reduce employer burden are also reflected in the revenue procedure, which causes the overall paperwork burden to decrease.

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Authorizing Statute(s): US Code: 26 USC 401 Name of Law: Qualified pension, profit-sharing, and stock bonus plans.
   US Code: 26 USC 403(b) Name of Law: Tax Sheltered Annuity 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

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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

table that charts list of burden

IC Title	Form No.	Form Name
Revenue Procedure 2015-XX (Master and Prototype and Volume Submitter Plans) (previously Rev. Proc. 2011-49 & 2005-16)

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ICR Summary of Burden

table that charts list 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	340,765	325,800	0	14,965	0	0
Annual Time Burden (Hours)	988,290	1,058,850	0	-70,560	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Revenue procedure 2015-XX decreases the annual hourly time burden. While, the modifications to the pre-approved program make it more accessible to new types of plans (increasing the number of respondents by 44,015), there has been a reduction in the total number of pre-approved sponsors required to submit responses pursuant to this revenue procedure. This reduction, as well as to changes in program efficiencies have led to a reduction in the total record keeping burden under this revenue procedure. The program changes eliminates features that were of limited usefulness to sponsors and improves program efficiencies by reducing the time it takes to process determination letter requests.

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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: 05/04/2015

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