Substitute Mortality Tables for Single Employer Defined Benefit Plans

Forms and Documents

Document	Type	Status	Availability
revenue procedure 2017-55 final(checked).docx	Supplementary Document	Uploaded 2017-11-16	Available
Rev Proc 2008-62 2008-42 IRB 935 to 945.pdf	Supplementary Document	Uploaded 2013-09-27	Available
2017-07-10 SS 1545-2073r.doc	Supporting Statement A	Uploaded 2017-07-10	Available
Rev Proc 2007-37.pdf	Supplementary Document	Uploaded 2007-10-17	Available
jct x-38-06 HR4 102 112.background.doc	Supplementary Document	Uploaded 2007-04-17	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
179690	Substitute Mortality Tables for Single Employer Defined Benefit Plans		Modified

ICR Details

OMB Control No: 1545-2073	ICR Reference No: 201704-1545-021
Status: Historical Active	Previous ICR Reference No: 201309-1545-088
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Substitute Mortality Tables for Single Employer Defined Benefit Plans
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/21/2017
	Date Received in OIRA: 07/28/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2020	36 Months From Approved	12/31/2017
Responses	225	0	450
Time Burden (Hours)	60,000	0	25,400
Cost Burden (Dollars)	0	0	0

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Abstract: Revenue Procedure 2007-37 has been updated (i.e., in effect, superseded) by Revenue Procedure 2008-62, 2008-42 IRB 935. Revenue Procedure 2007-37 may be relied on only for requests submitted prior to December 1, 2008. 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.

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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
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 21454	05/08/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 35264	07/28/2017
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	225	450	0	-225	0	0
Annual Time Burden (Hours)	60,000	25,400	0	34,600	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: IRS is currently working on updated final regulations and a new revenue procedure. The preamble to the proposed regulations states that taxpayers who request substitute tables under Rev. Proc. 2008-62 will only be able to use them until shortly after the new regulations become effective (they are proposed to be effective in 2018). Even before that, actuaries were aware that IRS was working on these regulations and that their substitute tables would expire after new regulations were issued. As a result, Employee Plans received only one request for use of substitute tables in 2016. They expect a similar very low volume of requests under Rev. Proc. 2008-62 in 2017. After IRS publishes the new regulations and new revenue procedure, IRS will receive a larger volume of requests. IRS anticipates publishing before the end of July 2017.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 07/28/2017

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