Annual Return/Report of Employee Benefit Plan

ICR 201907-1545-002

OMB: 1545-1610

Federal Form Document

ICR Details
1545-1610 201907-1545-002
Historical Active 201903-1545-022
TREAS/IRS Ready
Annual Return/Report of Employee Benefit Plan
Revision of a currently approved collection   No
Regular
Approved with change 03/18/2020
Retrieve Notice of Action (NOA) 09/27/2019
Treasury amended the Supporting Statement to include additional details.
  Inventory as of this Action Requested Previously Approved
03/31/2023 36 Months From Approved 03/31/2020
916,500 0 804,500
930,908 0 330,208
139,007,000 0 127,898,000

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.

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)
  
PL: Pub.L. 111 - 192 430 Name of Law: Pension Relief Act

Not associated with rulemaking

  84 FR 20202 05/08/2019
84 FR 50886 09/26/2019
Yes

  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 916,500 804,500 0 250,000 -138,000 0
Annual Time Burden (Hours) 930,908 330,208 0 4,743,660 -4,142,960 0
Annual Cost Burden (Dollars) 139,007,000 127,898,000 0 0 11,109,000 0
Yes
Miscellaneous Actions
No
The IRS is updating the burden to reflect updated data on Form 5500 filing counts and wage rates from the Department of Labor. The number of filings increased by 10,000 for a new total of 814,000 responses. As a result, the burden attributable to IRS requirements increased by 4,000 hours for a new total of 334,000 hours for Form 5500 and schedules. Non-labor costs increased by $11,109,000. These changes represent an adjustment in Agency Estimates. With this submission, IRS is also consolidating the burden previously accounted for under OMB Control Number 1545-0956 for the Form 5500-EZ paper filings of 250,000 responses, 7,005,000 hours and no non-labor costs. However, based on updated filing data, the number of responses for the paper 5500-EZ is being reduced by 148,000 for a new total of 102,000. This results in a corresponding decrease of 4,146,960 hours due to adjustment in agency estimates. In accordance with the methodology used for the rest of the Form 5500 series which regards recordkeeping and other non-filing costs to be customary and usual business practices, the burden per response for the paper 5500-EZ is being reduced from 28.02 hours to 5.85 hours. This results in a further decrease of 2,261,340 hours due to agency discretion. There is no change in the estimates for the Form 5500-SUP.

$6,200,000
No
    No
    No
No
No
No
Uncollected
Leslie Larson 202 317-8691

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
09/27/2019


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