TD 9467 (REG-139236-07), Notice 2020-61 (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act):Notice 2020-60 (Election of Alternative Minimum Funding

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Community newspaper election notice draft 06022020 (003).docx	Supplementary Document	Uploaded 2020-07-07	Repair queued
CARES act DB funding notice draft 06192020.docx	Supplementary Document	Uploaded 2020-07-07	Repair queued
2021 Supporting Statement 1545-2095.docx	Supporting Statement A	Uploaded 2020-11-16	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
242616	Special Rules for Single-Employer Defined Benefit Pension Plans under the CARES Act		Unchanged
242615	Election of Alternative Minimum Funding Standards for Community Newspaper Plans		Unchanged
183153	Minimum funding Standards and Limits on Benefits		Modified

ICR Details

OMB Control No: 1545-2095	ICR Reference No: 202011-1545-004
Status: Historical Active	Previous ICR Reference No: 202007-1545-005
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: TD 9467 (REG-139236-07), Notice 2020-61 (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act):Notice 2020-60 (Election of Alternative Minimum Funding
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: 03/10/2021
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/26/2021
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2024	36 Months From Approved	03/31/2021
Responses	81,020	0	157,620
Time Burden (Hours)	121,080	0	159,380
Cost Burden (Dollars)	0	0	0

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Abstract: TD 9467 (AFTAP) - the previously approved Regulations under sections 430(d), 430(g), 430(h)(2), and 430(i) provide guidance on the determination of benefit liabilities and the valuation of plan assets for purposes of the funding requirements that apply to single employer defined benefit plans pursuant to changes made by the Pension Protection Act of 2006. In order to implement the statutory provisions under section 430(h)(2), the regulations provide for the sponsor of a defined benefit plan to make any of several elections related to the interest rate used for minimum funding purposes and require written notification of any such election to be provided to the plan's enrolled actuary. These final regulations provide for the sponsor of a defined benefit pension plan to make any of several elections.

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Authorizing Statute(s): PL: Pub.L. 109 - 280 104 thru 106 and 402 Name of Law: Pension protection Act of 2006
   US Code: 26 USC 430 Name of Law: Minimum funding standards for single-employer defined benefit pension plans
   US Code: 26 USC 436 Name of Law: Funding-based limits on benefits and benefit accruals under single-employer plans
   PL: Pub.L. 116 - 136 3608(b) Name of Law: Coronavirus Aid, Relief, and Economic Security Act
   PL: Pub.L. 116 - 94 115(a) Name of Law: Setting Every Community Up for Retirement Enhancement Act
  

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:
	85 FR 67424	10/22/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 7184	01/26/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Election of Alternative Minimum Funding Standards for Community Newspaper Plans
Minimum funding Standards and Limits on Benefits
Special Rules for Single-Employer Defined Benefit Pension Plans under the CARES Act

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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	81,020	157,620	0	-76,600	0	0
Annual Time Burden (Hours)	121,080	159,380	0	-38,300	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: The change in burden is reflective of the removal of Notice 2014-53. The new burden is 121,080, a reduction of 38,300 burden hours. The prior submission included references to Notice 2014-53, which required collections of information of one-time elections for the 2013 and 2014 plan years. Because there will be no more new collections, we do not need to renew the paperwork authorization for that collection. There are no forms involved with the two notices that are newly added with the previous emergency approval.

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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.     No

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? Yes

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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: 01/26/2021

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