Salary Reduction Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 5305A-SEP Salary Reduction Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement	Form and Instruction	Modified	Repair queued
2021-SS_1545-1012.docx	Supporting Statement A	Uploaded 2021-04-27	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
17676	Salary Reduction Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement	Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1012	ICR Reference No: 202103-1545-002
Status: Received in OIRA	Previous ICR Reference No: 201712-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Salary Reduction Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 04/29/2021

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2021
Responses	100,000	100,000
Time Burden (Hours)	972,000	972,000
Cost Burden (Dollars)	0	0

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Abstract: Form 5305A-SEP is used by an employer to make an agreement to provide benefits to all employees under a salary reduction Simplified Employee Pension (SEP) described in section 408(k). This form is not to be filed with IRS, but is to be retained in the employer's records as proof of establishing such a plan, thereby justifying a deduction for contributions made to the SEP. The data is used to verify the deduction.

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Authorizing Statute(s): US Code: 26 USC 404 Name of Law: Deduction for contributions of an employer to an employees' trust or annuity plan and compensation u
   US Code: 26 USC 408 Name of Law: Individual retirement accounts
  

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:
	86 FR 10002	02/17/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 22784	04/29/2021
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
Salary Reduction Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement	5305A-SEP	Salary Reduction Simplified Employee Pension Individual Retirement Accounts Contribution Agreement

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ICR Summary of Burden

table that charts list of burden

	Total Request	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	100,000	100,000	0	0	0	0
Annual Time Burden (Hours)	972,000	972,000	0	0	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: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $1,279

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? No

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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: 04/29/2021

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