Notice 2021-57, Funding Relief for Multiemployer Defined Benefit Pension Plans Under the American Rescue Plan Act

ICR 202110-1545-001

OMB: 1545-2300

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2021-10-08
Supporting Statement A
2021-10-08
IC Document Collections
ICR Details
1545-2300 202110-1545-001
Active
TREAS/IRS
Notice 2021-57, Funding Relief for Multiemployer Defined Benefit Pension Plans Under the American Rescue Plan Act
New collection (Request for a new OMB Control Number)   No
Emergency 10/08/2021
Approved without change 10/08/2021
Retrieve Notice of Action (NOA) 10/08/2021
  Inventory as of this Action Requested Previously Approved
04/30/2022 6 Months From Approved
937 0 0
896 0 0
0 0 0

The American Rescue Plan Act of 2021 (ARP), P.L. 117-2, sections 9701, 9702, and 9703 provide elective funding relief for multiemployer defined benefit pension plans to address the continued impact of COVID-19. This notice provides guidance for sponsors of multiemployer defined benefit pension plans on the elections under sections 9701 and 9702 of the ARP Act, and the relief provided under section 9703 of the ARP Act, relating to Internal Revenue Code (IRC) sections 431 and 432.
The Department of the Treasury and the Internal Revenue Service (IRS) are requesting approval of a new OMB Control Number under emergency procedures in connection with provisions of Public Law 117-2, Sections 9701, 9702, and 9703 (March 11, 2021), commonly referred to as the American Rescue Plan Act of 2021. In response to this unprecedented public health emergency, and economic impact, the Internal Revenue Service (IRS) plans to issue a new Notice, “Notice 2021-57: Funding relief for multiemployer defined benefit pension plans under the American Rescue Plan Act of 2021.” We request emergency clearance for this information collection as soon as possible. This notice will allow sponsors of multiemployer defined benefit pensions access to plan funding relief granted by §§ 9701, 9702 and 9703 of the American Rescue Plan (ARP) in response to the financial difficulties suffered by plan sponsors during the COVID-19 pandemic. We request immediate OMB review of this request. Emergency approval of this collection is essential to the mission of the IRS. Plan sponsors will be able to determine when and how the relief will be taken, and in the event of an examination, the IRS can obtain documentation of their elections. Use of the normal clearance procedures will create a delay that will be disruptive to operations of pension plans, since they will not be able to document their elections and could delay the plans’ statutorily required reporting to the IRS. The IRS plans to release Notice 2021-21 on October 8, 2021, and thus requests approval of the control number by that date. Given the inability to seek public comment during such a short timeframe, IRS respectfully requests a waiver from the requirement to publish notice in the Federal Register seeking public comment during the period of Office of Management and Budget review.

PL: Pub.L. 117 - 2 9701, 9702, and 9703 Name of Law: American Rescue Plan Act of 2021
   US Code: 26 USC 432 Name of Law: Additional Funding Rules For Multiemployer Plans In Endangered Status Or Critical Status
   US Code: 26 USC 431 Name of Law: Minimum Funding Standards For Multiemployer Plans
  
PL: Pub.L. 117 - 2 9701, 9702, and 9703 Name of Law: American Rescue Plan Act of 2021

Not associated with rulemaking

No

1
IC Title Form No. Form Name
IRS Notice 2021-57

  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 937 0 937 0 0 0
Annual Time Burden (Hours) 896 0 896 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This is a new notice developed to comply with sections 9701, 9702, and 9703 of the American Rescue Plan Act of 2021, P.L. 117-2. There was no paperwork burden previously approved by OMB. We are making this submission to request OMB approval.

$0
No
    Yes
    No
No
No
No
Yes
Linda Marshall 202 622-6090 [email protected]

  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.
10/08/2021


© 2021 OMB.report | Privacy Policy