Application for Approval of Prototype or Employer Sponsored Individual Retirement Account

Forms and Documents

Document Name	Status
Form 5306 Application for Approval of Prototype or Employer Sponsored Individual Retirement Account Form and Instruction	Modified
Change Justification Statement.pdf Justification for No Material/Nonsubstantive Change	2010-08-27

IC Document Collections

IC ID	Document Title	Status
17235	Application for Approval of Prototype or Employer Sponsored Individual Retirement Account Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0390	ICR Reference No: 201008-1545-050
Status: Historical Active	Previous ICR Reference No: 200909-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1545-0390-050
Title: Application for Approval of Prototype or Employer Sponsored Individual Retirement Account
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/08/2011
	Date Received in OIRA: 04/13/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2013	02/28/2013	02/28/2013
Responses	600	0	600
Time Burden (Hours)	8,244	0	7,878
Cost Burden (Dollars)	0	0	0

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Abstract: This application is used by employers who want to establish an individual retirement account trust to be used by their employees. The application is also used by persons who want to establish approved prototype individual retirement accounts or annuities. The data collected is used to determine if plans may be approved.

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Authorizing Statute(s): US Code: 28 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:
	74 FR 31087	06/29/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 64125	12/07/2009
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
Application for Approval of Prototype or Employer Sponsored Individual Retirement Account	5306	Application for Approval of Prototype or Employer Sponsored Individual Retirement Arrangement (IRA)

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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	600	600	0	0	0	0
Annual Time Burden (Hours)	8,244	7,878	0	366	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: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Form 5306 was revised to include Privacy Act Notice language as advised by the Chief Counsel, IRS. Because of this revision, the burden per respondent has increased, thus increasing the burden by 366 hours due to program change. Total burden requested is 8,244 hours.

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Annual Cost to Federal Government: $383

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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: 04/13/2011

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