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; Notice 2021-48 (G

Forms and Documents

Document Name	Status
Notice 2021-48 Emergency Justification Memo to OMB_signed.pdf Supplementary Document	2021-08-11
Notice 2021-48 (FINAL).docx Supplementary Document	2021-08-09
Community newspaper election notice draft 06022020 (003).docx Supplementary Document	2020-07-07
CARES act DB funding notice draft 06192020.docx Supplementary Document	2020-07-07
2021 Supporting Statement 1545-2095.docx Supporting Statement A	2021-08-11

IC Document Collections

IC ID	Document Title	Status
248767	Guidance on Single-Employer Defined Benefit Pension Plan Funding Changes under the American Rescue Plan Act of 2021	New
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	Unchanged

ICR Details

OMB Control No: 1545-2095	ICR Reference No: 202108-1545-006
Status: Received in OIRA	Previous ICR Reference No: 202011-1545-004
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; Notice 2021-48 (G
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 08/11/2021
Date Submitted to OIRA: 08/11/2021

	Requested	Previously Approved
Expiration Date	6 Months From Approved	03/31/2024
Responses	241,020	81,020
Time Burden (Hours)	161,080	121,080
Cost Burden (Dollars)	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.

Emergency Justfication: 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.

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Authorizing Statute(s): 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
   PL: Pub.L. 109 - 280 104 thru 106 and 402 Name of Law: Pension protection Act of 2006
  

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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Election of Alternative Minimum Funding Standards for Community Newspaper Plans
Guidance on Single-Employer Defined Benefit Pension Plan Funding Changes under the American Rescue Plan Act of 2021
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

	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	241,020	81,020	0	160,000	0	0
Annual Time Burden (Hours)	161,080	121,080	0	40,000	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: Notice 2021-48 will allow sponsors of single-employer defined benefit pensions access to plan funding relief granted by §§ 9705 and 9706 of the American Rescue Plan (ARP) in response to the financial difficulties suffered by plan sponsors during the COVID-19 pandemic. 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.

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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: 08/11/2021

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