Plan-Specific Substitute Mortality Tables for Determining Present Value

Forms and Documents

Document Name	Status
1545-2073 Supporting Statement-JC.docx Supporting Statement A	2024-11-14

IC Document Collections

IC ID	Document Title	Status
179690	Substitute Mortality Tables specified in section 430(h)(3)	Modified

ICR Details

OMB Control No: 1545-2073	ICR Reference No: 202407-1545-001
Status: Received in OIRA	Previous ICR Reference No: 201704-1545-021
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Plan-Specific Substitute Mortality Tables for Determining Present Value
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/05/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	15	0
Time Burden (Hours)	4,000	0
Cost Burden (Dollars)	0	0

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Abstract: Section 412 of the Internal Revenue Code (Code) prescribes minimum funding requirements for defined benefit pension plans. Section 430 specifies the minimum funding requirements that apply generally to defined benefit plans that are single-employer plans (that is, not multiemployer plans). Revenue Procedure 2024-32 updates the procedures set forth in Rev. Proc. 2017-55 to reflect the amendments to §1.430(h)(3)-2 made by TD 10005.

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Authorizing Statute(s): US Code: 26 USC 430 Name of Law: Minimum funding standards for single-employer defined benefit pension plan
   US Code: 26 USC 412 Name of Law: Minimum Funding Standards
  

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:
	89 FR 73190	09/09/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 94881	11/29/2024
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
Substitute Mortality Tables specified in section 430(h)(3)

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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	15	0	0	15	0	0
Annual Time Burden (Hours)	4,000	0	0	4,000	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Beginning in 2020 and extending into the first part of 2023, for many defined benefit pension plans, the mortality experience of the plan participants was significantly higher than expected due to the COVID-19 pandemic. The Treasury Department and the IRS were concerned that if a substitute mortality table constructed using that mortality ratio is used for a plan’s actuarial valuation, then the plan’s liabilities will be understated. New regulations and updated procedures previously approved under 1545-0047 will account for the burden in this request to reinstate this separate approval number. The estimated total annual reporting/recordkeeping burden is 4,000 hours. The estimated annual number of respondents/recordkeepers is 15.

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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.     Yes

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: 02/05/2025

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