Proposed Information Collection Request Submitted for Public Comment; Comment Request Relating to Annual Certification for Multiemployer Defined Benefit Plans, 38020-38021 [2020-13519]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 122 (Wednesday, June 24, 2020)]
[Notices]
[Pages 38020-38021]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13519]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection Request Submitted for Public 
Comment; Comment Request Relating to Annual Certification for 
Multiemployer Defined Benefit Plans

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the public and other 
Federal agencies to take this opportunity to comment on proposed and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the IRS is soliciting comments 
concerning guidance to the annual certification for Multiemployer 
Defined Benefit Plans.

DATES: Written comments should be received on or before August 24, 2020 
to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to Ronald J. Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through 
the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Annual Certification for Multiemployer Defined Benefit 
Plans.
    OMB Number: 1545-2111.
    Regulation Project Number: REG-151135-07.
    Abstract: Section 432(b)(3)(A) requires an actuarial certification 
of whether a multiemployer plan is in endangered status, and whether a 
multiemployer plan is or will be in critical status, for each plan 
year. This certification must be completed by the 90th day of the plan 
year and must be provided to the Secretary of the Treasury and to the 
plan sponsor. If the certification is with respect to a plan year that 
is within the plan's funding improvement period or rehabilitation 
period arising from a prior certification of endangered or critical 
status, the actuary must also certify whether the plan is making 
scheduled progress in meeting the requirements of its funding 
improvement or rehabilitation plan.
    Actuaries submit certifications in various formats and lengths. The 
creation of an established form would limit the submissions to the 
information required within an annual certification, reducing the 
burden to all those affected.
    Current Actions: This is a new request for a proposed form for 
actuaries to report the funding status of multiemployer defined benefit 
retirement plans. Actuaries have been required to submit certifications 
regarding plans' funding statuses since 2008 under IRC 432, but we are 
proposing a form to encourage consistency of the format of 
certifications submitted annually and to simplify the process.
    Type of Review: Existing collection in use without an OMB control 
number.
    Affected Public: Not-for-profit institutions, business or other 
for-profit organizations.
    Estimated Number of Respondents: 1,600.
    Estimated Time per Respondent: 45 min.
    Estimated Total Annual Burden Hours: 1,200.
    The following paragraph applies to all the collections of 
information covered by this notice:

[[Page 38021]]

    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number.
    Books or records relating to a collection of information must be 
retained if their contents may become material in the administration of 
any internal revenue law. Generally, tax returns and tax return 
information are confidential, as required by 26 U.S.C. 6103.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: June 16, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-13519 Filed 6-23-20; 8:45 am]
BILLING CODE 4830-01-P