Proposed Collection; Comment Request for New Technologies in Retirement Plans, 55579 [2020-19720]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 174 (Tuesday, September 8, 2020)]
[Notices]
[Page 55579]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19720]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for New Technologies in 
Retirement 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 general public 
and other Federal agencies to take this opportunity to comment on 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning new 
technologies in retirement plans.

DATES: Written comments should be received on or before November 9, 
2020 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: New Technologies in Retirement Plans.
    OMB Number: 1545-1632.
    Regulation Project Number: TD 8873/Notice 2020-42.
    Abstract: Treasury Decision 8873 contains amendments to the 
regulations governing certain notices and consents required in 
connection with distributions from retirement plans. Specifically, 
these regulations set forth applicable standards for the transmission 
of those notices and consents through electronic media and modify the 
timing requirements for providing certain distribution-related notices. 
The regulations provide guidance to plan sponsors and administrators by 
interpreting the notice and consent requirements in the context of the 
electronic administration of retirement plans. The regulations affect 
retirement plan sponsors, administrators, and participants.
    On March 13, 2020, the President of the United States issued an 
emergency declaration under the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act in response to the ongoing Coronavirus Disease 
2019 (COVID-19) pandemic, beginning March 1, 2020 (COVID-19 Emergency). 
In response to this unprecedented public health emergency, and the 
related social distancing that has been implemented, Notice 2020-42 
provides temporary relief from the physical presence requirement in 
Sec.  1.401(a)-21(d)(6) of the Income Tax Regulations for participant 
elections required to be witnessed by a plan representative or a notary 
public, such as a spousal consent required under Sec.  417 of the 
Internal Revenue Code (the Code). While this temporary relief, which 
covers the period from January 1, 2020, through December 31, 2020, is 
intended to facilitate the use of coronavirus-related distributions and 
plan loans to qualified individuals, as permitted by section 2202 of 
the Coronavirus Aid, Relief, and Economic Security Act, Public Law 116-
136, 134 Stat. 281 (2020) (CARES Act), the temporary relief applies to 
any participant election that requires the signature of the individual 
making the election to be witnessed in the physical presence of a plan 
representative or notary.
    Current Actions: There are no changes being made to the regulations 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 455,625.
    Estimated Number of Responses: 11,700,000.
    Estimated Time per Response: 2 minutes.
    Estimated Total Annual Burden Hours: 477,563.
    The following paragraph applies to all the collections of 
information covered by this notice.
    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.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: August 31, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-19720 Filed 9-4-20; 8:45 am]
BILLING CODE 4830-01-P