Proposed Collection; Comment Request for Regulation Project, 67424-67425 [2020-23379]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 205 (Thursday, October 22, 2020)]
[Notices]
[Pages 67424-67425]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23379]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995. Currently, the IRS is soliciting 
comments concerning existing Final Regulation, TD 9467-Measurement of 
Assets and Liabilities for Pension Funding Purposes, Pension Funding 
Stabilization under the Highway and Transportation Funding Act of 2014 
(HAFTA), Notice 2020-61-Special rules for single-employer defined 
benefit pension plans under the Cares Act, and Notice 2020-60-Election 
of alternative minimum funding standards for community newspaper plans 
benefit pension plans under the Cares Act.

DATES: Written comments should be received on or before December 21, 
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 regulations should be directed to LaNita Van Dyke, at 
(202) 317-6009, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Measurement of Assets and Liabilities for Pension Funding 
Purposes.
    OMB Number: 1545-2095.
    Regulation Project Number: REG-139236-07 (TD 9467).
    Abstract: In order to implement the statutory provisions under 
sections 430 and 436, this final regulation contains collections of 
information in Sec. Sec.  1.430(f)-1(f), 1.430(h)(2)-1(e), 1.436-1(f), 
and 1.436-1(h). The information required under Sec.  1.430(f)-1(f) is 
required in order for plan sponsors to make elections regarding a 
plan's credit balances upon occasion. The information under Sec.  
1.430(g)-1(d)(3) is required in order for a plan sponsor to include as 
a plan asset a contribution made to avoid a restriction under section 
436. The information required under Sec.  1.430(h)(2)-1(e) is required 
in order for a plan sponsor to make an election to use an alternative 
interest rate for purposes of determining a plan's funding obligations 
under Sec.  1.430(h)(2)-1. The information required under Sec. Sec.  
1.436-1(f) and 1.436-1(h) is required in order for a qualified defined 
benefit plan's enrolled actuary to provide a timely certification of 
the plan's adjusted funding target attainment percentage (AFTAP) for 
each plan year to avoid certain benefit restrictions.
    The Highway and Transportation Funding Act of 2014 (HATFA), Public 
Law 113-159, was enacted on August 8, 2014, and was effective 
retroactively for single employer defined benefit pension plans, 
optional for plan years beginning in 2013 and mandatory for plan years 
beginning in 2014.
    Section 3608(b) of the Coronavirus Aid, Relief, and Economic 
Security Act (CARES Act), Public Law 116-136 provides that for purposes 
of applying Sec.  436 of the Code (and Sec.  206(g) of ERISA), a 
sponsor of a single-employer defined benefit pension plan may elect to 
treat the plan's adjusted funding target attainment percentage (AFTAP) 
for the last plan year ending before January 1, 2020, as the AFTAP for 
plan years that include calendar year 2020. Notice 2020-61, in part, 
provides guidance on the rules relating to this election.
    Section 115(a) of the Setting Every Community Up for Retirement 
Enhancement Act of 2019 (SECURE Act), Division O of the Further 
Consolidated Appropriations Act, 2020, Public Law 116-94, added new 
Sec.  430(m) to the Code to permit the plan sponsor of a community 
newspaper plan under which no participant has had an increase in 
accrued benefit after December 31, 2017 to elect to have alternative 
minimum funding standards apply to the plan in lieu of the minimum 
funding requirements that would otherwise apply under Sec.  430. 
Pursuant to Sec.  430(m)(2), any election under Sec.  430(m) will be 
made at such time and in such manner as prescribed by the Secretary, 
and once an election is made with respect to a plan year, it will apply 
to all subsequent plan years unless revoked with the consent of the 
Secretary. Notice 2020-60 provides guidance regarding this election.
    Current Actions: There are changes to the collection.
    Type of Review: Revisions to a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organizations, not-for-profit institutions and Federal, state, local or 
tribal governments.

TD 9467

    Estimated Number of Respondents: 80,000.
    Estimated Time per Respondent: 1.5 hrs.
    Estimated Total Annual Burden Hours: 120,000.
    Notice: 2020-60.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 1 hr.
    Estimated Total Annual Burden Hours: 1,000.
    Notice 2020-61.
    Estimated Number of Respondents: 20.
    Estimated Time per Respondent: 4 hr.
    Estimated Total Annual Burden Hours: 80.
    The following paragraph applies to all of the collections of 
information covered by this notice:

[[Page 67425]]

    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 as long as 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: October 18, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-23379 Filed 10-21-20; 8:45 am]
BILLING CODE 4830-01-P