Notice2023-26448
Proposed Collection; Comment Request Relating to New Technologies in Retirement Plans
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 1, 2023
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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.
Full Text
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<title>Federal Register, Volume 88 Issue 230 (Friday, December 1, 2023)</title>
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[Federal Register Volume 88, Number 230 (Friday, December 1, 2023)]
[Notices]
[Pages 84035-84036]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-26448]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request Relating to 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 January 30,
2024 to be assured of consideration.
[[Page 84036]]
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224, or by email to <a href="/cdn-cgi/l/email-protection#8ffffdeea1ece0e2e2eae1fbfccfe6fdfca1e8e0f9"><span class="__cf_email__" data-cfemail="6b1b190a45080406060e051f182b021918450c041d">[email protected]</span></a>. Include OMB control number
1545-1632 or New Technologies in Retirement Plans.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to Kerry Dennis at (202)
317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet, at
<a href="/cdn-cgi/l/email-protection#511a342323287f1d7f15343f3f3822113823227f363e27"><span class="__cf_email__" data-cfemail="e4af8196969dcaa8caa0818a8a8d97a48d9697ca838b92">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: New Technologies in Retirement Plans.
OMB Number: 1545-1632.
Regulation Project Numbers: TD 8873, TD 9294, and REG-114666-22.
Abstract: Treasury Regulations section 1.402(f)-1 require that plan
administrators and employers provide recipients of certain
distributions from qualified retirement plans timely written
explanations of certain provisions. This regulation provides that if a
full written paper explanation was previously given, a written paper or
electronic summary of the explanation may be provided to participants
in lieu of the full explanation within the requisite time. Treasury
Regulations section 1.411(a)-11 require employers or plan
administrators of qualified retirement plans to provide certain notices
to and obtain consents and elections from distributees. Treasury
Regulations section 1.411(a)-11 requires that a confirmation of the
terms of the distribution be provided to each participant who consents
to a distribution through an electronic medium.
Current Actions: There are no changes to the regulation or burden.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
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 hours.
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: October 20, 2023.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2023-26448 Filed 11-30-23; 8:45 am]
BILLING CODE 4830-01-P
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