Notice2024-27916
Agency Information Collection Activities; Submission for OMB Review; Comment Request on Burden Related to the Plan-Specific Substitute Mortality Tables for Determining Present Value
Primary source
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Published
November 29, 2024
Issuing agencies
Treasury Department
Abstract
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 the burden related to the Plan-Specific Substitute Mortality Tables for Determining Present Value.
Full Text
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<title>Federal Register, Volume 89 Issue 230 (Friday, November 29, 2024)</title>
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[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Notices]
[Pages 94881-94882]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-27916]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request on Burden Related to the Plan-Specific
Substitute Mortality Tables for Determining Present Value
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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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 the burden related to the Plan-Specific Substitute Mortality
Tables for Determining Present Value.
DATES: Comments should be received on or before December 30, 2024 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Melody Braswell by emailing <a href="/cdn-cgi/l/email-protection#aafaf8ebeaded8cfcbd9dfd8d384cdc5dc"><span class="__cf_email__" data-cfemail="104042515064627571636562693e777f66">[email protected]</span></a>, calling
(202) 622-1035, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: Plan-Specific Substitute Mortality Tables for Determining
Present Value.
OMB Number: 1545-2073.
Document Number: TD 10005, RP 2024-32.
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 Sec. 1.430(h)(3)-2 made by TD 10005.
Current Actions: The reinstatement of OMB Control No. 1545-2073
will account for a previously approved burden under OMB Control Number
1545-0047 U.S. Tax-Exempt Income Tax Return. This action is in
reference to new regulations and updated procedures related to the
COVID-19 pandemic, benefit pension plans, and substitute mortality rate
tables.
Type of Review: Reinstatement with change of a previously approved
collection.
Affected Public: Individuals or households and Business or other
for-profit.
Estimated Number of Respondents: 15.
Estimated Time per Respondent: 267 min.
Estimated Total Annual Burden Hours: 4,000.
[[Page 94882]]
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-27916 Filed 11-27-24; 8:45 am]
BILLING CODE 4830-01-P
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