Notice2025-01659
Proposed Collection; Comment Request for Regulation Project
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
January 24, 2025
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 information collection requirements related to the election of alternative minimum funding standards for community newspaper plans, and special rules for single employer defined benefit pension plans.
Full Text
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<title>Federal Register, Volume 90 Issue 15 (Friday, January 24, 2025)</title>
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[Federal Register Volume 90, Number 15 (Friday, January 24, 2025)]
[Notices]
[Pages 8168-8169]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-01659]
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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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning
information collection requirements related to the election of
alternative minimum funding standards for community newspaper plans,
and special rules for single employer defined benefit pension plans.
DATES: Written comments should be received on or before March 25, 2025
to be assured of consideration
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#18686a79367b7775757d766c6b58716a6b367f776e"><span class="__cf_email__" data-cfemail="dfafadbef1bcb0b2b2bab1abac9fb6adacf1b8b0a9">[email protected]</span></a>.
[[Page 8169]]
Include OMB control number 1545-2095 or TD 9467 and Notice 2020-60, in
the subject line of the message.
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#69220c1b1b104725472d0c0707001a29001b1a470e061f"><span class="__cf_email__" data-cfemail="450e2037373c6b096b01202b2b2c36052c37366b222a33">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Special Rules for Single-Employer Defined Benefit Pension
Plans (TD 9467) and Election of Alternative Minimum Funding Standards
for Community Newspaper Plans (Notice 2020-60).
OMB Number: 1545-2095.
Regulation and Notice Number: REG-139236-07 (TD 9467) and Notice
2020-60.
Abstract: REG-139236-07 (TD 9467): The information required under
section 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 required under section 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 section 1.430(h)(2)-1. The information required under sections
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.
Notice 2020-60 (Election of Alternative Minimum Funding Standards
for Community Newspaper Plans): 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, Pub.
L. 116-94, under section 430(m) to the Code 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 section
430. Pursuant to section 430(m)(2), any election under section 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 and paperwork
burden previously approved by OMB. The election under Internal Revenue
Code section 3608(b) of the CARES Act (Notice 2020-61) is no longer
relevant. It is an election to treat a DB 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. The election under Notice 2021-48 was for extended
amortization bases to apply the extended amortization period for
shortfall amortization bases for plan years beginning after December
31, 2018, December 31, 2019, or December 31, 2020. This extended period
now applies for all DB plans. The election was available on a temporary
basis and is no longer available. The agency has changed the estimated
number of respondents from 20 to 2 as it is expected that any community
newspaper plan sponsor that wanted to make this election have made it
already, and the plan sponsors that are eligible for this election
would be very small. REG-139236-07 (TD 9467), remains the same with the
same estimates as previously approved by OMB.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households, and businesses or other
for-profit organizations, not-for-profit, institutions, farms, 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: 2.
Estimated Time per Respondent: 4 hr.
Estimated Total Annual Burden Hours: 80.
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: January 17, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-01659 Filed 1-23-25; 8:45 am]
BILLING CODE 4830-01-P
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