[Federal Register Volume 63, Number 17 (Tuesday, January 27, 1998)]
[Page 3946]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1814]



Internal Revenue Service

Proposed Collection; Comment Request for Notice 98-8

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.


SUMMARY: The Department of the Treasury, 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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Notice 98-8, ligible Deferred Compensation Plans under Section 457.

DATES: Written comments should be received on or before March 30, 1998 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
Constitution Avenue NW., Washington, DC 20224.


    Title: Eligible Deferred Compensation Plans under Section 457.
    OMB Number: 1545-1580.
    Notice Number: Notice 98-8.
    Abstract: The Small Business Job Protection Act of 1996 and the 
Taxpayer Relief Act of 1997 made changes to rules under Internal 
Revenue Code section 457 regarding eligible deferred compensation plans 
offered by state and local governments. Notice 98-8 requires state and 
local governments to establish a written trust, custodial account, or 
annuity contract to hold the assets and income in trust for the 
exclusive benefit of its participants and beneficiaries. Also, new non-
bank custodians must submit applications to the IRS to be approved to 
serve as custodians of section 457 plan assets.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, local or tribal governments.
    Estimated Number of Respondents: 10,260.
    Estimated Time Per Respondent: 1 hour, 2 minutes.
    Estimated Total Annual Burden Hours: 10,600.
    The following paragraph applies to all of 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 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: January 15, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-1814 Filed 1-26-98; 8:45 am]