[Federal Register Volume 79, Number 246 (Tuesday, December 23, 2014)]
[Notices]
[Pages 77088-77092]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-29939]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for the Annual Return/Report 
of Employee Benefit Plan

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 
the Annual Return/Report of Employee Benefit Plan.

DATES: Written comments should be received on or before February 23, 
2015 to be assured of consideration.

ADDRESSES: Direct all written comments to Christie Preston, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the forms and instructions should be directed to R. Joseph 
Durbala at Internal Revenue Service, Room 6129, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Annual Return/Report of Employee Benefit Plan.
    OMB Number: 1545-1610.
    Form Number: 5500 and Schedules.
    Abstract: The Annual Return/Report of Employee Benefit Plan is an 
annual information return filed by employee benefit plans. The IRS uses 
this information to determine if the plan appears to be operating 
properly as required under the law or whether the plan should be 
audited.
    Current Actions: PBGC, the Department of Labor (DOL), and the 
Internal Revenue Service (IRS) work together to produce the Form 5500 
Annual Return/Report for Employee Benefit Plan and Form 5500-SF Short 
Form Annual Return/Report for Small Employee Benefit Plan (Form 5500 
Series), through which the regulated public can satisfy the combined 
reporting/filing requirements applicable to employee benefit plans.

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The aforementioned changes will generate and increase in burden by 
21,000 hours and increase the estimated number of responses by 36,000 
per year. Form 5500-SUP is a paper-only form filed with the IRS that is 
used by the sponsors and administrators of retirement plans to satisfy 
the reporting requirements of section 6058. Form 5500-SUP should only 
be used if certain IRS compliance questions are not answered 
electronically on the Form 5500 or Form 5500-SF. The creation of Form 
5500-SUP, may create a new paper filing requirement. The paper 
submission of this form will increase the estimated number of responses 
by 500 and the estimated annual burden by 7,140 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals and households, not-for profit institutions, and farms.
    Estimated Number of Respondents: 822,500.
    Estimated Time Per Respondent: 25 minutes.
    Estimated Total Annual Burden Hours: 347,140.

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: December 15, 2014.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2014-29939 Filed 12-22-14; 8:45 am]
BILLING CODE 4830-01-P