[Federal Register Volume 86, Number 15 (Tuesday, January 26, 2021)]
[Notices]
[Pages 7184-7185]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01684]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Measurement of Assets and Liabilities for
Pension Funding Purposes
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments must be received on or before February 25, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. 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 Molly Stasko by emailing [email protected], calling (202)
622-8922, or viewing the entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: Measurement of Assets and Liabilities for Pension Funding
Purposes.
OMB Control Number: 1545-2095.
Type of Review: Revision of a currently approved collection.
Description: In order to implement the statutory provisions under
sections 430 and 436, this regulation contains collections of
information in Sec. Sec. 1.430(f)-1(f), 1.430(h)(2)-1(e), 1.436-1(f),
and 1.436-1(h). The information required under Sec. 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 under Sec.
1.430(g)-1(d)(3) is required in order for a plan sponsor to include as
a plan asset a contribution
[[Page 7185]]
made to avoid a restriction under section 436. The information required
under Sec. 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 Sec. 1.430(h)(2)-1. The
information required under Sec. Sec. 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.
The Highway and Transportation Funding Act of 2014 (HATFA), Public
Law 113-159, was enacted on August 8, 2014, and was effective
retroactively for single employer defined benefit pension plans,
optional for plan years beginning in 2013 and mandatory for plan years
beginning in 2014.
Section 3608(b) of the Coronavirus Aid, Relief, and Economic
Security Act (CARES Act), Public Law 116-136 provides that for purposes
of applying Sec. 436 of the Code (and Sec. 206(g) of ERISA), a
sponsor of a single-employer defined benefit pension plan may elect to
treat the 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. Notice 2020-61, in part,
provides guidance on the rules relating to this election.
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, Public Law 116-94, added new
Sec. 430(m) to the Code to 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 Sec. 430.
Pursuant to Sec. 430(m)(2), any election under Sec. 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.
Regulation Project Number: REG-139236-07 (TD 9467).
Affected Public: Individuals or Households; Businesses or other
for-profit organizations; Not-for profit institutions; and Federal,
State, Local, or Tribal governments.
Estimated Number of Respondents: 81,020.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 81,020.
Estimated Time per Response: 1.5 hour for TD 9467, 1 hour for
Notice 2020-61, 4 hours for Notice 2020-60.
Estimated Total Annual Burden Hours: 121,080 hours.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: January 21, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-01684 Filed 1-25-21; 8:45 am]
BILLING CODE 4830-01-P