[Federal Register Volume 88, Number 230 (Friday, December 1, 2023)]
[Notices]
[Pages 84035-84036]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26448]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Relating to New Technologies 
in Retirement Plans

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 new 
technologies in retirement plans.

DATES: Written comments should be received on or before January 30, 
2024 to be assured of consideration.

[[Page 84036]]


ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Include OMB control number 
1545-1632 or New Technologies in Retirement Plans.

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 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: New Technologies in Retirement Plans.
    OMB Number: 1545-1632.
    Regulation Project Numbers: TD 8873, TD 9294, and REG-114666-22.
    Abstract: Treasury Regulations section 1.402(f)-1 require that plan 
administrators and employers provide recipients of certain 
distributions from qualified retirement plans timely written 
explanations of certain provisions. This regulation provides that if a 
full written paper explanation was previously given, a written paper or 
electronic summary of the explanation may be provided to participants 
in lieu of the full explanation within the requisite time. Treasury 
Regulations section 1.411(a)-11 require employers or plan 
administrators of qualified retirement plans to provide certain notices 
to and obtain consents and elections from distributees. Treasury 
Regulations section 1.411(a)-11 requires that a confirmation of the 
terms of the distribution be provided to each participant who consents 
to a distribution through an electronic medium.
    Current Actions: There are no changes to the regulation or burden.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 455,625.
    Estimated Number of Responses: 11,700,000.
    Estimated Time per Response: 2 minutes.
    Estimated Total Annual Burden Hours: 477,563 hours.
    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: October 20, 2023.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2023-26448 Filed 11-30-23; 8:45 am]
BILLING CODE 4830-01-P