TD 9467 (REG-139236-07), Notice 2020-61 (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act):Notice 2020-60 (Election of Alternative Minimum Funding; Notice 2021-48 (G
ICR 202108-1545-006 · OMB 1545-2095 · Received in OIRA
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-2095 can be found here:
TD 9467 (REG-139236-07), Notice 2020-61 (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act):Notice 2020-60 (Election of Alternative Minimum Funding; Notice 2021-48 (G
TD 9467 (AFTAP) - the previously approved Regulations under sections 430(d), 430(g), 430(h)(2), and 430(i) provide guidance on the determination of benefit liabilities and the valuation of plan assets for purposes of the funding requirements that apply to single employer defined benefit plans pursuant to changes made by the Pension Protection Act of 2006. In order to implement the statutory provisions under section 430(h)(2), the regulations provide for the sponsor of a defined benefit plan to make any of several elections related to the interest rate used for minimum funding purposes and require written notification of any such election to be provided to the plan's enrolled actuary. These final regulations provide for the sponsor of a defined benefit pension plan to make any of several elections.
Emergency approval of this collection is essential to the mission of the IRS. Plan sponsors will be able to determine when and how the relief will be taken, and in the event of an examination, the IRS can obtain documentation of their elections. Use of the normal clearance procedures will create a delay that will be disruptive to operations of pension plans, since they will not be able to document their elections and could delay the plansâ statutorily required reporting to the IRS.
US Code:
26 USC 430
Name of Law: Minimum funding standards for single-employer defined benefit pension plans
US Code:
26 USC 436
Name of Law: Funding-based limits on benefits and benefit accruals under single-employer plans
PL:
Pub.L. 116 - 136 3608(b)
Name of Law: Coronavirus Aid, Relief, and Economic Security Act
PL:
Pub.L. 116 - 94 115(a)
Name of Law: Setting Every Community Up for Retirement Enhancement Act
PL:
Pub.L. 109 - 280 104 thru 106 and 402
Name of Law: Pension protection Act of 2006
Notice 2021-48 will allow sponsors of single-employer defined benefit pensions access to plan funding relief granted by §§ 9705 and 9706 of the American Rescue Plan (ARP) in response to the financial difficulties suffered by plan sponsors during the COVID-19 pandemic. Emergency approval of this collection is essential to the mission of the IRS. Plan sponsors will be able to determine when and how the relief will be taken, and in the event of an examination, the IRS can obtain documentation of their elections. Use of the normal clearance procedures will create a delay that will be disruptive to operations of pension plans, since they will not be able to document their elections and could delay the plansâ statutorily required reporting to the IRS.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Notice 2021-48 Emergency Justification Memo to OMB_signed.pdf
Notice 2021-48 (FINAL).docx
Guidance on Single-Employer Defined Benefit Pension Plan Funding Changes under the American Rescue Plan Act of 2021