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OMB Control No: 1545-2095	ICR Reference No: 202007-1545-005
Status: Historical Active	Previous ICR Reference No: 201801-1545-020
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: TD 9467 (REG-139236-07) and Notice 2014-53, Notice 2020-XX (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act):Notice 2020-XX (Election of Alternative Minimum Funding
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 07/23/2020
OIRA Conclusion Action: Approved with change	Conclusion Date: 07/24/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 07/23/2020
Terms of Clearance: Hour burdens were clarified during review. Prior to the expiration of this 6 month emergency approval, Treasury must seek public comment in accordance with 44 USC 3506 and 5 CFR 1320.5.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2021	6 Months From Approved
Responses	157,620	0	0
Time Burden (Hours)	159,380	0	0
Cost Burden (Dollars)	0	0	0

Abstract: 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. Notice 2014-53 (HATFA) - The Highway and Transportation Funding Act of 2014 (HATFA), Pub. L. No.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. Notice 2014-53 provides guidance on these changes to the funding stabilization rules for single-employer pension plans.

Emergency Justfication: This notice is provided to carry out funding relief for taxpayers that sponsor defined benefit pension plans. The CARES Act, a statute that was enacted, in part, to provide quick financial relief to businesses affected by COVID-19, allows for an extension of the deadlines for contributions to pension plans, and allows for plan sponsors to make an election to use a previous year’s funding percentage to determine benefit restrictions for the 2020 plan year. This notice must be released expeditiously in order to provide guidance to plan sponsors as to how to accept the relief from the delayed contributions and the funding percentage election. The earlier this notice is released, the earlier plan sponsors can use this relief, which helps companies that need to preserve their funds due to COVID-related issues. In addition, this only applies for a 2020 plan year, thus the guidance must be released expeditiously to remain timely. (Notice 2020-XX (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act)) This notice provides guidance as to how community newspaper companies that sponsor defined benefit pension plans can obtain and report critical financial relief granted by the newly enacted section 430(m) of the Internal Revenue Code under the SECURE Act. This notice provides guidance to allow for small privately-owned newspaper companies to elect for an alternative funding method for their pension plans that would provide for greatly reduced pension plan contributions. This would provide tremendous help to an industry that has struggled in the last few years. This notice must be released as soon as possible to give a procedure as to how the company can obtain the relief and reduce its pension contributions. The sooner we release this notice, the sooner these small taxpayers can get the relief that the Code now provides. Notice 2020-XX (Election of Alternative Minimum Funding Standards for Community Newspaper Plans))

Authorizing Statute(s): PL: Pub.L. 109 - 280 2003 Name of Law: Pension protection Act of 2006
US Code: 44 USC 3507(d) Name of Law: Payments to be treated of withholding & FICA taxes

Citations for New Statutory Requirements: PL: Pub.L. 116 - 136 3608 Name of Law: CARES Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Change Due to New Statute	Change Due to Potential Violation of the PRA
Annual Number of Responses	157,620	1,020	156,600
Annual Time Burden (Hours)	159,380	1,080	158,300
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Portions are this collection are being reinstated due to this collection being inadvertently placed under collection 1545-0047. Also, two new notices will be incorporated into collection 1545-2095. Notice 2020-XX (Special Rules for Single Employer Defined Benefit Pension Plans under the CARES Act): Section 3608(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Pub. L. No. 116-136 provides that for purposes of applying § 436 of the Code (and § 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. This notice, in part, provides guidance on the rules relating to this election. Notice 2020-XX (Election of Alternative Minimum Funding Standards for Community Newspaper Plans): 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, Pub. L. No. 116-94, added new § 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 § 430. Pursuant to § 430(m)(2), any election under § 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. This notice provides guidance regarding this election.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

Agency Contact: Lauson Green 202 622-6090 lauson.c.green@irscounsel.treas.gov

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