View Information Collection Request (ICR) Package

OMB Control No: 1545-1673	ICR Reference No: 201503-1545-022
Status: Historical Active	Previous ICR Reference No: 201309-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Employee Plans Compliance Resolution System (R.P. 2015-27, R.P. 2015-28) - including Forms 8950, 8951, 14568, 14568-A thru I
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 04/02/2015
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/02/2015
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/01/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2015	6 Months From Approved	01/31/2016
Responses	14,300	0	14,300
Time Burden (Hours)	190,941	0	185,298
Cost Burden (Dollars)	0	0	0

Abstract: The information requested in Revenue Procedure 2015-27 is required to enable the Internal Revenue Service to make determinations on the issuance of various types of closing agreements and compliance statements. The issuance of the agreements and statements allow individual plans to maintain their tax-qualified status. As a result, the favorable tax treatment of the benefits of the eligible employees is retained. Applicants under the Voluntary Correction Program (VCP) must file Forms 8950 and 8951, and the appropriate scheduled(s) to the applicable part of the model compliance statement, in order to request written approval from the IRS for a correction of a qualified plan that has failed to comply with the requirements of the Internal Revenue Code.

Emergency Justfication: Rev. Proc. 2015-28 is guidance that is essential to further a policy priority of the Administration to encourage and facilitate use of automatic contribution features in defined contribution retirement plans. These features significantly increase employees’ participation in employer sponsored retirement plans and boost employment security for American workers. The revenue procedure accomplishes this goal by reducing correction burdens under the IRS’s EPCRS correction program for plans with automatic contribution features that satisfy certain requirements (including notifying affected employees of the corrections). A senior Treasury Department official intends to roll out this policy initiative at a retirement policy conference in late morning, April 2, 2015. If clearance of the guidance were delayed until after the retirement policy conference, it would diminish the impact of the guidance and would be a missed opportunity to further this policy priority of the Administration. The Department of Labor (DOL) is also interested in this EPCRS guidance, and, in response to very recent unexpected comments from DOL, a single intended piece of guidance making changes to EPCRS has been broken into two companion items of guidance, both of which are high priority. The second item in the EPCRS package is Rev. Proc. 2015-28. We ask that OMB approve the collection of information in time for release of Rev. Proc. 2015-28 to the public by mid morning, April 2, 2015. The Employee Plans division of the IRS and the Chief Counsel’s Office of the IRS have consulted with stakeholders and drafted the guidance in order to take all practicable steps to minimize the burden of the collection of information.

Authorizing Statute(s): US Code: 26 USC 501 Name of Law: Exemption from tax on corporations, certain trusts, etc.
   US Code: 26 USC 405 Name of Law: Individual retirement accounts
   US Code: 26 USC 401 Name of Law: Qualified pension, profit-sharing, and stock bonus plans
   US Code: 26 USC 403 Name of Law: Taxation of employee annuities
   US Code: 26 USC 404 Name of Law: Deduction for contributions of an employer to anemployees' trust or annuity plan and compensation u

Citations for New Statutory Requirements: None

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

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 37099	06/20/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 69545	11/19/2012
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	14,300	14,300	0
Annual Time Burden (Hours)	190,941	185,298	5,643
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: The additional 5643 hours is to account for additional information collection requirements included in Revenue Procedure 2015-28. The collection of information, in Rev. Proc.2015-28, is in sections 4.01 and 4.02. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to consider the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax favored status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The addition of these new procedure will result in an increase in the number of responses by 1,075 and annual burden by 5,643 hours. The revenue procedure provides simplified and less burdensome correction methods for certain retirement plan failures involving elective deferrals. In order to be eligible for these safe harbor correction methods, a plan sponsor must satisfy certain conditions, including a participant notice requirement. To satisfy this requirement, a notice must be given to an affected participant within forty-five days after correct deferrals begin that includes the following content: (i) general information relating to the failure, such as the percentage of eligible compensation that should have been deferred and the approximate date that the compensation should have begun to be deferred (the general information need not include a statement of the dollar amounts that should have been deferred); (ii) a statement that appropriate amounts have begun to be deducted from compensation and contributed to the plan (or that appropriate deductions and contributions will begin shortly); (iii) a statement that corrective contributions relating to missed matching contributions have been made (or that corrective contributions will be made) (information relating to the date and the amount of corrective contributions need not be provided); (iv) an explanation that the affected participant may increase his or her deferral percentage in order to make up for the missed deferral opportunity, subject to applicable limits under section 402(g); and (v) the name of the plan and plan contact information (including name, street address, e-mail address, and telephone number of a plan contact).

Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

Agency Contact: Vernon Carter 202 622-6060

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