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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-2260
ICR Reference No:
201506-1545-009
Status:
Historical Active
Previous ICR Reference No:
201505-1545-005
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Suspension of Benefits Under the Multiemployer Pension Reform Act of 2014;Administration of Multiemployer Plan Participant Vote
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
06/26/2015
OIRA Conclusion Action:
Approved with change
Conclusion Date:
08/21/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/25/2015
Terms of Clearance:
The request is approved, as revised to cover voting by participants and other eligible voters regarding approved suspensions of pension benefits under covered pension plans in critical and declining status.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2016
6 Months From Approved
Responses
28
0
0
Time Burden (Hours)
14,000
0
0
Cost Burden (Dollars)
2,648,020
0
0
Abstract:
Respondents are sponsors of collectively bargained retirement trusts in significant financial distress. The MPRA allows a respondent to apply to Treasury for approval to suspend benefit payments. If an application is approved, Treasury must then administer a vote by participants on whether to accept or reject the suspension. The regulation provides detailed voting procedures. The information collection is necessary to establish the voting process.
Emergency Justfication:
Section 201(c) of the Multiemployer Pension Reform Act of 2014 (MPRA) provides new rules under IRC § 432(e)(9) effective on date of enactment, December 16, 2014. Section 201(b)(7) of the MPRA requires Treasury, in consultation with the Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PBGC), to publish appropriate guidance implementing § 432(e)(9) by 180 days after enactment, which was June 14, 2015. The collection of information is contained in temporary and proposed regulations implementing these rules to allow a multiemployer defined benefit pension plan in critical and declining status to suspend benefits. The proposed regulations include the text of the temporary regulations plus additional proposed guidance.
Authorizing Statute(s):
US Code:
26 USC 432(e)(9)
Name of Law: Mulitiemployer Pension Reform Act of 2014, Division O of the Consolidated and further Continuing Ap
Statute at Large:
128 Stat. 2130
PL:
Pub.L. 113 - 235 201
Citations for New Statutory Requirements:
US Code: 26 USC 432(e)(9) Name of Law: Multiemployer Pension Reform Act of 2014
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1545-BM66
Final or interim final rulemaking
80 FR 35626
06/19/2015
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Suspension of Benefits Under the Multiemployer Pension Reform Act of 2014
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
28
0
28
0
0
0
Annual Time Burden (Hours)
14,000
0
13,944
0
56
0
Annual Cost Burden (Dollars)
2,648,020
0
2,648,020
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This is a new collection of information and is being resubmitted under OMB number 1545-2260 to include final documents. The total burden reflects an increase of 56 hours from the original submission due to a re-estimate of the burden imposed by REG-123640-15.
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:
Diane Bloom 2022839545
Common Form ICR:
No
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
06/25/2015
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