View Information Collection Request (ICR) Package
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View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
1545-1610
ICR Reference No:
201907-1545-002
Status:
Historical Active
Previous ICR Reference No:
201903-1545-022
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Ready
Title:
Annual Return/Report of Employee Benefit Plan
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
03/18/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/27/2019
Terms of Clearance:
Treasury amended the Supporting Statement to include additional details.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2023
36 Months From Approved
03/31/2020
Responses
916,500
0
804,500
Time Burden (Hours)
930,908
0
330,208
Cost Burden (Dollars)
139,007,000
0
127,898,000
Abstract:
Form 5500 is an annual information return filed by employee benefit plans. The IRS uses this information to determine if the plan appears to be operating properly as required under the law or whether the plan should be audited.
Authorizing Statute(s):
US Code:
26 USC 6058
Name of Law: Information required in connection with certain plans of deferred compensation
PL:
Pub.L. 109 - 280 1
Name of Law: The Pension Protection Act of 2006 (PPA)
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 192 430 Name of Law: Pension Relief Act
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:
84 FR 20202
05/08/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 50886
09/26/2019
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Annual Return/Report of Employee Benefit Plan
Sch C (Form 5500), 5500, Sch A (Form 5500), Sch D (Form 5500), Sch R (Form 5500), Sch SB (Form 5500) , 5500SF, Sch G (Form 5500), Sch H (Form 5500), Sch I (Form 5500), Sch MB (Form 5500)
Annual Return/Report of Employee Benefit Plan
,
Short Form Annual Return/Report of Small Employee Benefit Plan
,
Insurance Information
,
Service Provider Information
,
DFE/Participating Plan Information
,
Financial Transaction Schedules
,
Financial Information
,
Financial Information—Small Plan
,
Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information
,
Retirement Plan Information
,
Single-Employer Defined Benefit Plan Actuarial Information
Form 5500-EZ Paper Submissions
5500-EZ
Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan
Form 5500-SUP - Annual Return of Employee Benefit Plan Supplemental Information
5500-SUP, 5500-EZ
Annual Return of Employee Benefit Plan Supplemental Information
,
Annual Return of One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan
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
916,500
804,500
0
250,000
-138,000
0
Annual Time Burden (Hours)
930,908
330,208
0
4,743,660
-4,142,960
0
Annual Cost Burden (Dollars)
139,007,000
127,898,000
0
0
11,109,000
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 IRS is updating the burden to reflect updated data on Form 5500 filing counts and wage rates from the Department of Labor. The number of filings increased by 10,000 for a new total of 814,000 responses. As a result, the burden attributable to IRS requirements increased by 4,000 hours for a new total of 334,000 hours for Form 5500 and schedules. Non-labor costs increased by $11,109,000. These changes represent an adjustment in Agency Estimates. With this submission, IRS is also consolidating the burden previously accounted for under OMB Control Number 1545-0956 for the Form 5500-EZ paper filings of 250,000 responses, 7,005,000 hours and no non-labor costs. However, based on updated filing data, the number of responses for the paper 5500-EZ is being reduced by 148,000 for a new total of 102,000. This results in a corresponding decrease of 4,146,960 hours due to adjustment in agency estimates. In accordance with the methodology used for the rest of the Form 5500 series which regards recordkeeping and other non-filing costs to be customary and usual business practices, the burden per response for the paper 5500-EZ is being reduced from 28.02 hours to 5.85 hours. This results in a further decrease of 2,261,340 hours due to agency discretion. There is no change in the estimates for the Form 5500-SUP.
Annual Cost to Federal Government:
$6,200,000
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?
Uncollected
Agency Contact:
Leslie Larson 202 317-8691
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:
09/27/2019
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