View Information Collection Request (ICR) Package
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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:
1545-1610
ICR Reference No:
202302-1545-010
Status:
Historical Active
Previous ICR Reference No:
202207-1545-001
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
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 without change
Conclusion Date:
05/25/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/15/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2026
36 Months From Approved
08/31/2025
Responses
1,471,958
0
1,086,354
Time Burden (Hours)
2,138,922
0
2,566,738
Cost Burden (Dollars)
0
0
0
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):
PL:
Pub.L. 111 - 192 201
Name of Law: Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010
US Code:
26 USC 6057, 6058, and 6059
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:
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:
87 FR 60436
10/05/2022
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 1521
03/10/2023
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Annual Return/Report of Employee Benefit Plan
Sch G (Form 5500), Sch H (Form 5500), Sch I (Form 5500), Sch MB (Form 5500), Sch R (Form 5500), Sch SB (Form 5500), Schedule MEP (Form 5500), Form DCG, 5500, 5500 SF, Sch A (Form 5500), Sch C (Form 5500), Sch D (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
,
MULTIPLE-EMPLOYER RETIREMENT PLAN INFORMATIO
,
Individual Plan Information
Form 5500-EZ - Paper
5500-EZ
Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan
Form 5558 - E-File
5558
Application for Extension of Time to File Certain Employee Plan Returns
Form 5558 - Paper
5558
Application for Extension of Time to File Certain Employee Plan Returns
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
1,471,958
1,086,354
0
385,604
0
0
Annual Time Burden (Hours)
2,138,922
2,566,738
0
-427,816
0
0
Annual Cost Burden (Dollars)
0
0
0
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The revisions to the information collection requests are detailed in question 1. Interagency Agency Burden Changes: DOL, IRS, and PBGC are updating the number of respondents and burden estimates to reflect changes to annual reporting requirements. Using the most recent available data, the Departments estimated the number of PEPs and DCGs that will be formed, and their impact on the number of single employer filers estimated to join either one of these arrangements, thereby reducing the total number of single filers. The Departments also estimated the reduction in Form 5500 filers, and an increase in Form 5500-SF filers, because of the new methodology to determine whether a plan is large or small. In total, there will be a reduction in filers that will be reflected in a reduction in the number of respondents and the total hour burden. Lastly, the Departments is also took into account the added burden that the newly introduced Schedule MEP and Schedule DCG into the total hour burden. IRS Only Changes: IRS is merging the OMB approval for Form 5558 into 1545-1610. Additionally, IRS is revising the form to allow respondents to request a filing extension via DOL EFAST2 system. To allow DOL to intake the form, IRS needs to remove the payment of excise taxes from Form 5558. The IRS only changes have increased the burden due to Agency discretion by 477,750 responses and by 200,708 hours. Additionally, IRS anticipates more respondents will be filing electronically; therefore, have reduced the number of respondents for Form 5500-EZ paper submissions. This is reducing the burden by 91,800 respondents and 537,030 hours.
Annual Cost to Federal Government:
$7,400,000
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?
No
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:
03/15/2023
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