View Information Collection Request (ICR) Package

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View ICR - OIRA Conclusion

OMB Control No: 1545-0200	ICR Reference No: 202401-1545-003
Status: Active	Previous ICR Reference No: 202006-1545-006
Agency/Subagency: TREAS/IRS	Agency Tracking No: Ready for Treasury
Title: Form 5307 - Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans
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: 04/12/2024
	Date Received in OIRA: 01/31/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2027	36 Months From Approved	04/30/2024
Responses	100,000	0	100,000
Time Burden (Hours)	3,151,000	0	5,139,000
Cost Burden (Dollars)	100,000,000	0	0

Authorizing Statute(s): US Code: 26 USC 401(a) Name of Law: Requirements for qualification
   US Code: 26 USC 501(a) Name of Law: Exemption from taxation
   US Code: 5 USC 301 Name of Law: Departmental regulations
   US Code: 5 USC 552 Name of Law: Public information; agency rules, opinions, orders, records, and proceedings
   US Code: 26 USC 404 Name of Law: Deduction For Contributions Of An Employer To An Employees' Trust Or Annuity Plan And Compensation U

Citations for New Statutory Requirements: None

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	100,000	100,000	0
Annual Time Burden (Hours)	3,151,000	5,139,000	-1,988,000
Annual Cost Burden (Dollars)	100,000,000	0	100,000,000

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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Form 5307 was revised to eliminate features of the determination letter program that are of limited utility to plan sponsors in comparison with the burdens they impose. The form was also revised to enable electronic submission on Pay.gov. This reduces the burden hours by 1,988,000 annually due to Agency Discretion.

Annual Cost to Federal Government: $30,526

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. Yes

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. Yes

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: Felecia Belcher 443 853-5535

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