Federal Register #15450197

IRS Requests Public Comment on Employee Benefit Plan Determination Application Burden

The Internal Revenue Service (IRS), under the Department of the Treasury, is seeking public input regarding the information collection burden for employee benefit plan determination applications. - Government Buyer: - Department of the Treasury - Internal Revenue Service (IRS) - Purpose: - Request for public comment on Form 5300, used by plan sponsors to apply for IRS determination letters for employee benefit plans - Products/Services Requested: - No products or services are being procured; the notice is solely for public input - OEMs and Vendors: - No OEMs or vendors are mentioned - Notable Requirements: - Focus on defined benefit plans, defined contribution plans, certain individually designed section 403(b) plans, and related trusts - Recent procedural changes have reduced Form 5300 filings, as most plans now use pre-approved formats - The IRS seeks feedback to help minimize the information collection burden - No procurement activity or contract award is associated with this notice

Description

The Internal Revenue Service (IRS) is requesting comments on the information collection burden related to the application process for determination of employee benefit plans. This involves the use of Form 5300 by eligible plan sponsors to request IRS determination letters regarding the qualification of defined benefit plans, defined contribution plans, certain individually designed section 403(b) plans, and related trusts. The information collected enables the IRS to assess whether the plans meet the qualification requirements of the Internal Revenue Code. The notice also highlights recent changes that have reduced the number of Form 5300 filings due to the increased use of pre-approved plans. Comments are invited to help assess and minimize the burden of this information collection.

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