SUPPLEMENTARY INFORMATION:

The IRS, in accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the public and Federal agencies with an opportunity to comment on proposed, revised, and continuing collections of information. This helps the IRS assess its impact and minimize the burden of its information collection requirements. Comments submitted in response to this notice will be summarized and/or included in the ( printed page 52111) request for OMB approval. All comments will become a matter of public record and be viewable on relevant websites. For this reason, please do not include in your comments information of a confidential nature, such as sensitive personal information.

Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.

Title: Application for Determination for Employee Benefit Plan.

OMB Number: 1545-0197.

Form Number(s): Form 5300.

Abstract: Form 5300 is used by eligible plan sponsors to request an IRS determination letter regarding the qualification of defined benefit plans, defined contribution plans, certain individually designed section 403(b) plans, and the tax-exempt status of any related trust. The information collected enables the IRS to determine whether the plan satisfies the applicable qualification requirements of the Internal Revenue Code.

Current Actions: Several developments have dramatically reduced Form 5300 filings. Since Rev. Proc. 2016-37, individually designed plans generally no longer file on recurring remedial amendment cycles. Instead, determination letters are available only in limited circumstances (for example, initial qualification, plan termination, certain merged plans, and other situations announced by IRS guidance). The overwhelming majority of qualified retirement plans now use pre-approved plans, which generally do not require Form 5300. Form 5300 is now used primarily for; initial qualification of individually designed plans, certain terminating plans (although many use Form 5310 instead), merged plans, and a limited number of special situations described in the annual Revenue Procedure. Accordingly, this revision reflects both an adjustment in the estimated number of respondents due to the substantially reduced use of Form 5300 and a program change resulting from updated burden estimates, reducing the total annual burden to 86,265 hours.

Type of Review: Revision of a currently approved collection.

Affected Public: Business or other for-profit organizations and individuals.

Estimated Number of Respondents: 2,700.

Estimated Time per Respondent: 31 hrs., 57 min.

Estimated Total Annual Burden Hours: 86,265.

91 FR 52110