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[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Notices]
[Pages 94881-94882]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-27916]

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DEPARTMENT OF THE TREASURY

Agency Information Collection Activities; Submission for OMB 
Review; Comment Request on Burden Related to the Plan-Specific 
Substitute Mortality Tables for Determining Present Value

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the public and other 
Federal agencies to take this opportunity to comment on proposed and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the IRS is soliciting comments 
concerning the burden related to the Plan-Specific Substitute Mortality 
Tables for Determining Present Value.

DATES: Comments should be received on or before December 30, 2024 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Melody Braswell by emailing [email protected], calling 
(202) 622-1035, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    Title: Plan-Specific Substitute Mortality Tables for Determining 
Present Value.
    OMB Number: 1545-2073.
    Document Number: TD 10005, RP 2024-32.
    Abstract: Section 412 of the Internal Revenue Code (Code) 
prescribes minimum funding requirements for defined benefit pension 
plans. Section 430 specifies the minimum funding requirements that 
apply generally to defined benefit plans that are single-employer plans 
(that is, not multiemployer plans). Revenue Procedure 2024-32 updates 
the procedures set forth in Rev. Proc. 2017-55 to reflect the 
amendments to Sec.  1.430(h)(3)-2 made by TD 10005.
    Current Actions: The reinstatement of OMB Control No. 1545-2073 
will account for a previously approved burden under OMB Control Number 
1545-0047 U.S. Tax-Exempt Income Tax Return. This action is in 
reference to new regulations and updated procedures related to the 
COVID-19 pandemic, benefit pension plans, and substitute mortality rate 
tables.
    Type of Review: Reinstatement with change of a previously approved 
collection.
    Affected Public: Individuals or households and Business or other 
for-profit.
    Estimated Number of Respondents: 15.
    Estimated Time per Respondent: 267 min.
    Estimated Total Annual Burden Hours: 4,000.

[[Page 94882]]

    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-27916 Filed 11-27-24; 8:45 am]
BILLING CODE 4830-01-P
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