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[Federal Register Volume 90, Number 15 (Friday, January 24, 2025)]
[Notices]
[Pages 8168-8169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01659]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to take this opportunity to comment on 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
information collection requirements related to the election of 
alternative minimum funding standards for community newspaper plans, 
and special rules for single employer defined benefit pension plans.

DATES: Written comments should be received on or before March 25, 2025 
to be assured of consideration

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected].

[[Page 8169]]

Include OMB control number 1545-2095 or TD 9467 and Notice 2020-60, in 
the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Kerry Dennis at (202) 
317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Special Rules for Single-Employer Defined Benefit Pension 
Plans (TD 9467) and Election of Alternative Minimum Funding Standards 
for Community Newspaper Plans (Notice 2020-60).
    OMB Number: 1545-2095.
    Regulation and Notice Number: REG-139236-07 (TD 9467) and Notice 
2020-60.
    Abstract: REG-139236-07 (TD 9467): The information required under 
section 1.430(f)-1(f) is required in order for plan sponsors to make 
elections regarding a plan's credit balances upon occasion. The 
information required under section 1.430(h)(2)-1(e) is required in 
order for a plan sponsor to make an election to use an alternative 
interest rate for purposes of determining a plan's funding obligations 
under section 1.430(h)(2)-1. The information required under sections 
1.436-1(f) and 1.436-1(h) is required in order for a qualified defined 
benefit plan's enrolled actuary to provide a timely certification of 
the plan's adjusted funding target attainment percentage (AFTAP) for 
each plan year to avoid certain benefit restrictions.
    Notice 2020-60 (Election of Alternative Minimum Funding Standards 
for Community Newspaper Plans): Section 115(a) of the Setting Every 
Community Up for Retirement Enhancement Act of 2019 (SECURE Act), 
Division O of the Further Consolidated Appropriations Act, 2020, Pub. 
L. 116-94, under section 430(m) to the Code permit the plan sponsor of 
a community newspaper plan under which no participant has had an 
increase in accrued benefit after December 31, 2017 to elect to have 
alternative minimum funding standards apply to the plan in lieu of the 
minimum funding requirements that would otherwise apply under section 
430. Pursuant to section 430(m)(2), any election under section 430(m) 
will be made at such time and in such manner as prescribed by the 
Secretary, and once an election is made with respect to a plan year, it 
will apply to all subsequent plan years unless revoked with the consent 
of the Secretary. Notice 2020-60 provides guidance regarding this 
election.
    Current Actions: There are changes to the collection and paperwork 
burden previously approved by OMB. The election under Internal Revenue 
Code section 3608(b) of the CARES Act (Notice 2020-61) is no longer 
relevant. It is an election to treat a DB plan's adjusted funding 
target attainment percentage (AFTAP) for the last plan year ending 
before January 1, 2020 as the AFTAP for plan years that include 
calendar year 2020. The election under Notice 2021-48 was for extended 
amortization bases to apply the extended amortization period for 
shortfall amortization bases for plan years beginning after December 
31, 2018, December 31, 2019, or December 31, 2020. This extended period 
now applies for all DB plans. The election was available on a temporary 
basis and is no longer available. The agency has changed the estimated 
number of respondents from 20 to 2 as it is expected that any community 
newspaper plan sponsor that wanted to make this election have made it 
already, and the plan sponsors that are eligible for this election 
would be very small. REG-139236-07 (TD 9467), remains the same with the 
same estimates as previously approved by OMB.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households, and businesses or other 
for-profit organizations, not-for-profit, institutions, farms, and 
Federal, State, local or Tribal governments.

TD 9467
    Estimated Number of Respondents: 80,000.
    Estimated Time per Respondent: 1.5 hrs.
    Estimated Total Annual Burden Hours: 120,000.

Notice 2020-60
    Estimated Number of Respondents: 2.
    Estimated Time per Respondent: 4 hr.
    Estimated Total Annual Burden Hours: 80.
    The following paragraph applies to all the collections of 
information covered by this notice.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained if their 
contents may become material in the administration of any internal 
revenue law. Generally, tax returns and tax return information are 
confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. 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.

    Approved: January 17, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-01659 Filed 1-23-25; 8:45 am]
BILLING CODE 4830-01-P
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