This revenue procedure modifies Rev.
Proc. 2011-49, 2011-44 I.R.B. 608. Rev. Proc. 2011-49 sets forth
the procedures for issuing opinion and advisory letters regarding
the acceptability under §§ 401 and 403(b) of the form of
pre-approved plans (that it, master and prototype (M&P) and
volume submitter (VS) plans. Rev. Proc. 2011-49 provided that the
procedures for applying for opinion and advisory letters will be
updated from time to time. This revenue procedure expands the scope
of the pre-approved program to include defined benefit plans
containing cash balance features and defined contribution plans
containing employee stock ownership plan (ESOP) features. Plans
with these types of features have been previously excluded from the
pre-approved program. This revenue procedure also reflects changes
that were made to the determination letter program to eliminate
features that were of limited usefulness to sponsors and to improve
program efficiency by reducing the time it takes to process
determination letter requests.
Rev. Proc. 2015-xx,
modifies Rev. Proc. 2011-49, 2011-44 I.R.B. 608 and is guidance
that is an essential part of an administrative priority to
eliminate burdens on employers and the Service with respect to
TE/GE’s Employee Plans determination letter program. Due to a lack
of resources, the current individually designed plan program is
unsustainable and the Commissioner has approved significant changes
to the program that will reduce the number of instances under which
employers maintaining individually designed plans may submit for a
determination letter. A concurrent effort is being made to
encourage and facilitate the use of pre-approved plans in order to
enable more employers to obtain reliance that their plans are
qualified. A critical part of this effort includes issuing Rev.
Proc. 2015-xx, which expands current pre-approved plan program
availability to two additional types of retirement plans – Employee
Stock Ownership Plans (ESOPs) and cash balance plans. The current
deadline for submission under the program is June 30, 2015, and
Rev. Proc. 2015-xx extends this deadline until October 30, 2015.
Sponsors of these plans need several months of lead time after
release of the revenue procedure to prepare their submissions. If
clearance of the procedure is delayed, in addition to delaying this
high profile program covering over 30,000 employer sponsored
retirement plans, separate guidance would need to be issued ASAP
that would extend the submission deadline. We ask that OMB approve
the collection of information on an expedited basis. The Employee
Plans Division of the IRS and the Chief Counsel’s Office of the IRS
have consulted with stakeholders in drafting the guidance in order
to take all practicable steps to minimize the burden of the
collection of information. In fact, the revenue procedure is a
renewal of an existing program and does not create any new
paperwork burden. Prior efforts to reduce employer burden are also
reflected in the revenue procedure, which causes the overall
paperwork burden to decrease.
US Code:
26
USC 401 Name of Law: Qualified pension, profit-sharing, and
stock bonus plans.
US Code: 26
USC 403(b) Name of Law: Tax Sheltered Annuity Plans
Revenue procedure 2015-XX
decreases the annual hourly time burden. While, the modifications
to the pre-approved program make it more accessible to new types of
plans (increasing the number of respondents by 44,015), there has
been a reduction in the total number of pre-approved sponsors
required to submit responses pursuant to this revenue procedure.
This reduction, as well as to changes in program efficiencies have
led to a reduction in the total record keeping burden under this
revenue procedure. The program changes eliminates features that
were of limited usefulness to sponsors and improves program
efficiencies by reducing the time it takes to process determination
letter requests.
$0
No
No
No
No
No
Uncollected
Kathleen Hermann
2022839635
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Supporting Statement 2 For 2011-49Update 040615 (2).doc
2015-XX let rev proc draft 4-16-2015 doc(checked).docx
RP 2011-49.pdf
Revenue Procedure 2015-XX (Master and Prototype and Volume Submitter Plans) (previously Rev. Proc. 2011-49 & 2005-16)