Notice 2021-57, Funding Relief for Multiemployer Defined Benefit Pension Plans Under the American Rescue Plan Act

Forms and Documents

Document Name	Status
Notice 2021-57 Emergency Justification Memo_Signed.pdf Supplementary Document	2021-10-08
2021 Supporting Statement 1545-XXXX Notice 2021-57.docx Supporting Statement A	2021-10-08

IC Document Collections

IC ID	Document Title	Status
249634	IRS Notice 2021-57 Other-Funding relief for multiemployer defined benefit pension p	New

ICR Details

OMB Control No: 1545-2300	ICR Reference No: 202110-1545-001
Status: Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Notice 2021-57, Funding Relief for Multiemployer Defined Benefit Pension Plans Under the American Rescue Plan Act
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 10/08/2021
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/08/2021
	Date Received in OIRA: 10/08/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2022	6 Months From Approved
Responses	937	0	0
Time Burden (Hours)	896	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The American Rescue Plan Act of 2021 (ARP), P.L. 117-2, sections 9701, 9702, and 9703 provide elective funding relief for multiemployer defined benefit pension plans to address the continued impact of COVID-19. This notice provides guidance for sponsors of multiemployer defined benefit pension plans on the elections under sections 9701 and 9702 of the ARP Act, and the relief provided under section 9703 of the ARP Act, relating to Internal Revenue Code (IRC) sections 431 and 432.

Emergency Justfication: The Department of the Treasury and the Internal Revenue Service (IRS) are requesting approval of a new OMB Control Number under emergency procedures in connection with provisions of Public Law 117-2, Sections 9701, 9702, and 9703 (March 11, 2021), commonly referred to as the American Rescue Plan Act of 2021. In response to this unprecedented public health emergency, and economic impact, the Internal Revenue Service (IRS) plans to issue a new Notice, “Notice 2021-57: Funding relief for multiemployer defined benefit pension plans under the American Rescue Plan Act of 2021.” We request emergency clearance for this information collection as soon as possible. This notice will allow sponsors of multiemployer defined benefit pensions access to plan funding relief granted by §§ 9701, 9702 and 9703 of the American Rescue Plan (ARP) in response to the financial difficulties suffered by plan sponsors during the COVID-19 pandemic. We request immediate OMB review of this request. Emergency approval of this collection is essential to the mission of the IRS. Plan sponsors will be able to determine when and how the relief will be taken, and in the event of an examination, the IRS can obtain documentation of their elections. Use of the normal clearance procedures will create a delay that will be disruptive to operations of pension plans, since they will not be able to document their elections and could delay the plans’ statutorily required reporting to the IRS. The IRS plans to release Notice 2021-21 on October 8, 2021, and thus requests approval of the control number by that date. Given the inability to seek public comment during such a short timeframe, IRS respectfully requests a waiver from the requirement to publish notice in the Federal Register seeking public comment during the period of Office of Management and Budget review.

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Authorizing Statute(s): PL: Pub.L. 117 - 2 9701, 9702, and 9703 Name of Law: American Rescue Plan Act of 2021
   US Code: 26 USC 432 Name of Law: Additional Funding Rules For Multiemployer Plans In Endangered Status Or Critical Status
   US Code: 26 USC 431 Name of Law: Minimum Funding Standards For Multiemployer Plans
  

Citations for New Statutory Requirements: PL: Pub.L. 117 - 2 9701, 9702, and 9703 Name of Law: American Rescue Plan Act of 2021

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
IRS Notice 2021-57

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	937	0	937	0	0	0
Annual Time Burden (Hours)	896	0	896	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new notice developed to comply with sections 9701, 9702, and 9703 of the American Rescue Plan Act of 2021, P.L. 117-2. There was no paperwork burden previously approved by OMB. We are making this submission to request OMB approval.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 10/08/2021

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