Pursuant to 5
CFR 1320.11(c), OMB files this comment on this information
collection request (ICR). In accordance with 5 CFR 1320, OMB is
withholding approval at this time. The agency shall examine public
comment in response to the NPRM and will include in the supporting
statement of the next ICR--to be submitted to OMB at the final rule
stage--a description of how the agency has responded to any public
comments on the ICR, including comments on maximizing the practical
utility of the collection and minimizing the burden.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
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This document contains proposed
regulations relating to the purchase of longevity annuity contracts
under tax-qualified defined contribution plans under section 401(a)
of the Internal Revenue Code (Code), section 403(b) plans,
individual retirement annuities and accounts (IRAs) under section
408, and eligible governmental section 457 plans. These regulations
will provide the public with guidance necessary to comply with the
required minimum distribution rules under section 401(a)(9). The
proposed regulations generally provide that certain longevity
annuity contracts will be excluded from the account balance used to
determine required minimum distributions.
US Code:
26
USC 401 Name of Law: Pension, Profit-Sharing, Stock Bonus
Plans, Etc.
US Code: 26
USC 7805 Name of Law: Rules and Regulations
These proposed regulations
relate to the purchase of longevity annuity contracts under
tax-qualified defined contribution plans under section 401(a) of
the Internal Revenue Code (Code), section 403(b) plans, individual
retirement annuities and accounts (IRAs) under section 408, and
eligible governmental section 457 plans. The regulations will
affect individuals for whom a longevity annuity contract is
purchased under these plans and IRAs (and their beneficiaries),
sponsors and administrators of these plans, trustees and custodians
of these IRAs, and insurance companies that issue longevity annuity
contracts under these plans and IRAs. It is estimated that 150
recordkeepers will file an average of 213,966 responses to comply
with the terms of theses proposed regulations, with each response
requiring an average of 10 minutes. This results in an estimated
total burden of 35,661 hours.
$0
No
No
No
No
No
Uncollected
Cathy Vohs 202 622-6090
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.