📜IRS Seeks Comments on Pension Plan Collection Activities
Agency Collection Activities; Requesting Comments Forms 5310, Application for Determination for Terminating Plan; and Form 6088, Distributable Benefits From Employee Pension Benefit Plans
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. The IRS is soliciting comments concerning Form 5310 is used to request an IRS determination letter about the plan's qualification status qualified or nonqualified under Code section 401(a). Any plan sponsor or administrator of any pension, profit- sharing, or other deferred compensation plan (other than a multi- employer plan covered under Pension Benefit Guaranty Corporation insurance) may use this form. Form 6088 is used to show the amounts of distributable benefits to participants in the plan.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The content discusses regulatory requirements related to pension plans and forms (Form 5310 and Form 6088) that directly affect businesses managing employee retirement plans. These firms must comply with IRS guidelines, which involve paperwork and burden estimates, relevant for financial planning and regulatory compliance.