Common use of Paperwork Reduction Act Clause in Contracts

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.05, 6.02(5)(d), 6.05, 10.01, 10.02, 10.05-.07, 10.10-10.12, 11.02-11.04, 11.06-11.14, 13.01, section 2.01-2.07 of Appendix B, Appendix C, and Appendix E. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses or other for-profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or recordkeeping burden is 76,222 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 hours, depending on individual circumstances, with an estimated average of 20.4 hours. The estimated number of respondents or recordkeepers is 3,745. The estimated frequency of responses is occasional. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx and Xxxxx Xxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. and 6:30 p.m., Eastern Time, Monday through Friday (a toll-free number). Xx. Xxxxxx and Mr. Xxxxxx xxx be reached at (000) 000-0000 (not a toll-free number).

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.054.06, 6.02(5)(d6.02(5)(c), 6.05, 10.01, 10.02, 10.05-.0710.05-10.07, 10.10-10.12, 11.02-11.02- 11.04, 11.0611.07-11.1411.13, 13.01, section 2.01-2.07 of Appendix B, Appendix C, and Appendix E. C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses business or other for-for- profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or and/or recordkeeping burden is 76,222 56,272 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 42.5 hours, depending on individual circumstances, with an estimated average of 20.4 113.11 hours. The estimated number of respondents or and/or recordkeepers is 3,7454,292. The estimated frequency of responses is occasional. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx Xxxxx and Xxxxx Xxxxxx Xxxxxxx Xxxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ Plans taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. 1:30 and 6:30 3:30 p.m., Eastern Time, Monday through Friday Thursday at (a 000) 000-0000/4517. (These telephone numbers are not toll-free number). numbers.) Xx. Xxxxxx Xxxxx and Mr. Xxxxxx xxx Xx. Xxxxxxx may be reached at (000) 000-0000 (also not a toll-free number). .01 General rule. This appendix sets forth Operational Failures relating to Qualified Plans and corrections under VCS in accordance with section 10.11. In each case, the method described corrects the Operational Failure identified in the headings below. Corrective allocations and distributions should reflect earnings and actuarial adjustments in accordance with section 6.02(4)(a). The correction methods in this appendix are acceptable under SCP and VCP (including VCS). Additionally, the correction methods and the earnings adjustment methods in Appendix B are acceptable under SCP and VCP (including VCS but not VCT). .02 Failure to properly provide the minimum top-heavy benefit under □ 416 of the Code to non-key employees. In a defined contribution plan, the permitted correction method is to properly contribute and allocate the required top-heavy minimums to the plan in the manner provided for in the plan on behalf of the non-key employees (and any other employees required to receive top-heavy allocations under the plan). In a defined benefit plan, the minimum required benefit must be accrued in the manner provided in the plan. .03 Failure to satisfy the ADP test set forth in □ 401(k)(3), the ACP test set forth in □ 401(m)(2), or the multiple use test of □ 401(m)(9). The permitted correction method is to make qualified nonelective contributions (QNCs) (as defined in □ 1.401(k)-1(g)(13)(ii)) on behalf of the nonhighly compensated employees to the extent necessary to raise the actual deferral percentage or actual contribution percentage of the nonhighly compensated employees to the percentage needed to pass the test or tests. The contributions must be made on behalf of all eligible nonhighly compensated employees (to the extent permitted under □ 415) and must either be the same flat dollar amount or the same percentage of compensation. QNCs contributed to satisfy the ADP test need not be matched. Employees who would have been eligible for a matching contribution had they made elective contributions must be counted as eligible employees for the ACP test, and the plan must satisfy the ACP test. Under this VCS correction method, a plan may not be treated as two separate plans, one covering otherwise excludable employees and the other covering all other employees (as permitted in □ 1.410(b)- 6(b)(3)) in order to reduce the number of employees eligible to receive QNCs. Likewise, under this VCS correction method, the plan may not be restructured into component plans (as permitted in □ 1.401(k)-1(h)(3)(iii) for plan years before January 1, 1992) in order to reduce the number of employees eligible to receive QNCs. .04 Failure to distribute elective deferrals in excess of the .05 Exclusion of an eligible employee from all contributions or accruals under the plan for one or more plan years. The permitted correction method is to make a contribution to the plan on behalf of the employees excluded from a defined contribution plan or to provide benefit accruals for the employees excluded from a defined benefit plan. If the employee should have been eligible to make an elective contribution under a cash or deferred arrangement, the employer must make a QNC to the plan on behalf of the employee that is equal to the actual deferral percentage for the employee's group (either highly compensated or nonhighly compensated). If the employee should have been eligible to make employee contributions or for matching contributions (on either elective contributions or employee contributions), the employer must make a QNC to the plan on behalf of the employee that is equal to the actual contribution percentage for the employee's group (either highly compensated or nonhighly compensated). Contributing the actual deferral or contribution percentage for such employees eliminates the need to rerun the ADP or ACP test to account for the previously excluded employees. Under this VCS correction method, a plan may not be treated as two separate plans, one covering otherwise excludable employees and the other covering all other employees (as permitted in □ 1.410(b)-6(b)(3)) in order to reduce the amount of QNCs. Likewise, restructuring the plan into component plans under □ 1.401(k)-1(h)(3)(iii) is not permitted in order to reduce the amount of QNCs. .06 Failure to timely pay the minimum distribution required under □ 401(a)(9). In a defined contribution plan, the permitted correction method is to distribute the required minimum distributions. The amount to be distributed for each year in which the failure occurred should be determined by dividing the adjusted account balance on the applicable valuation date by the applicable divisor. For this purpose, adjusted account balance means the actual account balance, determined in accordance with □ 1.401(a)(9)-1 Q&A F-5 of the proposed regulations, reduced by the amount of the total missed minimum distributions for prior years. In a defined benefit plan, the permitted correction method is to distribute the required minimum distributions, plus an interest payment representing the loss of use of such amounts. .07 Failure to obtain participant and/or spousal consent for a distribution subject to the participant and spousal consent rules under □□ 401(a)(11), 411(a)(11) and 417. The permitted correction method is to give each affected participant a choice between providing informed consent for the distribution actually made or receiving a qualified joint and survivor annuity. In order to use this VCS correction method, the Plan Sponsor must have contacted each affected participant and spouse (to whom the participant was married at the annuity starting date) and received responses from each such individual before requesting consideration under VCS. In the event that participant and/or spousal consent is required but cannot be obtained, the participant must receive a qualified joint and survivor annuity based on the monthly amount that would have been provided under the plan at his or her retirement date. This annuity may be actuarially reduced to take into account distributions already received by the participant. However, the portion of the qualified joint and survivor annuity payable to the spouse upon the death of the participant may not be actuarially reduced to take into account prior distributions to the participant. Thus, for example, if in accordance with the automatic qualified joint and survivor annuity option under a plan, a married participant who retired would have received a qualified joint and survivor annuity of $600 per month payable for life with $300 per month payable to the spouse upon the participant's death but instead received a single-sum distribution equal to the actuarial present value of the participant's accrued benefit under the plan, then the $600 monthly annuity payable during the participant's lifetime may be actuarially reduced to take the single-sum distribution into account. However, the spouse must be entitled to receive an annuity of $300 per month payable for life beginning at the participant's death. .08 Failure to satisfy the □ 415 limits in a defined contribution plan. The permitted correction for failure to limit annual additions (other than elective deferrals and employee contributions) allocated to participants in a defined contribution plan as required in □ 415 (even if the excess did not result from the allocation of forfeitures or from a reasonable error in estimating compensation) is to place the excess annual additions into an unallocated account, similar to the suspense account described in □ 1.415-6(b)(6)(iii), to be used as an employer contribution in the succeeding year(s). While such amounts remain in the unallocated account, the employer is not permitted to make additional contributions to the plan. The permitted VCS correction for failure to limit annual additions that are elective deferrals or employee contributions (even if the excess did not result from a reasonable error in determining the amount of elective deferrals or employee contributions that could be made with respect to an individual under the □ 415 limits) is to distribute the elective deferrals or employee contributions using a method similar to that described under □ 1.415- 6(b)(6)(iv). Elective deferrals and employee contributions that are matched may be returned, provided that the matching contributions relating to such contributions are forfeited (which will also reduce excess annual additions for the affected individuals). The forfeited matching contributions are to be placed into an unallocated account to be used as an employer contribution in succeeding periods. SECTION 1. PURPOSE, ASSUMPTIONS FOR EXAMPLES AND SECTION REFERENCES

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.054.06, 6.02(5)(d6.02(5)(c), 6.05, 10.01, 10.02, 10.05-.0710.05-10.07, 10.10-10.12, 11.02-11.02- 11.04, 11.0611.07-11.1411.13, 13.01, section 2.01-2.07 of Appendix B, Appendix C, and Appendix E. C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses business or other for-for- profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or and/or recordkeeping burden is 76,222 56,272 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 42.5 hours, depending on individual circumstances, with an estimated average of 20.4 13.11 hours. The estimated number of respondents or and/or recordkeepers is 3,7454,292. The estimated frequency of responses is occasional. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx Xxxxx and Xxxxx Xxxxxx Xxxxxxx Xxxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. and 6:30 p.m., Eastern Time, Monday through Friday (a toll-free number). Xx. Xxxxxx Xxxxx and Mr. Xxxxxx xxx Xx. Xxxxxxx may be reached at (000) 000-0000 (not a toll-free number). .01 General rule. This appendix sets forth Operational Failures relating to Qualified Plans and corrections under VCS in accordance with section 10.11. In each case, the method described corrects the Operational Failure identified in the headings below. Corrective allocations and distributions should reflect earnings and actuarial adjustments in accordance with section 6.02(4)(a). The correction methods in this appendix are acceptable under SCP and VCP (including VCS). Additionally, the correction methods and the earnings adjustment methods in Appendix B are acceptable under SCP and VCP (including VCS but not VCT). .02 Failure to properly provide the minimum top-heavy benefit under □ 416 of the Code to non-key employees. In a defined contribution plan, the permitted correction method is to properly contribute and allocate the required top-heavy minimums to the plan in the manner provided for in the plan on behalf of the non-key employees (and any other employees required to receive top-heavy allocations under the plan). In a defined benefit plan, the minimum required benefit must be accrued in the manner provided in the plan.

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.05, 6.02(5)(d), 6.05, 6.06, 10.01, 10.02, 10.05-.0710.05, 10.10-10.1210.06, 10.08, 11.02-11.04, 11.06-11.1411.12, 13.01, section 2.01-2.07 of Appendix B, Appendix C, and Appendix E. C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses or other for-profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or and/or recordkeeping burden is 76,222 56,272 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 42.5 hours, depending on individual circumstances, with an estimated average of 20.4 13.11 hours. The estimated number of respondents or and/or recordkeepers is 3,7454,292. The estimated frequency of responses is occasional. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx Xxxxx and Xxxxx Xxxxxx Xxxxxxx Xxxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. and 6:30 p.m., Eastern Time, Monday through Friday (a toll-free number). Xx. Xxxxxx Xxxxx and Mr. Xxxxxx xxx Xx. Xxxxxxx may be reached at (000) 000-0000 (not a toll-free number).

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.054.06, 6.02(5)(d6.02(5)(c), 6.05, 10.01, 10.02, 10.05-.0710.05-10.07, 10.10-10.12, 11.02-11.02- 11.04, 11.0611.07-11.1411.13, 13.01, section 2.01-2.07 of Appendix B, Appendix C, and Appendix E. C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses business or other for-for- profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or and/or recordkeeping burden is 76,222 56,272 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 42.5 hours, depending on individual circumstances, with an estimated average of 20.4 13.11 hours. The estimated number of respondents or and/or recordkeepers is 3,7454,292. The estimated frequency of responses is occasional. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx Xxxxx and Xxxxx Xxxxxx Xxxxxxx Xxxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. and 6:30 p.m., Eastern Time, Monday through Friday (a toll-free number). Xx. Xxxxxx Xxxxx and Mr. Xxxxxx xxx Xx. Xxxxxxx may be reached at (000) 000-0000 (not a toll-free number). .01 General rule. This appendix sets forth Operational Failures relating to Qualified Plans and corrections under VCS in accordance with section 10.11. In each case, the method described corrects the Operational Failure identified in the headings below. Corrective allocations and distributions should reflect earnings and actuarial adjustments in accordance with section 6.02(4)(a). The correction methods in this appendix are acceptable under SCP and VCP (including VCS). Additionally, the correction methods and the earnings adjustment methods in Appendix B are acceptable under SCP and VCP (including VCS but not VCT).

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.054.06, 6.02(5)(d6.02(4), 6.056.02(6)(c), 10.01, 10.02, 10.05-.0710.05-10.08, 10.1010.11, 10.15, 11.01-10.1211.03, 11.0211.05, 12.01-11.0412.04, 11.0612.06-11.1412.12, 13.0114.01, section 2.01-section 2.01 2.07 of Appendix B, Appendix C, and Appendix E. C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses business or other for-profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or and/or recordkeeping burden is 76,222 61,697 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 42.5 hours, depending on individual circumstances, with an estimated average of 20.4 14.54 hours. The estimated number of respondents or and/or recordkeepers is 3,7454,242. The estimated frequency of responses is occasionaloccasionally. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx Xxxxx and Xxxxx Xxxxxx Xxxxxxx Xxxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. 1:30 and 6:30 3:30 p.m., Eastern Time, Monday through Friday Thursday at (a 000) 000-0000/6075. (These telephone numbers are not toll-free number). numbers.) Xx. Xxxxxx Xxxxx and Mr. Xxxxxx xxx Xx. Xxxxxxx may be reached at (000) 000-0000 (also not a toll-free number).

Paperwork Reduction Act. The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673. 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. The collection of information in this revenue procedure is in sections 4.054.06, 6.02(5)(d6.02(4), 6.056.02(6)(c), 10.01, 10.02, 10.05-.0710.05-10.08, 10.1010.11, 10.15, 11.01-10.1211.03, 11.0211.05, 12.01-11.0412.04, 11.0612.06-11.1412.12, 13.0114.01, section 2.01-section 2.01 2.07 of Appendix B, Appendix C, and Appendix E. C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-tax- deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, businesses business or other for-profit institutions, nonprofit institutions, and small businesses or organizations. The estimated total annual reporting or and/or recordkeeping burden is 76,222 61,697 hours. The estimated annual burden per respondent/recordkeeper varies from .5 to 45.5 42.5 hours, depending on individual circumstances, with an estimated average of 20.4 14.54 hours. The estimated number of respondents or and/or recordkeepers is 3,7454,242. The estimated frequency of responses is occasionaloccasionally. Books or records relating to a collection of information must be retained as long as 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. DRAFTING INFORMATION The principal authors of this revenue procedure are Xxxxxxxx Xxxxxx Xxxxx and Xxxxx Xxxxxx Xxxxxxx Xxxxxxx of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 0-000-000-0000 between 8:30 a.m. 1:30 and 6:30 3:30 p.m., Eastern Time, Monday through Friday Thursday at (a 000) 000-0000/6075. (These telephone numbers are not toll-free number). numbers.) Xx. Xxxxxx Xxxxx and Mr. Xxxxxx xxx Xx. Xxxxxxx may be reached at (000) 000-0000 (also not a toll-free number).