IRS Requests Continued Information Collection on Application for Approval of Prototype SEP or SIMPLE IRA Plans; Comments Due May 30

The Internal Revenue Service (IRS) issued a notice and request for comment on continuing information collection concerning Form 5306-A, Application for Approval of Prototype Simplified Employee Pension (SEP) or Savings Incentive Match Plan for Employees of Small Employers (SIMPLE IRA Plan).

Form 5306-A is used by banks, credit unions, insurance companies, and trade or professional associations to apply for approval of a simplified employee pension plan or a Savings Incentive Match Plan to be used by more than one employer. The data collected is used to determine if the prototype plan submitted is an approved plan.

Comments are invited on:

  • whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility
  • the accuracy of the burden estimate
  • ways to enhance the quality, utility, and clarity of the information
  • ways to minimize the collection burden
  • estimates of costs to provide the information

Comments are due May 30, 2017.