The Department of the Treasury has announced its intention to submit a collection of information requests regarding pension funding to the Office of Management and Budget (OMB). These requests, involving revisions to current collections to align with statutory provisions and new laws, require public comment by February 25, 2021. The information collected will help plan sponsors and actuaries with aspects of funding obligations, such as using alternative interest rates or dealing with adjusted funding targets. This process involves various stakeholders including individuals, businesses, non-profits, and governments, with a significant estimated annual burden in terms of time commitment.
Simple Explanation
The government needs to collect some information to make sure companies have enough money saved up for people's pensions (money given to people when they stop working). They want people to tell them what they think about this and how much work it will take.