The Department of the Treasury is submitting information collection requests to the Office of Management and Budget (OMB) for review, in line with the Paperwork Reduction Act of 1995. This involves the Internal Revenue Service's (IRS) Annual Return/Report of Employee Benefit Plan, which is used to check if retirement plans meet the required standards or need auditing. They are inviting public comments on these requests until February 5, 2021. The information collection affects businesses, individuals, and non-profits, with an estimated 929,000 responses expected annually and a total burden of approximately 934,830 hours.
Simple Explanation
The Treasury Department wants to make sure that businesses are doing a good job taking care of their employees' retirement plans and they're asking people to tell them what they think about it. They have to keep checking things to make sure everything is right, and they're trying to make it easier for everyone to understand how this works.