The Internal Revenue Service (IRS) is seeking public comments on the information collection related to funding relief for multiemployer defined benefit pension plans under the American Rescue Plan Act of 2021. The notice intends to gather feedback on the necessity and accuracy of the information collection, ways to improve it, and methods to reduce the burden on respondents. Written comments can be submitted until May 19, 2025 to ensure they are taken into consideration. This effort is part of the IRS’s ongoing initiative to reduce paperwork and make processes more efficient.
Simple Explanation
The IRS wants people's opinions on how they collect information about helping certain big groups retirement savings plans with a new law. They hope to make it easier and less work for people, so they asked everyone to send their thoughts by May 19, 2025.