SECTION 9. PAPERWORK

REDUCTION ACT

The collection of information contained in sections 4 and 5 of 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 1545-1704. The collection of information contained in section 6 of this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act under control number 1545-1520.

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 control number.

The collection of information in this revenue procedure is in sections 4, 5, and 6. This information is required to evaluate and process the request for approval of a change in funding method or the revocation of an interest rate election. The collection of information is required to obtain approval for a change in funding method or the revocation of an interest rate of election. The likely respondents are businesses or other for-profit institutions, nonprofit institutions, and small businesses and organizations.

The estimated total annual reporting burden is 126 hours.

class ruling is proposed to be effective, and a plan covered by the class ruling is permitted to use the approval for a plan year that begins within the stated period. The stated period may not begin prior to 12 months before the month in which the request is made. Generally, the period may not exceed 36 months.

.04 In lieu of the plan-specific information otherwise required under section 4 of this revenue procedure, the request for a class ruling must contain the following information:

(1) The name and enrollment number of the actuary making the request.

(2) The name and address of the insurance company, consulting firm, business organization, or software vendor described in section 5.02 of this revenue procedure.

(3) A statement indicating that the applicant believes that the class ruling will be applied to at least 40 plans and an estimate of the number of plans that are expected to change the funding method in accordance with the class ruling.

(4) The information described in sections 4.03(5), 4.03(6), and sections 4.03(12) through (14), as applicable depending on the plans within the class, of this revenue procedure, except that the numerical results requested in sections 4.03(12) through (14) of this revenue procedure should be illustrative examples rather than actual numerical results.

.05 If the change in funding method is approved, a class ruling will be issued to the insurance company, consulting firm, business organization, or software vendor on whose behalf the ruling is requested. The change in funding method will apply to a plan within the class if the plan sponsor or plan administrator consents to the change. In such a case, the instructions to Schedule SB or Schedule MB, as applicable, and Schedule R (Retirement Plan Information) of Form 5500 should be followed in reporting the change for the plan. However, the plan administrator or plan sponsor of any plan need not agree to the change in funding method, and, if neither the plan administrator nor plan sponsor of a plan agree to the change in funding method, then the change in funding method approved in the class ruling will not be applied for the plan.

.06 If a request for a class ruling is approved, at least 30 of the plans covered by the ruling must make the approved change in funding method in order for the class ruling to become effective. If the change in funding method is not made for at least 30 of the plans covered by the ruling, then the class ruling is not effective with respect to any plan, and the change may not be made for any plan unless the change is approved by the IRS separately for that plan.

.07 The IRS may, in its discretion, limit the period for which a class ruling will be effective, impose conditions on the use of the class ruling, or decline to issue a class ruling.