Multiemployer Pension Plan Application To Reduce Benefits

• Published date: 24 October 2019
• Citation: 84 FR 57159
• Record Number: 2019-23225
• Section: Notices
• Court: Treasury Department

Federal Register, Volume 84 Issue 206 (Thursday, October 24, 2019)

[Federal Register Volume 84, Number 206 (Thursday, October 24, 2019)]
                [Notices]
                [Page 57159]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-23225]
                [[Page 57159]]
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                DEPARTMENT OF THE TREASURY
                Multiemployer Pension Plan Application To Reduce Benefits
                AGENCY: Department of the Treasury.
                ACTION: Notice of availability; request for comments.
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                SUMMARY: The Board of Trustees of the Carpenters Pension Trust Fund--
                Detroit and Vicinity Pension Plan (Fund), a multiemployer pension plan,
                has submitted an application to reduce benefits under the plan in
                accordance with the Multiemployer Pension Reform Act of 2014 (MPRA).
                The purpose of this notice is to announce that the application
                submitted by the Board of Trustees of the Fund has been published on
                the website of the Department of the Treasury (Treasury), and to
                request public comments on the application from interested parties,
                including participants and beneficiaries, employee organizations, and
                contributing employers of the Fund.
                DATES: Comments must be received by December 9, 2019.
                ADDRESSES: You may submit comments electronically through the Federal
                eRulemaking Portal at http://www.regulations.gov, in accordance with
                the instructions on that site. Electronic submissions through
                www.regulations.gov are encouraged.
                 Comments may also be mailed to the Department of the Treasury, MPRA
                Office, 1500 Pennsylvania Avenue NW, Room 1224, Washington, DC 20220,
                Attn: Danielle Norris. Comments sent via facsimile or email will not be
                accepted.
                 Additional Instructions. All comments received, including
                attachments and other supporting materials, will be made available to
                the public. Do not include any personally identifiable information
                (such as your Social Security number, name, address, or other contact
                information) or any other information in your comment or supporting
                materials that you do not want publicly disclosed. Treasury will make
                comments available for public inspection and copying on
                www.regulations.gov or upon request. Comments posted on the internet
                can be retrieved by most internet search engines.
                FOR FURTHER INFORMATION CONTACT: For information regarding the
                application from the Fund, please contact Treasury at (202) 622-1534
                (not a toll-free number).
                SUPPLEMENTARY INFORMATION: MPRA amended the Internal Revenue Code to
                permit a multiemployer plan that is projected to have insufficient
                funds to reduce pension benefits payable to participants and
                beneficiaries if certain conditions are satisfied. In order to reduce
                benefits, the plan sponsor is required to submit an application to the
                Secretary of the Treasury, which must be approved or denied in
                consultation with the Pension Benefit Guaranty Corporation (PBGC) and
                the Department of Labor.
                 On September 23, 2019, the Board of Trustees of the Fund submitted
                an application for approval to reduce benefits under the plan. As
                required by MPRA, that application has been published on Treasury's
                website at https://www.treasury.gov/services/Pages/Plan-Applications.aspx. Treasury is publishing this notice in the Federal
                Register, in consultation with PBGC and the Department of Labor, to
                solicit public comments on all aspects of the Fund's application.
                 Comments are requested from interested parties, including
                participants and beneficiaries, employee organizations, and
                contributing employers of the Fund. Consideration will be given to any
                comments that are timely received by Treasury.
                 Dated: October 18, 2019.
                David Kautter,
                Assistant Secretary for Tax Policy.
                [FR Doc. 2019-23225 Filed 10-23-19; 8:45 am]
                 BILLING CODE 4810-25-P