Multiemployer Pension Plan Application To Reduce Benefits
| Published date | 10 January 2020 |
| Citation | 85 FR 1374 |
| Record Number | 2020-00190 |
| Section | Notices |
| Court | Treasury Department |
Federal Register, Volume 85 Issue 7 (Friday, January 10, 2020)
[Federal Register Volume 85, Number 7 (Friday, January 10, 2020)]
[Notices]
[Pages 1374-1375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00190]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan Application To Reduce Benefits
AGENCY: Department of the Treasury.
ACTION: Notice of availability; request for comments.
-----------------------------------------------------------------------
SUMMARY: The Board of Trustees of the Bricklayers & Allied Craftsmen
Local 7 Pension Fund (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
[[Page 1375]]
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 February 24, 2020.
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 December 13, 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: January 3, 2020.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-00190 Filed 1-9-20; 8:45 am]
BILLING CODE 4810-25-P
