80 FR 64508 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 80, Issue 205 (October 23, 2015)

The Board of Trustees of the Central States, Southeast and Southwest Areas Pension Plan (Central States Pension Plan), a multiemployer pension plan, has submitted an application to Treasury to reduce benefits under the Central States Pension 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 Central States Pension Plan has been published on the Treasury Web site, and to request public comments on the application from interested parties, including contributing employers, employee organizations, and participants and beneficiaries of the Central States Pension Plan.

[Federal Register Volume 80, Number 205 (Friday, October 23, 2015)]
[Notices]
[Page 64508]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27037]


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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 Central States, Southeast and 
Southwest Areas Pension Plan (Central States Pension Plan), a 
multiemployer pension plan, has submitted an application to Treasury to 
reduce benefits under the Central States Pension 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 Central States Pension Plan has been published 
on the Treasury Web site, and to request public comments on the 
application from interested parties, including contributing employers, 
employee organizations, and participants and beneficiaries of the 
Central States Pension Plan.

DATES: Comments must be received by December 7, 2015.

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: Deva Kyle. Comments sent via facsimile and 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 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 Board of Trustees of the Central States Pension 
Plan, please contact Treasury at (202) 622-1534 (not a toll-free 
number).

SUPPLEMENTARY INFORMATION: The Multiemployer Pension Reform Act of 2014 
(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 the 
Department of the Treasury (Treasury), in consultation with the Pension 
Benefit Guaranty Corporation (PBGC) and the Secretary of Labor, is 
required to approve or deny.
    On September 25, 2015, the Board of Trustees of the Central States 
Pension Plan submitted an application for approval to reduce benefits 
under the Central States Pension Plan. As required by the MPRA, that 
application has been published on Treasury's Web site at http://www.treasury.gov/services/Pages/central-states-application.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 Central States Pension Plan application, 
including with respect to the interpretation of section 
432(e)(9)(D)(vii) of the Internal Revenue Code that is reflected in the 
application.
    Comments are requested from interested parties, including 
contributing employers, employee organizations, and participants and 
beneficiaries of the Central States Pension Plan. Consideration will be 
given to any comments that are timely received by Treasury.

    Dated: October 20, 2015.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2015-27037 Filed 10-22-15; 8:45 am]
 BILLING CODE 4810-25-P