81 FR 32826 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 100 (May 24, 2016)

The Board of Trustees of the Teamsters Local Union No. 469 Pension Plan (Teamsters Local 469 Pension Plan), a multiemployer pension plan, has submitted an application to Treasury 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 Teamsters Local 469 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 Teamsters Local 469 Pension Plan.

[Federal Register Volume 81, Number 100 (Tuesday, May 24, 2016)]
[Notices]
[Page 32826]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-12104]


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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 Teamsters Local Union No. 469 
Pension Plan (Teamsters Local 469 Pension Plan), a multiemployer 
pension plan, has submitted an application to Treasury 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 
Teamsters Local 469 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 Teamsters Local 469 Pension Plan.

DATES: Comments must be received by June 22, 2016.

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 Teamsters Local 469 
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 March 31, 2016, the Board of Trustees of the Teamsters Local 469 
Pension Plan submitted an application for approval to reduce benefits 
under the plan. As required by MPRA, that application has been 
published on Treasury's Web site at http://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 Teamsters Local 
469 Pension Plan application.
    Comments are requested from interested parties, including 
contributing employers, employee organizations, and participants and 
beneficiaries of the Teamsters Local 469 Pension Plan. Consideration 
will be given to any comments that are timely received by Treasury.

    Dated: May 17, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-12104 Filed 5-23-16; 8:45 am]
 BILLING CODE 4810-25-P