81 FR 59734 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 168 (August 30, 2016)

The Board of Trustees of the Iron Workers Local 17 Pension Fund, a multiemployer pension plan, has submitted a revised application to the Department of the Treasury (Treasury) to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). This revised application was submitted on July 29, 2016, by the Board of Trustees of the Iron Workers Local 17 Pension Fund following the withdrawal of the application that it submitted on December 23, 2015. The purpose of this notice is to announce that the revised application has been published on the Treasury Web site and to request public comments on the application from interested parties, including participants, beneficiaries, employee organizations, and contributing employers of the Iron Workers Local 17 Pension Fund.

[Federal Register Volume 81, Number 168 (Tuesday, August 30, 2016)]
[Notices]
[Page 59734]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20789]


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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 Iron Workers Local 17 Pension 
Fund, a multiemployer pension plan, has submitted a revised application 
to the Department of the Treasury (Treasury) to reduce benefits under 
the plan in accordance with the Multiemployer Pension Reform Act of 
2014 (MPRA). This revised application was submitted on July 29, 2016, 
by the Board of Trustees of the Iron Workers Local 17 Pension Fund 
following the withdrawal of the application that it submitted on 
December 23, 2015. The purpose of this notice is to announce that the 
revised application has been published on the Treasury Web site and to 
request public comments on the application from interested parties, 
including participants, beneficiaries, employee organizations, and 
contributing employers of the Iron Workers Local 17 Pension Fund.

DATES: Comments must be received by October 14, 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: Eric Berger. 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 Iron Workers Local 17 
Pension Fund, 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 Treasury, 
in consultation with the Pension Benefit Guaranty Corporation (PBGC) 
and the Department of Labor, is required to approve or deny.
    On July 29, 2016, the Board of Trustees of the Iron Workers Local 
17 Pension Fund submitted a revised application for approval to reduce 
benefits under the plan following the withdrawal of the application 
that it submitted on December 23, 2015. As required by MPRA, the 
revised application has been published on Treasury's Web site at 
https://auth.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 Iron Workers Local 17 Pension Fund 
application.
    Comments are requested from interested parties, including 
participants, beneficiaries, employee organizations, and contributing 
employers of the Iron Workers Local 17 Pension Fund. Consideration will 
be given to any comments that are timely received by Treasury.

    Dated: August 23, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-20789 Filed 8-26-16; 8:45 am]
 BILLING CODE 4810-25-P