81 FR 7192 - Multiemployer Pension Plan Application To Reduce Benefits; Reopening of Comment Period

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 27 (February 10, 2016)

On October 23, 2015, the Department published a notice of availability and request for comments regarding an application to Treasury to reduce benefits under the Central States, Southeast and Southwest Areas Pension Plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this notice is to reopen the comment period and provide more time for interested parties to provide comments.

[Federal Register Volume 81, Number 27 (Wednesday, February 10, 2016)]
[Notices]
[Pages 7192-7193]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-02645]


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DEPARTMENT OF THE TREASURY

[Docket ID: TREAS-DO-2015-0009]


Multiemployer Pension Plan Application To Reduce Benefits; 
Reopening of Comment Period

AGENCY: Department of the Treasury.

ACTION: Notice of availability; reopening of comment period.

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SUMMARY: On October 23, 2015, the Department published a notice of 
availability and request for comments regarding an application to 
Treasury to reduce benefits under the Central States, Southeast and 
Southwest Areas Pension Plan in accordance with the Multiemployer 
Pension Reform Act of 2014 (MPRA). The purpose of this notice is to 
reopen the comment period and provide more time for interested parties 
to provide comments.

DATES: Comments must be received on or before March 1, 2016.

[[Page 7193]]


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, Southeast 
and Southwest Areas 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, 
Southeast and Southwest Areas Pension Plan (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. On 
October 23, 2015, Treasury published a notice in the Federal Register 
(80 FR 64508), in consultation with PBGC and the Department of Labor, 
to solicit public comments on all aspects of the Central States Pension 
Plan application. The notice provided that comments must be received by 
December 7, 2015. On December 10, 2015, Treasury published a notice in 
the Federal Register (80 FR 76743), in consultation with PBGC and the 
Department of Labor, to reopen the comment period until February 1, 
2016.
    This notice announces the reopening of the comment period in order 
to give additional time for interested parties to provide comments. 
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 on or before March 1, 
2016.

    Dated: February 4, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-02645 Filed 2-9-16; 8:45 am]
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